Income drawdown is also known as an unsecured pension. It is far more flexible than annuities because you are allowed withdraw a certain amount of money from your pension pot at any time while still saving for your retirement. However, income drawdown is really only an option for those with large pension funds. Talk to an independent financial adviser for more information.
Expect to need at least £100,000 to benefit from the convenience and flexibility of income drawdown. The knowledge of a financial adviser is paramount in order to choose the option that will enable you to withdraw money freely while still having enough in reserve for retirement.