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  • FIRST POST
    • Sally57
    • By Sally57 13th Mar 17, 11:44 AM
    • 87Posts
    • 18Thanks
    Sally57
    Drawdown on Cavendish Platform
    • #1
    • 13th Mar 17, 11:44 AM
    Drawdown on Cavendish Platform 13th Mar 17 at 11:44 AM
    I am considering transferring my pension and ISA's from Fidelity to Cavendish because of the new rate of 0.2% that Cavendish charges on sums of over £200K.

    However, I can't seem to find any information on their website about drawdown charges and what happens if you want to go into drawdown with them?

    Does anybody else know or had experience of this?
Page 1
    • NoMore
    • By NoMore 13th Mar 17, 11:50 AM
    • 144 Posts
    • 117 Thanks
    NoMore
    • #2
    • 13th Mar 17, 11:50 AM
    • #2
    • 13th Mar 17, 11:50 AM
    Looks like they don't do drawdown:

    When will I be able to take out my pension?

    For the time being it is not possible for clients of the Cavendish Online FundSupermarket Pension to take withdrawals from their pension by going into drawdown. This is because we are not permitted to provide our clients with advice relating to drawdown.

    If you wish to drawdown from your pension you will need to transfer or re-register your pension away from the Cavendish Online FundSupermarket Pension to another provider who can provide drawdown. We do hope to be able to provide our clients with access to drawdown at some time in the future.
    https://www.cavendishonline.co.uk/pensions/faqs/
    • Sally57
    • By Sally57 13th Mar 17, 3:41 PM
    • 87 Posts
    • 18 Thanks
    Sally57
    • #3
    • 13th Mar 17, 3:41 PM
    • #3
    • 13th Mar 17, 3:41 PM
    Looks like they don't do drawdown:

    https://www.cavendishonline.co.uk/pensions/faqs/
    Originally posted by NoMore
    Thank you for that, so basically if I wanted to take advantage of the new platform rate of 0.2% for over £200K, I would initially have to transfer my investments from the Fidelity platform and then eventually transfer them back to Fidelity again when I want to start my drawdown?
    • NoMore
    • By NoMore 13th Mar 17, 3:44 PM
    • 144 Posts
    • 117 Thanks
    NoMore
    • #4
    • 13th Mar 17, 3:44 PM
    • #4
    • 13th Mar 17, 3:44 PM
    Looks like it or another platform that does drawdown, with all the associated fees. They do say they hope to offer it in the future, but not sure if you can rely on that for future planning
    • greenglide
    • By greenglide 13th Mar 17, 4:13 PM
    • 2,898 Posts
    • 1,868 Thanks
    greenglide
    • #5
    • 13th Mar 17, 4:13 PM
    • #5
    • 13th Mar 17, 4:13 PM
    Fidelity do drawdown on their platform. For amounts over £200,000 their platform fee has always been 0.20 %. https://www.fidelity.co.uk/investor/funds/fund-charge.page

    I don't believe they charge for drawdown but to set it up I believe that you need to talk to their retirement service. https://www.fidelity.co.uk/static/pdf/personal/pensions/sipp/fidelitysipp-kfd-clientterms.pdf https://www.fidelity.co.uk/investor/retirement/fidelitys-retirement-specialists.page

    Whether you should be using a percentage based platform for £200,000 is another question!
    • Sally57
    • By Sally57 13th Mar 17, 4:54 PM
    • 87 Posts
    • 18 Thanks
    Sally57
    • #6
    • 13th Mar 17, 4:54 PM
    • #6
    • 13th Mar 17, 4:54 PM
    Fidelity do drawdown on their platform. For amounts over £200,000 their platform fee has always been 0.20 %. https://www.fidelity.co.uk/investor/funds/fund-charge.page

    I don't believe they charge for drawdown but to set it up I believe that you need to talk to their retirement service. https://www.fidelity.co.uk/static/pdf/personal/pensions/sipp/fidelitysipp-kfd-clientterms.pdf https://www.fidelity.co.uk/investor/retirement/fidelitys-retirement-specialists.page

    Whether you should be using a percentage based platform for £200,000 is another question!
    Originally posted by greenglide
    The platform fee is 0.2% for amounts over £250,000 not £200,000 unless they have changed this recently?
    • greenglide
    • By greenglide 13th Mar 17, 5:32 PM
    • 2,898 Posts
    • 1,868 Thanks
    greenglide
    • #7
    • 13th Mar 17, 5:32 PM
    • #7
    • 13th Mar 17, 5:32 PM
    So it is:-(

    What is £50,000 between friends!
    • green_man
    • By green_man 13th Mar 17, 8:19 PM
    • 199 Posts
    • 93 Thanks
    green_man
    • #8
    • 13th Mar 17, 8:19 PM
    • #8
    • 13th Mar 17, 8:19 PM
    Why not choose a provider that charges a flat fee rather than %, e.g Halifax.
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