Do I have to move all my funds into drawdown at the same time?
No, you can choose to move all or part of your pension fund into drawdown. Moving only part of your pension into drawdown is known as partial drawdown and may be more tax efficient. Each time you move a part of your fund into drawdown you can usually take up to 25% tax-free cash from it. Income taken from the rest will be subject to Income Tax at your marginal rate.
When you're ready to move some or all of your pot into drawdown, simply log in and from the 'My account' menu, select 'Manage my pension'.
When you put your pot into drawdown, you'll also be offered Investment Pathways. There are four Investment Pathways available – each lets you invest your pot in an AJ Bell fund designed to broadly match your retirement plans. Choosing an Investment Pathway is completely optional.
To find out more about drawdown, you can download our free guide.