Now defunct, a form of income withdrawal that was available to a member of a registered pension scheme with money purchase benefits until 6 April 2011. Provided the member had reached normal minimum pension age but was under age 75, he could defer drawing a scheme pension or lifetime annuity and instead draw an annual income while the balance of his unsecured pension remained invested. Changes to the Finance Act 2004 made by the Finance Act 2011 have replaced unsecured pensions with drawdown pensions.