Drawdown question

twizzel

I have 3 pension pots with 3 different providers and they are likely to remain untouched now till 2021. Total value today about £150k.
I am already in receipt of a final salary pension and so, as annuities offer pretty poor value, my plan (at the moment) is to use these 3 pots for drawdown.
Does the use of drawdown mean I would have to move those plans to some other sort of product or can drawdown be used on any plan?

xylophone

I have 3 pension pots with 3 different providers

Not final salary/DB?

I am already in receipt of a final salary pension

Already drawing it?
More than £20000 pa secured income? (Or will have when in receipt of state pension?) Might a SIPP suit?

http://www.pensionsadvisoryservice.org.uk/annuities-and-income-drawdown/income-drawdown-plans
http://www.pensionsadvisoryservice.org.uk/personal-and-stakeholder-pensions/self-invested-personal-pension-(sipp)-plans/transfers
http://www.hl.co.uk/pensions/income-drawdown/how-does-it-work
http://www.hl.co.uk/pensions/income-drawdown/what-is-flexible-drawdown

http://www.cavendishonline.co.uk/pensions/self-investing-personal-pensions/

dunstonh

Does the use of drawdown mean I would have to move those plans to some other sort of product or can drawdown be used on any plan?

Depends on the pension. Most plans do not offer drawdown. Modern plans do. Although in most cases you would want to transfer them and not keep them apart if you plan to do drawdown.

twizzel

Thanks for the replies

@xylophone
- 1 plan was a FSAVC, the other 2 are money pots i.e.they were defined contribution and not defined benefit.
- I am already drawing the final salary pension (but not the above FSAVC)
- Secured income currently less than 20k but will go over when state pension kicks in during 2021.

@dunstonh
- These are not all modern plans. They were started in 1990, 2002 and 2005.

Ian.