It's a new type of income drawdown from 6 April 2015 which allows individuals of pension age to draw any amount from their money purchase pension fund, whenever they want - provided, that the scheme allows it. Furthermore, unlike the old rules under flexible drawdown, there is no requirement to have a minimum level of secure income.
As well as being an option for members' own pensions, flexi-access drawdown can be used for pensions paid to beneficiaries on the member's death - even if they're under the normal minimum pension age. And it also offers the possibility of passing pension funds down through generations.
Any arrangements going into drawdown from 6 April 2015 will do so via flexi-access drawdown. Also, existing flexible drawdown arrangements automatically converted to flexi-access drawdown on 6 April 2015.
Arrangements in capped drawdown on 5 April 2015 remain so, and continue to be subject to capped drawdown income limits, unless the member converts the funds to flexi-access drawdown. This can be done by either by notifying the scheme that they want to convert, or by withdrawing more than the maximum amount allowed under capped drawdown.