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.

Our income drawdown plan is no longer available to new investors. However, if you've already invested in this product you can still:

• Add to it. The minimum additional investment is £10,000 (after the payment of tax-free cash).
• Control your income and investment strategy to meet your changing circumstances.
• Take a level of income that can be varied to meet your needs.
• Buy an annuity at any time before age 75
• 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

To make an additional investment or to open a separate plan using money transferred from another existing drawdown plan, you must be aged between 50 (55 from 2010) and 73 attained.

Your pension fund is invested in a tax-efficient environment. Tax rules may change in the future.

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 If the level of income withdrawn is greater than any growth achieved your plan value will reduce.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