In a pension drawdown, you’ll be able to withdraw from your pension fund in whichever way you like. Either in lump sums or regular income. A common choice is to take more in the early years of retirement and less as you grow older (because we all need a bit of a treat to celebrate the end of working life). It’s important to note, however, that drawdowns only apply to those with defined contribution pensions. This means that final salary pension holders would have to transfer. And that comes with a lot of risks that need to be carefully contemplated.