Income drawdown limits removed -
You may be able to move your pot into income drawdown. Drawdown allows you to draw income from your pension fund whilst it remains invested, with any income taken being subject to income tax.
New drawdown policies bought after April 2015 (known as "flexi-access drawdown") have no limits on the amount you can take as income from your invested funds. Your investments can go up as well as down, and there is a chance that you may exhaust your fund and run out of money in retirement. See our drawdown risk calculator to find out more.
Any drawdown policies bought prior to April 2015 will continue to have income limits, unless they are transferred or converted into a new policy.
If you are considering drawdown it is important to get some guidance or advice about its suitability for your personal circumstances.
Your financial intermediary can provide advice (though may charge a fee for their advice) but if you don't currently have one, you can find someone on thepfs.org or www.unbiased.co.uk.
Alternatively every retiree is entitled to some free guidance from the UK government's 'Pension Wise' service.