Jurisdiction(s):
United Kingdom

Key definition

Drawdown definition

What does Drawdown mean? In pensions practice, pension drawdown means taking income from a money purchase (defined contribution) pension while keeping the remaining fund invested. In England & Wales, Scotland and Northern Ireland, the statutory form is flexi‑access drawdown, defined in the Finance Act 2004 (as amended) and HMRC rules; capped drawdown persists only for existing arrangements. members can normally take a pension commencement lump sum (often up to 25% subject to current limits) and then choose variable withdrawals; income is taxed at the member’s marginal rates. First flexible access usually triggers the money purchase annual allowance for future contributions. On death, beneficiaries...

Precedent: Borrower drawdown (utilisation) notice for bilateral loan facility, including payment instructions and confirmations of no default and truth of representations and warranties

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Precedents

[ Printed on borrower letterheaded paper ]

[ insert date ]

To: [ insert name of lender ] (the Lender)

From: [ insert name of borrower ] (the Borrower)

Facility Agreement between the Borrower and the Lender dated [ insert date ] (the Facility Agreement)

Terms and references in the Facility Agreement have the same meaning.

We request [ the OR a ] Loan under the Facility Agreement as follows:

Amount of Loan: £[ insert amount ]
Drawdown Date: [ insert date ]
Purpose of Loan: [ insert purpose of loan ]

Pay the Loan into:

Bank: [ insert name of bank ]
Account name: [ insert name of account ]
Account number: [ insert account number ]
Sort code: [ insert sort code ]

We confirm that on the Notice date and the Drawdown Date:

no Event of Default or Potential Event of Default exists or will occur on making the Loan; and
all representations and warranties in Clause [ insert clause ] (Representations and warranties) of the Facility Agreement are true.

…………………………….
[ insert name of director or other authorised person ]
[ Director OR Authorised signatory ]
for and on behalf of [ insert name of Borrower ]...

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Web page updated on 22/05/2026

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