Taking money from your drawdown plan 

One of the benefits of a Prudential drawdown plan is the flexibility to access your pension pot whenever you need it. Before you take money it's good to think about how the changes might affect how long your money may last.


If you haven't already done so, we recommend you speak with your financial adviser.

Some things to think about

How long will your money last?

Any money you take will affect the value of your plan. Taking a higher income or a lump sum increases the risk of your fund running out sooner, which means that it may not last as long as you need it to.

How much tax will you pay?

Changing your income might mean a change in the tax you pay. You should also know that tax rules can change.

How much are you still paying into your plan?

Taking money out of your pension pot sometimes triggers a limit on how much can be paid into it in the future. Find out more about the Money Purchase Annual Allowance.

How your other benefits could be affected?

Taking a higher income could affect your entitlement to certain state benefits that are based on your income or savings, like housing benefit or income support. If you have debts, the creditor may have rights to any cash you take.

What to do now

If you're considering changing the amount you take from your drawdown plan, we're here to help. If you're unsure what the best option is for you or you wish to purchase an annuity, speak with your financial adviser.  

I want to change the amount I am taking out

Use our calculator to see how changes to your income can impact how long your pension might last.

I want to start or stop my income payments

If you're looking to stop your payments then please call us on 0800 000 000.

We're here 8am - 6pm Monday to Friday.

If you're calling from abroad +44 1786 448 844.

Speak to a financial adviser

If you don't have a financial adviser you can meet with a Prudential Financial Planning adviser - The Man from the Pru. We can review your retirement plans, advise on where to save money and help make your finances more tax efficient. We'll even meet you in the comfort of your own home. This is known as restricted advice.

Find out more

Where can I learn more?

Unbiased logo

Find an independent financial adviser in your area to help you in your future pension planning.


and enter your postcode.


Pension wise logo

We recommend you use Pension Wise, a free impartial guidance service from the government to help you understand your options at retirement.

Visit pensionwise.gov.uk or call 0300 330 1001 to book a phone or face-to-face appointment.

HMRC logo

Visit the www.hmrc.gov.uk to get information on tax rules and legislation which may affect you if you are saving, investing, or have a pension plan.