Flexible drawdown

Ted

Ted’s story – 65 years old

Ted is planning to help his daughter with her university fees. He’s planning to take his 25% tax-free allowance from his pension pot as a single lump sum. He can then leave the rest of his money invested and withdraw chunks as and when he needs them.

Ted's full story

and has a . He intends to a month into it . After which he plans on taking his 25% tax-free lump sum of £17,500 so he can help his daughter pay for her university fees. The remaining £52,500 he’ll put into an flexible drawdown.

Flexible drawdown will allow Ted to leave his money invested as it potentially continues to grow. He could decide to take a regular income from it until it runs out, or withdraw money as and when he needs it. He could even use some of it to buy an annuity.

Please click here to read the assumptions we’ve made.

Scroll down to see Ted's figures

Explore more stories

Stories about annuities

George wants a guaranteed monthly income

Read George's story now

Helen wants her annuity to increase with inflation

Read Helen's story now

Dawn can get an enhanced annuity because of poor health

Read Dawn's story now

Jim wants to provide for his wife should he die first

Read Jim's story now

Stories about flexible access

June wants flexibility in how and when she accesses her money

Read June's story now

Stories About Other Options

Jill wants to take all of her pension in cash, now

Read Jill's story now

Nigel wants to continue working and leave his pension to grow

Read Nigel's story now

Return to: Taking your money

Go back to the Taking your money home page to look at a different stage.

Taking your money

Taking your money

Have you thought about what your plans mean for your retirement income? Our calculators can help you work it out.

Retirement calculators

Combine your pensions

Got more than one pension? Then you could think about putting them all in one place. Combining your pensions with Scottish Widows is simple and we won't charge you for this service.

Pension transfers