Often when considering our finances, we think of those who we will leave behind when we pass away, and what we can do to ensure they are supported. In later life, often one of the greatest assets you can pass on to your beneficiaries is your pension and depending on the age of which you pass away, you can do so tax-free with drawdown.
Why is this specific to drawdown?
Unless you have taken out specific death benefits as part of a lifetime annuity, you can not pass on any of that income when you pass away; this is because your pension savings were used to purchase a guaranteed income. Drawdown, however, gives you the ability to pass on your remaining fund as standard, and at no cost to you or your beneficiaries.