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Pension drawdown

Our pension drawdown service is the online, flexible way to access your money however and whenever it suits you.

Penfold app dashboard and fund performance screens highlighting pension withdrawal and drawdown payment notification

What is drawdown?

Drawdown means you're withdrawing parts of your pension, whilst keeping the rest invested.

Once you turn 55 you can access your pension. You can withdraw 25% of your pension completely tax-free, either taking it in one go, or in portions every time you withdraw an amount.

Both drawdown options means the rest of your pension will stay invested and can be withdrawn whenever - but you'll pay income tax at your marginal rate for all withdrawals over your 25% tax-free amount.

Tax on pension withdrawals
Penfold app activity screen highlighting pension drawdown in progress

Is drawdown right for me?

Drawdown is very flexible, because you can access your money however and whenever you like.

Your pot value depends on how your investments perform, which means there is future growth potential, but it also means you aren't guaranteed an income.

If you're looking for a fixed income, then you may want to explore purchasing an Annuity.

At Penfold, there's no restrictions with how you access your pension - you can take your money however you'd like - through drawdown, buying an Annuity or taking it even in one go.

Explore withdrawal options

Drawdown online with Penfold, for free

No fees

Withdrawing with Penfold is free - there's no hidden charges for transferring or accessing your money.

On-hand support

Our expert team are on-hand to support and help you make the right decisions for retirement.

Completely digital

Combine, contribute and withdraw your pension all via our app - no printing nor paperwork.

More on withdrawals

How to drawdown with Penfold


Transfer your old pensions to Penfold, so you can withdraw your money easily from one place


Let us know you'd like to go into drawdown, and we'll start the withdrawal process


Digitally sign our documents and confirm your bank account details


Access your money! It'll take a few weeks to receive your first payment

Penfold apps showing customer service chat and pension FAQs screens

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