On 6 April 2015, pension freedoms were introduced allowing members with flexible benefits (essentially, money purchase benefits and cash balance benefits) to access their pension pots in more ways than before, including by way of drawdown or by taking one or more lump sums known as uncrystallised funds pension lump sums (UFPLSs).

These pension freedoms do not apply to safeguarded benefits (essentially, defined benefits (DB) and other benefits that are not money purchase or cash balance).

For further information on the pension freedoms, see Practice Note: Pension freedoms—an introduction.

For further information on which benefits constitute a safeguarded benefit and which ones do not, see Practice Note: Flexible benefits vs safeguarded benefits.