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    • A_T
    • By A_T 7th Sep 17, 12:27 PM
    • 183Posts
    • 85Thanks
    A_T
    SIPP withdrawal/drawdown
    • #1
    • 7th Sep 17, 12:27 PM
    SIPP withdrawal/drawdown 7th Sep 17 at 12:27 PM
    Is withdrawing money from your SIPP after 55 the same thing as "drawdown"?

    It seems various platforms charge various fees (HL nothing, Fidelity nothing) for "drawdown" out of your pension plan.

    Bestinvest quote a fee of £25 for "Ad hoc income payments". So does this mean I would be charged £25 each time I withdraw any money?
Page 2
    • A_T
    • By A_T 8th Sep 17, 7:34 PM
    • 183 Posts
    • 85 Thanks
    A_T
    You mean UFPLS? Any decent platform offers that, eg see http://www.hl.co.uk/pensions/drawdown/what-are-the-alternatives
    Originally posted by zagfles
    Cavendish doesn't seem to.
    • dunstonh
    • By dunstonh 8th Sep 17, 7:54 PM
    • 89,501 Posts
    • 54,960 Thanks
    dunstonh
    Cavendish doesn't seem to.
    Originally posted by A_T
    Fidelity offer it on their platform. So, this is not a platform issue but an intermediary issue. (Cavendish being an intermediary white labelling the Fidelity platform to make it appear like its their own).
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from a Financial Adviser local to you.
    • Audaxer
    • By Audaxer 8th Sep 17, 8:20 PM
    • 408 Posts
    • 168 Thanks
    Audaxer
    It seems strange to me that any platform where you can invest in a SIPP, is not able to allow clients to withdraw their money when necessary. I'm also surprised that anyone knowing this would invest in a SIPP with such a platform.
    • zagfles
    • By zagfles 8th Sep 17, 8:22 PM
    • 12,249 Posts
    • 10,175 Thanks
    zagfles
    It seems strange to me that any platform where you can invest in a SIPP, is not able to allow clients to withdraw their money when necessary. I'm also surprised that anyone knowing this would invest in a SIPP with such a platform.
    Originally posted by Audaxer
    Lots of people have pensions which don't allow drawdown or the new freedoms, my works pension is one - it's not an issue till you reach the age at which you take money out, ie 55 currently. Then you can just transfer to a platform which does allow you to do what you want.
    • A_T
    • By A_T 8th Sep 17, 8:52 PM
    • 183 Posts
    • 85 Thanks
    A_T
    It seems strange to me that any platform where you can invest in a SIPP, is not able to allow clients to withdraw their money when necessary. I'm also surprised that anyone knowing this would invest in a SIPP with such a platform.
    Originally posted by Audaxer
    It's also hard to find out what fees might apply if you transfer your SIPP out of Cavendish. So hard in fact I couldn't find any information about it on their website.
    • DesG
    • By DesG 9th Sep 17, 12:55 AM
    • 1,240 Posts
    • 443 Thanks
    DesG
    It's also hard to find out what fees might apply if you transfer your SIPP out of Cavendish. So hard in fact I couldn't find any information about it on their website.
    Originally posted by A_T
    No fee for transfer.
    • A_T
    • By A_T 9th Sep 17, 9:02 AM
    • 183 Posts
    • 85 Thanks
    A_T
    No fee for transfer.
    Originally posted by DesG
    Where does it state this?
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