Drawdown
NEW Drawdown for
pension freedom
Make flexible withdrawals from your pension,
whilst keeping it invested
Updated 6 April - New pension changes
Please note that drawdown involves a full fund transfer to the HL Vantage SIPP. Some pension scheme rules may not allow you to perform this transfer. If you have any valuable benefits such as protected tax free cash or defined benefit underpins such as GMP (Guaranteed Minimum Pension), you may lose these upon transferring. We therefore recommend you contact your pension scheme administrators to check before requesting a Drawdown illustration.
Other terms for New Drawdown:
- Flexible drawdown
- Flexi access drawdown
- Income drawdown
Important: The information on our website is not personal advice but we can offer advice if specifically requested. What you do with your pension is an important decision, which could be irreversible. Drawdown is a more complex option than an annuity. Make sure you understand your options and check they are suitable for your circumstances: take appropriate advice or guidance if you are unsure. The Government's free Pension Wise service can help. It provides impartial guidance face-to-face, online or by phone - more on Pension Wise.
New Drawdown - low-cost, flexible, accessible
New rules from 6 April gave investors greater freedom and control over how they access their pension from age 55. They can now withdraw as much or as little as they like, when they like.
For most people looking for a regular income this means choosing between an annuity or drawdown, or a combination of the two.
Annuities offer a secure income for life. Drawdown, by contrast, allows you to draw a variable income directly from your pension which stays invested. You choose where to invest and what income to take.
Drawdown offers huge flexibility but also carries considerable risks. You could run out of money if you take too much out, you get the investment choices wrong, markets perform badly, or you live longer than expected, and if you invest without advice, the responsibility for these decisions rests with you.
To find out how much income you could take in drawdown, request your free personal drawdown illustration which will show you how withdrawals will affect your income and how investment performance can change your fund value over time, all with no obligation to proceed. Simply telephone Hargreaves Lansdown's Helpdesk on 0117 314 1798.
Why our New Drawdown plan?
- Low charges
There is no set up fee, no transfer in fee, and no annual drawdown fee. There are no charges for one-off or regular withdrawals, or for changing your income instructions. In fact, the only addition to our normal pension charges is an early closure fee for people who open and then close their drawdown account within a year. - The UK's most trusted drawdown plan
More investors choose Hargreaves Lansdown to manage their drawdown plan themselves (without advice) than any other provider, making us the UK's most trusted drawdown provider.*
- Award-winning service
We were awarded the Gold Standard for Retirement by an independent panel in 2014 and voted Best SIPP Provider by readers of What Investment for the past eight years running. In 2014 alone we won eight industry awards for our pension service.
- Support if and when you need it
Our drawdown specialists are on hand to answer any questions. There is no automated service, just friendly, professional support. We also offer a national team of financial advisers and so if you ever need advice, we can provide that too.
*Hargreaves Lansdown is the largest non-advised drawdown provider by number of clients (47 drawdown providers surveyed). Money Management survey September 2014.
Please note that other drawdown providers are available elsewhere in the market. Your Pension scheme has not explicitly recommended or approved the Hargreaves Lansdown Vantage SIPP or its associated products.
Hargreaves Lansdown Asset Management is authorised and regulated by the Financial Conduct Authority.
Cookie policy | Disclaimer | Important investment notes | Terms & Conditions | Privacy notice | Accessibility