Moving from Drawdown to Flexible Drawdown

gfplux

I am preparing myself to move my drawdown fund to flexible drawdown.
I have been in drawdown for a number of years and am content with the results. My fund is with Friends Life, Bristol, who bought it from Winterthur/AXA last year. Friends life do not do flexible drawdown and have no plans to do so. I am therefore looking for a flexible drawdown provider.
I have focused on Hargreaves Lansdown as they appear to have a good record, certainly from reading forums like these.
I am resident in Luxembourg but understand(!) that this will have no effect on my ability to transfer. I have other income above £20000 (annuity and UK state pension)
Do any of the fools here have experience of switching and do they have any advice, tips or tricks that would make the process go smoothly.
Thank you

snowcat53

Not sure the rules re non UK residents but you should look at other low cost SIPP providers (Bestinvest, Sippdeal, Alliance Trust) who all operate drawdown. Set up and annual fees for flexible drawdown vary (eg set up from 75 Sippdeal to 250 AT ).

It will also depend a lot on what funds you want to hold inside the pension and the platform (and possibly custody) charges for those.

mania112

LV= have a flexible drawdown, Scottish Life are bringing one out this year.

kidmugsy

mania112 wrote: »

LV= have a flexible drawdown, Scottish Life are bringing one out this year.

Do you happen to know about the Pru?

mania112

kidmugsy wrote: »

Do you happen to know about the Pru?

Haven't heard anything, to be honest Flexible is quite new and before long all Drawdown providers will also offer Flexible - based on increasing demand.

gfplux

Thanks for those replys, but has anyone actually made the transfer.

mania112

You're better off going through an IFA for this, because this is a complex product you're looking at.

I would normally say search on https://www.unbiased.co.uk for a local IFA, but as you're in Lux, i'm not sure that would make sense! but do use that website to find a genuine IFA.