The order money is drawn

Each year Landfall works out what your spending needs beyond the income already arriving, then draws the difference from your pots in an order you set. Where a surplus goes, in more detail.

Tax-aware is the default. It spends bank savings above your emergency fund first, then the taxable account, then pension income up to a level you choose, then ISAs, and only then the pension beyond that level.

Fixed order drains pot types in your order, whatever the tax comes to.

Harvesting is a tax-aware extra. It draws pension income each year, needed or not, and saves what is not spent. It draws no more than the year’s spending plus an ISA allowance for each person with an ISA. Up to the personal allowance, it stops before interest and dividends would start to be taxed, so it creates no tax bill that year. “Harvest up to” can instead take it to the fill level, which draws taxable income now and leaves less in the pension to draw later. With harvesting, a plan can end with less than without it, as savings outside a pension can grow more slowly or be taxed.

“Withdrawal approaches” draws your plan again with one pension choice changed: the tax-free cash, the fill level or harvesting. Where two changes together leave more or pay less tax than either alone, it shows that mix too. Money left in a pension is counted before the income tax due when it is drawn.