Drawdown is one of the most flexible ways to access your pension, available from age 55. You can usually take up to 25% as a tax-free cash lump sum and keep the rest invested for later. You’re in control of how much income you take (which is potentially taxable), and can make withdrawals whenever you want to.

If your investments perform well you could receive a growing income throughout retirement. Any money left over when you die can be passed on to your loved ones, often tax free.

Tax rules can change, and the benefits will depend on your own circumstances.