Hargreaves Lansdown £500 charge for starting flexible drawdown

bangormaine

I wish to take my entire pension pot (FSAVC) as cash. I satisfy all the regulatory requirements. Who can offer me the cheapest flexible drawdown for this purpose. I need no financial advice.

lvader

bangormaine wrote: »

I need no financial advice.

It sounds like you could do with some advice, at least on taxation.

bangormaine

I am currently in receipt of my final salary pension which is above £20000. The total payable from the FSAVC will not take me into the higher rate band and I am over 55.
Still want to find out if anyone knows a cheap way of accessing the cash. £500 is a lot for a technical transaction.

CannySaver_2

Hi

I guess it is all down to how technical and how time consuming that transaction is!

On reflection, and having done some of my own research on this, I would say £500 is at the top end of what SIPP providers are charging for Flexible Drawdown.

I do know of at least one SIPP provider, Liberty, who do not charge an explicit extra amount for Income Drawdown, and charge £100 for Flexible Drawdown if you empty your pot in the first five years. Clearly they make other annual charges which you need to consider and compare with your current provider.

You can see Liberty's charging structure by clicking these two links:

http://www.!!!!!!.uk/sipp-zone/sipps/liberty-one-sipp/

http://www.!!!!!!.uk/sipp-zone/sipps/liberty-full-sipp/

I hope this helps.

The Canny Saver

bangormaine

Well, after my initial scepticism about H&L they have come through big style.
They have done all my transactions, including gathering my assets from Equitable, paying out my income over two tax years, handling the tax liability and closing the account for £275 + Vat.
I have had such a good rapport with them I am now considering letting them have some of my investments.
A thoroughly professional performance, with one to one guidance throughout. This former cynic takes his hat off to them.