Our drawdown plan is called the Clerical Medical Income Drawdown Plan (Pre 75). It's simply a way of taking an income from your pension pot and keeping your pension fund invested under current tax rules. You can also take a tax-free lump sum from the plan of up to 25% of the fund value transferred to the drawdown plan.

So what are the main features?

• It's available if you're aged between 50 (55 from 2010) and 73 attained.
• You can consolidate several of your pension plans into one easy to manage plan, and receive maximum tax-free cash on receipt of each transfer
• The minimum initial investment after the payment of tax-free cash is £50,000
• The minimum additional investment to an existing plan is £10,000 (after the payment of tax-free cash), plus
• You can also transfer monies that are already in a drawdown plan into a separate plan, subject to a minimum investment of £50,000
• Your pension fund is invested in a tax-efficient environment. Tax rules may change in the future.
• You can control your income and investment strategy to meet your changing circumstances.
• You can take a level of income that can be varied to meet your needs.
• You can buy an annuity at any time before age 75
• You can enjoy peace of mind that you can use the remainder of your funds to provide your dependants with an income or a cash sum when you die.

The value of the investment can go down as well as up as a result of market movements. You may get back less than you invested. If the level of income withdrawn is greater than any growth achieved your plan value will reduce.

For more information about this plan, please speak to your financial adviser