A form of drawdown pension available for a member of a defined contribution arrangement under a registered pension scheme who has reached normal minimum pension age (or meets the ill-health condition). The member's income withdrawals under a capped drawdown arrangement cannot exceed 150% of the value of a comparable annuity. From 6 April 2015, a member can only designate further funds to a capped drawdown arrangement that already existed before that date. Otherwise, if the member wants to use drawdown pension, they must designate funds to a flexi-access drawdown fund. (Section 165, Finance Act 2004.)