If you have an existing Income Withdrawal Plan, it is important to review it on a regular basis to check if it is still the most suitable product for you.

Your circumstances might have changed since you set up this plan and now your retirement objectives could be different. 

Usually people's attitude to risk changes with age and the older they get the more cautious they become. As the Income Withdrawal Plan carries a certain degree of risk, it is crucial to check if you are still happy to accept the same level of risk as when you first went into the plan.
 
The amount of income you are allowed to take each year must be no greater than the maximum set by the Government Actuary’s Department (GAD). The limits must be reviewed every five years and, on the fifth anniversary, the limits are re-set based on your age and the balance of the pension fund remaining. You might find therefore that your income level will drop following the five yearly reviews.
 
In addition, an Income Withdrawal Plan is not designed to last forever and ultimately, by your 75th birthday at the latest, you will have to terminate it and purchase a Lifetime Annuity or an Alternatively Secured Pension.