"The best performing pension could produce more than three times more pension income than the worst performing one. The really bad news is that your pension fund is more likely to be amongst the bad than the good" The Observer
Income drawdown allows a tax free lump sum to be taken at outset but income to then be deferred for a number of years.
The remaining fund, after a lump sum is taken, is then subject to certain restrictions as to how much or little may be taken in each year but, within these limits, there is great flexibility. In particular potential income can be delayed thus increasing the value of the pension fund which can, on death, be paid tax-efficiently to a nominated beneficiary. It can become very complicated but gives lots of opportunities for efficient financial planning in retirement.
How?