Flexible income pot

Also known as a 'flexi-access drawdown' product, this gives you a flexible income directly from your pension pot – you can take as much or as little as you want as long as you have money in your pot

Flexi-access drawdown

With a flexi-access drawdown product you can:

  • take a regular income or withdraw money whenever you need to

  • change the amount you take

  • stop taking an income

  • leave whatever is left to a loved one when you die

How the pot works

The flexible income pot works by:

  • paying a monthly amount direct to your bank account

  • allowing you to change the monthly amount at any time

  • continuing to pay an income until your chosen later life age, or until the pot runs out

Icon of a hand holding money

Investment fund details

Money you put in this pot is invested in the Smart Income Fund. This fund is provided by Legal & General. To see the details of this investment fund, download the Smart Income Fund factsheet.

Use this pot if

  • you want a flexible income in your early years of retirement

  • you want to leave some of your money invested and access some of it, too


PAYE tax is deducted at source if applicable.

Your income is taxable, so we’ll deduct any tax due before it’s paid into your bank account.

You could pay emergency tax on your first payment. If this happens, we will refund you in your next payment or you can contact HMRC for a refund.

Estimating your income

To work out the income you can receive from your flexible income pot, we look at:

  • your age

  • the value of your flexible income pot

  • how your money is invested

We estimate an income that will probably last until your selected later life age.
You can see an up-to-date estimate whenever you like by signing into Smart Retire.

Apply in three simple steps

Discover how you could combine your retirement options with Smart Retire

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