Capped drawdown explained

Capped drawdown is a type of pension that allows you to withdraw money from your pension pot while keeping it invested.  Since 6 April 2015, it’s no longer possible to set up new capped drawdown policies.

The amount you can withdraw from these policies each year is limited by rates set by the Government Actuary’s Department (GAD). This is currently set at 150% of the ‘equivalent annuity’ rate, and is used to make sure you get a similar income to an annuity customer. If you want to change the amount you’re withdrawing from your current capped drawdown policy you should call 0800 073 1777.

As money in capped drawdown policies stays invested you could still benefit from investment growth while taking an income. However, like all investments values can go down as well as up, and your policy value will reduce as you make withdrawals.

It’s now possible to take more from a drawdown policy than the limits described above, but you can’t do this from your existing capped drawdown policy. If you’re a current ReAssure capped drawdown customer who would like to increase their withdrawals above the GAD limits, you can find out how by using our Retirement Planning Toolkit.

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To give you the right options please select your original policy provider below

Fund prices

How to find funds

Universal funds:

  • Simply select ‘Universal Funds’ from the ‘Original Policy Provider’ dropdown below

For all other funds:

  • Look at your most recent annual statement and type in the name of one of your funds into the search box below. From this we’ll be able to show you funds that are only available to customers from your original policy provider and your policy type.

Please note that not all funds will be available for your particular policy. Remember if you look at the total charges for any of the funds, you may also have product charges too. If you want more about product charges or available funds you can call us on the normal number.

The majority of our prices are shown online in pence (GBX) apart from former Alico funds which are shown in pounds (GBP).

The value of the units is not guaranteed and can go down as well as up.

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Important information

The information made available on Morningstar’s tool is taken from a variety of sources and is for general information purposes only. The information has not been tailored to your particular circumstances and does not constitute a personal recommendation or financial advice.

If you need assistance in reviewing your investments, you should speak to a Financial Adviser. You can find a Financial Adviser in your area at

You should also read Morningstar’s general disclaimer here

Money paid into the policy is invested in a with-profits fund, together with the savings of other policyholders. Bonuses are then added to the policy, depending on how the investments in the with-profits fund perform. These bonds normally have a minimum final value (known as the sum assured) which is added to any bonuses due when money is taken.

There are three with-profits funds that ReAssure customers are invested in, the Guardian Assurance With-Profit Fund, the Windsor Life With-Profit fund and the National Mutual With-Profit fund and these can be invested in differently. If you’re not sure what kind of with-profits fund you’re invested in, you should look at your most recent annual statement or bonus notice.

Guardian Assurance
With-Profit Fund

With-Profit Fund

National Mutual
With-Profit Fund

Windsor Life
With-Profit Fund

How do I make a claim on a capped drawdown policy?

If you’re looking to make a claim on a capped drawdown policy as the policyholder has died, please call us and we’ll put you in touch with one of our claims handlers to help you start your claim.