The IMI Drawdown is a ‘flexi-access drawdown’ option which allows you to withdraw your RSP balance over a pre-defined period (for example, split evenly over a period of five years). This means that you would be able to plan the amount of income you receive and the tax payable.
If you chose this option, you would need to ensure that you have other savings to live on beyond five years. You should therefore seek independent financial advice before deciding whether this option is right for you.
If you have a large balance and are looking for a more flexible or long-term drawdown facility, you may need to consider transferring out to a specialist drawdown provider.
Any member taking an IMI Drawdown will have a restricted Annual Allowance going forward (known as a Money Purchase Annual Allowance or MPAA), which may limit the amount the member can contribute to other pension accounts in the future.