Pension drawdown

Tap into your pension whenever it suits you

Before you decide if pension drawdown is right for you, read all the important information on this page:

  • Take up to 25% tax-free from 55 (57 from April 2028) and withdraw the rest from your pension whenever you need it
  • Check and manage your retirement pot easily online
  • Capital at risk

What is pension drawdown?

If you want flexibility in how you use your pension pot in retirement, pension drawdown could be for you. 

Most people can take up to 25% of their pension tax-free from 55 (57 in April 2028 unless you have a protected retirement age) . With pension drawdown you can keep the rest of it invested and tap into it whenever you need to - any money you take out will be taxable. So, you could benefit from further growth of your retirement pot in your golden years. See how this could work with our pension calculator.

As with all investments, your pension can go down as well as up, and you may get back less than has been put in. Your exact tax benefits will depend on your circumstances and may change in the future.

Why choose pension drawdown with Aviva?

  • Flexible withdrawals

    Take your income from our SIPP as one lump sum, single payments when you need them or regular payments to suit you.

  • An Aviva Pension you control

    Our pension drawdown comes from our award-winning self-invested personal pension (SIPP). It gives you the choice of a wide range of investments to suit your risk level, including Investment Pathways - our four simple options for pension drawdown.

  • Manage it all easily

    Manage, monitor and make changes to your pension with our award-winning online service. 

How pension drawdown works with Aviva

If you have an existing pension with Aviva, it may offer pension drawdown - get in touch with our retirement experts to find out. Or, you can you can take pension drawdown with a new or existing Aviva SIPP.

Step 1 of 3

Set up a SIPP

You'll need to set up a new SIPP, if you don't have one already. Then you can transfer in any pensions you have.  You’ll need to transfer in a minimum lump sum of £5,000, or £1,000 if you also make monthly payments of £25 or more.

Step 2 of 3

Access your pension pot

From 55 (57 in April 2028) you can take up to 25% of your pension tax-free. The rest of the money you take by pension drawdown will be treated as income and taxed based on your circumstances, but you can take it in a way that suits you – either regular amounts, or lump sums.

Step 3 of 3

Review your pension

The rest of your pension will stay invested and you can check its progress or change your investments online. Sometimes, pension drawdown just isn’t the right fit. With Aviva, at any time you can take a different retirement option, like an annuity which gives you a guaranteed income for life.

You should look at all your retirement options before going ahead with pension drawdown and shop around to make sure you get the best deal. Other providers may offer products which are more suitable to your personal circumstances.


What if I’m unsure it’s right for me?

Can I draw out as much money as I want?

Can I continue to invest in my pension?

What’s the difference between uncrystallised funds pension lump sum and drawdown?

What’s beneficiary flexi-access drawdown?

What are the other ways to take my money?

Can I take pension drawdown in another type of Aviva pension?

Apply or transfer for pension drawdown with our SIPP

If you feel like you’re ready to apply for pension drawdown with our SIPP, you’ll need to know which path to take next. You now have two options. 

As with with all investments, your pension can go down as well as up, and you may get back less than has been put in. 


I already have an Aviva SIPP

As long as your policy number starts with 'AV2', you can apply for pension drawdown online by logging into MyAviva.

I don't have an Aviva SIPP and would like to transfer

You’ll need to apply for this before you can apply for pension drawdown. You can find out more about transferring for pension drawdown here.

Find and Combine

Our free service can hunt down missing pensions, check for certain benefits and fees, and even bring them together. Capital at risk. 

Using your pension

See how you can start taking your money after you turn 55 (57 from 6 April 2028) and how doing this could affect your future.

Retirement help and support

While it can be good to have options for your retirement, it can also be overwhelming. That's why Aviva offers free support and tailored financial advice to help fit your pension to your life. 

Pension Wise from MoneyHelper is a free, governments-backed service offering clear, impartial and specialist guidance on your retirement options. If you're aged 50 or over, this service is available to you. Visit Pension Wise or call 0800 138 3944 for full details of the service. 

Contact us

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