Existing Income Drawdown after RDR

Nicoc_2

Hello,

Most of my retirement income is paid via Income Drawdown which has been running for 4 years, so this year, I shall need a 5-year review. My financial adviser has not contacted me about the RDR changes, presumably because he wants to continue to draw trail commission from my pot and also charge me an additional fee for the review.
Ideally I would now like to take charge of the running of my Income Drawdown, without having an adviser go-between. Under RDR can I do this and if so, do I just write to the fund manager to say that no more commission should be paid to the adviser and that I will notify them directly of any changes to my investments?
However, if I am still forced to use an adviser for Drawdown, can I still get the trail commission cancelled?

Thanks.

dunstonh

My financial adviser has not contacted me about the RDR changes, presumably because he wants to continue to draw trail commission from my pot and also charge me an additional fee for the review.

Or that it makes no difference to most advisers who have already being operating on that basis for years.

Under RDR can I do this

You have been able to do it for years.

do I just write to the fund manager to say that no more commission should be paid to the adviser and that I will notify them directly of any changes to my investments?

You can. However, it doesnt mean you will get the commission. Many providers will switch off the commission to the agent but not give it to you but keep it for themselves. Also, a number of providers are not set up to deal with the public directly and will tell you to place instructions via your adviser. If the trail has been turned off, then the adviser will charge you.

However, if I am still forced to use an adviser for Drawdown, can I still get the trail commission cancelled?

You are not forced to use an adviser but you may need to transfer your pension if you want to go DIY effectively.