Drawdown pension: how do I actually get the cash when I need it?

maximumgardener

so.toOP
its pretty clear you have not had advice from an IFA (as noted in Post 11).

I confirm I have no particular allegiance to HL (other than being a customer in the past).
they do produce a lot of useful info and are a professional outfit in my book.
Not the cheapest providers and not IFA's either.

The ISA example you can use could work as follows (you can put in your own numbers ...we have no idea of your numbers) its clear you need some good advice which will probably save you money!!

lets assume you have total funds of £600 K
half in Pensions (£300k) and half in S&S ISA funds,

year 1 - if you are 55 or above you can take 75 k from pension funds (tax free), leave balance to grow
distribute that £75k to your kids as you wish to
year 1 - say to year 5
draw down say £15 000 per year for 5 years = 75K

now you have given your kids 150k tax free ..........

continue to draw on ISA funds to reduce your own tax bill till ISA depleted then drawdown pension funds at the appropriate rate.

there are many tunes you can play on this ....good luck . get decent IFA in place