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  • FIRST POST
    • Gallygirl
    • By Gallygirl 14th Sep 17, 2:33 PM
    • 8Posts
    • 0Thanks
    Gallygirl
    Help with drawdown strategy
    • #1
    • 14th Sep 17, 2:33 PM
    Help with drawdown strategy 14th Sep 17 at 2:33 PM
    My OH and myself are approaching retirement in the next few years. Ahead of that I am trying to understand which method to use to access our SIPP's either Flexi–access drawdown or Uncrystallised Funds Pension Lump Sum (UFPLS).

    Our SIPP's are approaching £300,000 each and we have ISA's of 250,000 each. We would like to ideally live off the natural yield from the mixture of funds, IT's, REITs we have until we hit State pension age and then either use that and reduce how much we are taking from our SIPP so we can leave something for our children or perhaps defer SP for a few years and then reduce withdrawals from SIPP.

    What I cannot get my head round is how to take the yield from the SIPP's. We do not need a tax free lump sum ( mortgage free) and will have 2-3 years of planned annual spending in cash (£30,000 pa is our target) Do I crystallise them in one go? , in stages? How do I maintain the % allocation to funds if some are crystallised and some are not. We are currently with Interactive Investor but would consider moving if it makes managing this easier.

    What method, flexi-drawdawn or UFPLS would suite our requirements best and how do we put these into practice.

    TIA

    Gallygirl
    Last edited by Gallygirl; 14-09-2017 at 2:34 PM. Reason: punctuation
Page 2
  • jamesd
    Phased is just a fancy name for doing it in stages. Doesn't have to be monthly, you can easily do something like crystallising £80k at the start of the year to get £20k for the ISA and 60k in a taxable pension pot. Then you can set up regular payments from that 60k each month to use your remaining personal allowance. Add crystallising some more to get extra income.

    The reason I describe it this way is that it's relatively uncommon for consumer SIPP places to offer the option of taking regular monthly payments of part tax free and part taxable. Not unheard of, I think Standard Life offers this for consumers but their product is unattractive for other reasons.

    So far as the 25% tax free lump sum goes, you must take all of the 25% at the time you crystallise a portion of the pot. If you want to crystallise £100k you mus take 25k tax free lump sum then, if you take just 20k tax free lump sum you lose the ability to take the extra 5k from this chunk later. You aren't forced to take the whole 25%, it's fine to take just 20k tax free lump sum when crystallising 100k, it's just wasteful.
    Last edited by jamesd; 16-09-2017 at 2:32 PM. Reason: correct one of the 20k to 25k
    • Triumph13
    • By Triumph13 15th Sep 17, 2:19 PM
    • 1,104 Posts
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    Triumph13
    Thinking about the methods suggested by James and Dunston, is there generally any advantage in terms of fees charged between the following 3 options:
    1. Crystallise as you draw each month - 'Pure Dunston' method. No crystallised funds ever held in pension.
    2. Crystallise and draw a year's income in one go, liaising with HMRC to get your tax back. Again no crystallised funds in pension. 'Lumpy Dunston'
    3. Crystallise a big lump then take drawdown from crystallised funds held within the pension - The James method.
    I'm just starting to look into this as DW will need to transfer and start drawing in 2019 and my initial reading of a few websites suggests that several have more fees for option 3 than for the other 2, but I haven't yet really got my head round it all.
  • jamesd
    Just depends on the pricing of the pension place being used, no fixed rule that one is cheaper or more expensive than the other. I suggest the one I do partly because it tends to be what is well supported in DIY pensions but no problem to do it a different way of the desired pension supports the desired option.

    Entirely possible to mix and match, if the pension supports it. Can do say initial lump sum to pay into ISA then regular monthly payments of part taxed and part tax free as described by dunstonh. That's the sort of approach that's likely to be best if the chosen pension platform supports it, I just know it's not particularly common on the consumer DIY platforms to let it be done without making a request by hand every month.
    • zagfles
    • By zagfles 15th Sep 17, 4:07 PM
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    zagfles
    If you needed £8000 from the SIPP. That is 666pm. You would crystallise £666pm and 75% would be taxable and 25% would be tax free.
    Originally posted by dunstonh
    So exactly the same as UFPLS. Why used phased FAD rather than UFPLS?
    If there was no other income, you could crystallise enough to use up the personal allowance with the 75% chunk. That way you can draw £11,500 tax free under your personal allowance and the 25% part would be on top of that and not taxable. You can then put any excess you dont spend into the S&S ISA.


    Phased flexi-access drawdown only crystallises what you draw each month. So, everything left behind is uncrystallised. And that uncrystallised pot has all options open to it in future.

    By far the most common method we use as advisers is phased flexi-access drawdown. Yet most of the consumers we deal with know nothing about that method.
    I would used phased FAD if I wanted to leave crystallised funds inside the pension. If I didn't, I would use UFPLS, that's what it's for.

    Or is that some providers can't cope with multiple UFPLSs through normal cumulative PAYE (so you have to mess around with tax refunds)? Otherwise, what's the advantage of using phased FAD where you withdraw the crystallised part against simply taking a UFPLS?
    • zagfles
    • By zagfles 15th Sep 17, 4:21 PM
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    zagfles
    Phased is just a fancy name for doing it in stages. Doesn't have to be monthly, you can easily do something like crystallising £80k at the start of the year to get £20k for the ISA and 60k in a taxable pension pot. Then you can set up regular payments from that 60k each month to use your remaining personal allowance. Add crystallising some more to get extra income.

    The reason I describe it this way is that it's relatively uncommon for consumer SIPP places to offer the option of taking regular monthly payments of part tax free and part taxable. Not unheard of, I think Standard Life offers this for consumers but their product is unattractive for other reasons.

    So far as the 25% tax free lump sum goes, you must take all of the 25% at the time you crystallise a portion of the pot. If you want to crystallise £100k you mus take 25k tax free lump sum then, if you take just 20k tax free lump sum you lose the ability to take the extra 5k from this chunk later. You aren't forced to take the whole 25%, it's fine to take just 20k tax free lump sum when crystallising 100k, it's just wasteful.
    Originally posted by jamesd
    Slight correction above.
    • zagfles
    • By zagfles 15th Sep 17, 4:31 PM
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    zagfles
    Thinking about the methods suggested by James and Dunston, is there generally any advantage in terms of fees charged between the following 3 options:
    1. Crystallise as you draw each month - 'Pure Dunston' method. No crystallised funds ever held in pension.
    2. Crystallise and draw a year's income in one go, liaising with HMRC to get your tax back. Again no crystallised funds in pension. 'Lumpy Dunston'
    3. Crystallise a big lump then take drawdown from crystallised funds held within the pension - The James method.
    I'm just starting to look into this as DW will need to transfer and start drawing in 2019 and my initial reading of a few websites suggests that several have more fees for option 3 than for the other 2, but I haven't yet really got my head round it all.
    Originally posted by Triumph13
    The difference between the 3 methods will likely be trivial, possibly small differences in fees and in the amount of admin, as with everything it'll be a compromise between the best value method and the easiest method. But nothing to get too hung up on. Give one a try and switch to another if it's too much hassle.
    • dunstonh
    • By dunstonh 15th Sep 17, 4:34 PM
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    dunstonh
    Phased is just a fancy name for doing it in stages.
    Phased is the term that has been used for over a decade for people doing it that way.

    The reason I describe it this way is that it's relatively uncommon for consumer SIPP places to offer the option of taking regular monthly payments of part tax free and part taxable.
    Are you sure? I don't know the DIY providers as well as you but the IFA side of things sees virtually all providers offer that option. So, that would be a surprise as generally, the DIY providers have newer software and are able to code changes easier than the bigger companies.

    Thinking about the methods suggested by James and Dunston, is there generally any advantage in terms of fees charged between the following 3 options:
    Shouldnt be any difference in charges. Not with the IFA providers. However, I will those who know more about the DIY providers verify that side of things.
    So exactly the same as UFPLS. Why used phased FAD rather than UFPLS?
    Phased is the term that has been used for the last 20 years.
    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 an Independent Financial Adviser local to you.
    • zagfles
    • By zagfles 15th Sep 17, 5:18 PM
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    zagfles
    Phased is the term that has been used for the last 20 years.
    Originally posted by dunstonh
    Erm, yes. That wasn't the question.

    Phased FAD and UFPLS are different options. You seem to be suggesting using phased FAD but taking out the entire crystallised part at the same time as the tax free part.

    Why? That's exactly what a UFPLS does. So why not just do that? The OP mentioned using UFPLSs in her OP. Anyone would think you're trying to confuse her by suggesting a more complicated way of achieving exactly the same thing!

    Unless there is some advantage to using phased FAD and taking the crystallised part at the same time? Which was my question.
    • dunstonh
    • By dunstonh 15th Sep 17, 5:34 PM
    • 89,561 Posts
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    dunstonh
    Phased FAD and UFPLS are different options. You seem to be suggesting using phased FAD but taking out the entire crystallised part at the same time as the tax free part.
    I think you may not know what phased drawdown is. Take a read and it will probably answer the questions you have.
    Why? That's exactly what a UFPLS does. So why not just do that? The OP mentioned using UFPLSs in her OP. Anyone would think you're trying to confuse her by suggesting a more complicated way of achieving exactly the same thing!
    Your option is more complicated. Phased is much more convenient than UFPLS (which is ad-hoc or one off).


    Unless there is some advantage to using phased FAD and taking the crystallised part at the same time? Which was my question.
    Already answered in the thread.
    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 an Independent Financial Adviser local to you.
    • zagfles
    • By zagfles 15th Sep 17, 6:43 PM
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    zagfles
    I think you may not know what phased drawdown is. Take a read and it will probably answer the questions you have.
    Originally posted by dunstonh
    Nope. I know what phased FAD is. It's crystallising part of the pension, taking the TFLS, but not necessarily withdrawing all of the taxed part (though you can).
    Your option is more complicated. Phased is much more convenient than UFPLS (which is ad-hoc or one off).
    So how does it differ? Crystallising or phasing is also generally ad-hoc. Or is it just an admin thing - some providers allow you to set up monthly phased crystallisation but not monthly UFPLS?

    Basically the end result is the same, so it might be worth the OP having a word with her provider as to which is the easiest option admin wise.
    Last edited by zagfles; 15-09-2017 at 6:51 PM.
    • maximumgardener
    • By maximumgardener 16th Sep 17, 11:19 AM
    • 256 Posts
    • 107 Thanks
    maximumgardener
    My OH and myself are approaching retirement in the next few years. Ahead of that I am trying to understand which method to use to access our SIPP's either Flexi–access drawdown or Uncrystallised Funds Pension Lump Sum (UFPLS).

    Our SIPP's are approaching £300,000 each and we have ISA's of 250,000 each. We would like to ideally live off the natural yield from the mixture of funds, IT's, REITs we have until we hit State pension age and then either use that and reduce how much we are taking from our SIPP so we can leave something for our children or perhaps defer SP for a few years and then reduce withdrawals from SIPP.

    What I cannot get my head round is how to take the yield from the SIPP's. We do not need a tax free lump sum ( mortgage free) and will have 2-3 years of planned annual spending in cash (£30,000 pa is our target) Do I crystallise them in one go? , in stages? How do I maintain the % allocation to funds if some are crystallised and some are not. We are currently with Interactive Investor but would consider moving if it makes managing this easier.

    What method, flexi-drawdawn or UFPLS would suite our requirements best and how do we put these into practice.

    TIA

    Gallygirl
    Originally posted by Gallygirl

    to OP .
    you have heard a range of responses and your options are hopefully clearer!

    your target of 3% drawdown from 1.1 million total fund should prove straightforward and not onerous. As others have said , use up your respective allowances before tax , then drawdown as required to meet your income needs.

    In your shoes, I would see an IFA who would map this out for you and meet your objectives?

    You don't say your ages or exactly when you will both stop work but "several years away" suggests you are in your 60's now with perhaps 3 or 4 years to go? obviously you both need to factor in when your State Pensions start. (and any other Pensions you may have?)

    me and Mrs MG did a similar exercise a couple of years back and so far so good!
    we are with fidelity and we just draw down untaxed funds from a cash account.
    we have 5 accounts (two personal pensions , two ISA's and one Cash/investment account)
    Its all managed by our IFA and we have reviews annually . I have confidence in them and the returns basically speak for themselves . there is a cost but you ask yourself could i do better ? do I want the hassle?

    good luck ! you are well set up for the future.get a good IFA in place
  • jamesd
    Are you sure? I don't know the DIY providers as well as you but the IFA side of things sees virtually all providers offer that option. So, that would be a surprise as generally, the DIY providers have newer software and are able to code changes easier than the bigger companies.
    Originally posted by dunstonh
    Yes, at least for the ones I've looked at. Not exhaustive but it doesn't seem anything like as easy to do regular monthly UFPLS or PCLS plus taking only part of the taxable without requesting it every month. Not surprised that it's common in the IFA part of the market. I was pleasantly surprised at how flexible the Standard life product was when it comes to mix and match of ways to do things.

    Shouldnt be any difference in charges. Not with the IFA providers. However, I will those who know more about the DIY providers verify that side of things.
    Originally posted by dunstonh
    How they charge for it is one of the ways they differentiate. In general it's easiest and cheapest to do the PCLS then regular income out of the taxable 75% from the DIY providers.
    Last edited by jamesd; 16-09-2017 at 2:52 PM.
  • jamesd
    Or is it just an admin thing - some providers allow you to set up monthly phased crystallisation but not monthly UFPLS?
    Originally posted by zagfles
    It's more of an income tax tweak, particularly interesting where there's a desire to also keep money in the pension for inheritance. Say there's a desire for higher rate range income but a desire to avoid income tax at 40%, a blend of UFPLS or PCLS and taxable money can be used to get there, with the taxable residue being left in the drawdown pot. Phased drawdown in essence refers to doing gradual crystallising over many years in this sort of arrangement.

    Where it fits it's an efficient way to get things done.

    If I recall correctly the SL product allows setting up regular monthly payments of any blend of PCLS and taxable income taken. In the DIY products you'd just do a PCLS at the start of the year and regular taxable monthly payments because that's how the DIY platforms are normally set up to do things most easily. About the same end result aside from having the PCLS portion outside the pension for a bit longer.
    Last edited by jamesd; 16-09-2017 at 2:57 PM.
    • zagfles
    • By zagfles 16th Sep 17, 3:34 PM
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    zagfles
    It's more of an income tax tweak, particularly interesting where there's a desire to also keep money in the pension for inheritance. Say there's a desire for higher rate range income but a desire to avoid income tax at 40%, a blend of UFPLS or PCLS and taxable money can be used to get there, with the taxable residue being left in the drawdown pot. Phased drawdown in essence refers to doing gradual crystallising over many years in this sort of arrangement.
    Originally posted by jamesd
    Yes, if you want to minimise tax while leaving some pot as an inheritance, you're better off taking more tax free and leaving crystallised funds for your beneficaries.

    For instance, say a £800k pot and you want to leave £400k for your children. If you crystallised regularly and took out all crystallised funds each time, then 75% of what you've withdrawn would have been taxable. You'd have got £100k tax free and £300k taxable, leaving £400k uncrystallised for your children..

    However if you regularly crystallise but just took the TFLS and a third of the taxable part, eg you crystallise £80k, take £20k tax free and £20k taxable, leaving £40k crystallised, and do that 10 times, you'd have got the same £400k out but only £200k of it would have been taxable. You'd get £200k tax free instead of just £100k using the "withdraw all crystallised funds" method.

    You'd then be leaving your £400k crystallised for your children.

    But it makes no difference to your children whether the funds you leave them are crystallised or uncrystallised. Whether it's taxable to them or not depends on the age you die, not whether it's crystallised or not. In fact crystallised could be better as there'll be no LTA test on death under 75.

    So this "withdraw all crystallised funds" is not a good option for those who want to leave part of their fund as an inheritance.
  • jamesd
    Just depends on objectives and things like income tax and inheritance tax potential.

    I'm generally inclined to think that P2P lending is the best fixed interest option at the moment* so that causes me to favour higher PCLS to get more into P2P either inside or outside an ISA and avoid the current equity and bond risks.

    *Options from 12% or so secured before bad debt through 8.5% or 10.5% with protection fund at Unbolted on to RateSetter with its protection fund can hit a fair range of risk tolerances, without equity volatility. Next year I'm expecting something over £30k of income from this source using a range of P2P platforms.
    • Jerben
    • By Jerben 17th Sep 17, 12:07 PM
    • 43 Posts
    • 18 Thanks
    Jerben
    Hi Gallygirl,


    Your situation has similarities with mine and the thoughts of 'exactly' how to do this are often in my mind.
    So, to give you some 'ideas' and for others to critique, here are my latest thoughts...
    (Note- lots of the parts of my plan are interlinked, adjustable, attempt to lower costs and use the personal allowance, etc.).


    I'm late 50's and currently working part time.
    My SIPP is also with II, current value £350k. I also have an S&S isa value 100k. Other cash (doubling as emergency fund), about £40k is in my myriad of current accounts, regular savers and (basic!) P2P.


    When I finally pull the plug, (probably in the next year or two?), I require an income of say, £20k.


    I will probably stop work part way through a financial year, (having already used the personal allowance for that year). For the remainder of that year, I will use (say, £10k) of my cash.


    At this point, I aim to have about £40k in cash in my SIPP.
    Early in the first full financial year of retirement I aim to take a UFPLS of about £20k. (From what I can gather, this costs £40+VAT with II). Of the £20k, £5k will be tax-free and the other £15k will be subject to tax, (But mainly will use my personal allowance!).
    I will use this to top up my cash/emergency monies and give myself a monthly income, (my wage!).


    Within the SIPP, the dividend income from my funds, ETF's, IT's should add about £7k to my cash over each year.
    Towards the end of each financial year I would pay £2880 into my SIPP. This would be increased to £3600, (courtesy of HMRC!), and would roughly offset the income tax paid on the SIPP withdrawal.
    I also aim to use the II trading credit of £80 to sell some investments, (part of my re-balancing process), to top up the cash within the SIPP back up to the £40k level by the end of each financial year.


    Generating £1k from my cash/emergency cash, and withdrawing about £3k (natural yield - dividends), from my £100k ISA, should mean I have the total of £20k required income, (With no net tax paid). RESULT!
    Rinse and repeat each year.


    At age 66, I will start to get over £8k from the NSP, so my SIPP UFPLS would reduce to £12k. (Figures in today's money for simplicity).
    (I'm not sure if I would reduce the 'cash' within the SIPP to £36k (3 years requirement) or £24k (2 years), at this time - May depend on my attitude??).


    Obviously there are quite a number of assumptions!! (Growth? Inflation? Tax free lump sum? Costs of provider?)... But I would look at these a couple of times a year and make appropriate adjustments.
    To me a one-off UFPLS per year is a simple, cost effective, user friendly solution.
    • Triumph13
    • By Triumph13 18th Sep 17, 7:00 AM
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    Triumph13
    I aim to take a UFPLS of about £20k. (From what I can gather, this costs £40+VAT with II). Of the £20k, £5k will be tax-free and the other £15k will be subject to tax, (But mainly will use my personal allowance!).
    ......
    Towards the end of each financial year I would pay £2880 into my SIPP. This would be increased to £3600, (courtesy of HMRC!), and would roughly offset the income tax paid on the SIPP withdrawal.
    I also aim to use the II trading credit of £80 to sell some investments, (part of my re-balancing process), to top up the cash within the SIPP back up to the £40k level by the end of each financial year.
    .....
    I have the total of £20k required income, (With no net tax paid). RESULT!
    Originally posted by Jerben
    Without wishing to be unduly picky, tax paid on a £20k UFPLS = £700 (15k-11.5k x 20%). Tax gained by paying £3,600 into SIPP is £180 (£720 going in less £540 coming out)
    • Jerben
    • By Jerben 18th Sep 17, 10:08 AM
    • 43 Posts
    • 18 Thanks
    Jerben
    Sorry Triumph, that's not how I see it. (Unless I've made a basic mistake?)
    During the example year I quoted there is no £540 tax to pay on the £3600, there is only the £720 gain.
    If you are saying that 'eventually' there will be £540 tax to pay you may have a point, but... this would be part of the £700 tax on the next £20k UFPLS! You are effectively counting it twice!


    My general point for this thread was that the 'part crystallising' of the SIPP over complicates things in my mind. (More esteemed colleagues may get their head around it easier than I!). UFPLS seems the best way to go for me. (Provided the 25% tax free element continues in its present form?). Also the costs of other forms of drawdown appear more expensive, (when looking at the II charge information).
    All I then have to do is transfer £1666 per month (£20k / 12), into my 'spending' current account from the other cash/emergency buffer accounts.
    Last edited by Jerben; 18-09-2017 at 10:11 AM. Reason: edit -poor English
    • Gallygirl
    • By Gallygirl 18th Sep 17, 2:39 PM
    • 8 Posts
    • 0 Thanks
    Gallygirl
    to OP .
    you have heard a range of responses and your options are hopefully clearer!

    your target of 3% drawdown from 1.1 million total fund should prove straightforward and not onerous. As others have said , use up your respective allowances before tax , then drawdown as required to meet your income needs.

    In your shoes, I would see an IFA who would map this out for you and meet your objectives?

    You don't say your ages or exactly when you will both stop work but "several years away" suggests you are in your 60's now with perhaps 3 or 4 years to go? obviously you both need to factor in when your State Pensions start. (and any other Pensions you may have?)

    me and Mrs MG did a similar exercise a couple of years back and so far so good!
    we are with fidelity and we just draw down untaxed funds from a cash account.
    we have 5 accounts (two personal pensions , two ISA's and one Cash/investment account)
    Its all managed by our IFA and we have reviews annually . I have confidence in them and the returns basically speak for themselves . there is a cost but you ask yourself could i do better ? do I want the hassle?

    good luck ! you are well set up for the future.get a good IFA in place
    Originally posted by maximumgardener
    We are in our mid 50's but would like to reduce to part time in the next couple of years and see how that goes rather than just stopping all work suddenly. If we like it we may retire fully more quickly, it would be nice to have the options.
    As for and IFA, I would be happy to pay a one off fee with an IFA who could go over the options , check my assumptions and write me out a plan, but all seem to want a yearly fee for continuing advice and I am trying to keep my costs down. Thank heavens for this forum.
    • Gallygirl
    • By Gallygirl 18th Sep 17, 2:43 PM
    • 8 Posts
    • 0 Thanks
    Gallygirl
    Hi Gallygirl,


    Your situation has similarities with mine and the thoughts of 'exactly' how to do this are often in my mind.
    So, to give you some 'ideas' and for others to critique, here are my latest thoughts...
    (Note- lots of the parts of my plan are interlinked, adjustable, attempt to lower costs and use the personal allowance, etc.).


    I'm late 50's and currently working part time.
    My SIPP is also with II, current value £350k. I also have an S&S isa value 100k. Other cash (doubling as emergency fund), about £40k is in my myriad of current accounts, regular savers and (basic!) P2P.


    When I finally pull the plug, (probably in the next year or two?), I require an income of say, £20k.


    I will probably stop work part way through a financial year, (having already used the personal allowance for that year). For the remainder of that year, I will use (say, £10k) of my cash.


    At this point, I aim to have about £40k in cash in my SIPP.
    Early in the first full financial year of retirement I aim to take a UFPLS of about £20k. (From what I can gather, this costs £40+VAT with II). Of the £20k, £5k will be tax-free and the other £15k will be subject to tax, (But mainly will use my personal allowance!).
    I will use this to top up my cash/emergency monies and give myself a monthly income, (my wage!).


    Within the SIPP, the dividend income from my funds, ETF's, IT's should add about £7k to my cash over each year.
    Towards the end of each financial year I would pay £2880 into my SIPP. This would be increased to £3600, (courtesy of HMRC!), and would roughly offset the income tax paid on the SIPP withdrawal.
    I also aim to use the II trading credit of £80 to sell some investments, (part of my re-balancing process), to top up the cash within the SIPP back up to the £40k level by the end of each financial year.


    Generating £1k from my cash/emergency cash, and withdrawing about £3k (natural yield - dividends), from my £100k ISA, should mean I have the total of £20k required income, (With no net tax paid). RESULT!
    Rinse and repeat each year.


    At age 66, I will start to get over £8k from the NSP, so my SIPP UFPLS would reduce to £12k. (Figures in today's money for simplicity).
    (I'm not sure if I would reduce the 'cash' within the SIPP to £36k (3 years requirement) or £24k (2 years), at this time - May depend on my attitude??).


    Obviously there are quite a number of assumptions!! (Growth? Inflation? Tax free lump sum? Costs of provider?)... But I would look at these a couple of times a year and make appropriate adjustments.
    To me a one-off UFPLS per year is a simple, cost effective, user friendly solution.
    Originally posted by Jerben
    UFPLS was my initial way of thinking of going but now I'm not so sure, I will have to look at II's charges more. I wonder why you feel it necessary to keep 2 years worth of cash in the SIPP, surely thats money not earning any interest/dividends ?
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