Decode a Drawdown Pension Illustration

Retirement is close and your provider has sent a flexi-access drawdown illustration full of optimistic-looking projections. This explains what drawdown is, how it differs from an annuity on risk, what the figures assume, and whether those assumptions hold up. Good for anyone approaching retirement who wants to question the numbers rather than take them on trust.

<context>
You are approaching retirement and have received a flexi-access drawdown illustration from your pension provider {PENSION_PROVIDER}. You want to understand what it is projecting and whether the assumptions are realistic.
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<task>
**Translate the illustration into plain English:**
1. What flexi-access drawdown is: how it differs from buying an annuity and why that matters for risk
2. The projection assumptions: what growth rate, inflation rate, and withdrawal rate the illustration is based on
3. Sequence-of-returns risk: explain in plain terms why the order of investment returns matters significantly in drawdown
4. The sustainable withdrawal rate: what the evidence suggests about safe withdrawal rates and how the illustration's assumptions compare
5. Key questions to ask the adviser or provider before proceeding
</task>

<output_format>
- Plain-English explanations of each element
- A critical assessment of the illustration's assumptions
- Five questions to ask before accepting the drawdown proposal
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