Implementation of 2015 Pension Rules

Thrugelmir

BazzerPontefract wrote: »

I don't see what might be the problem for a Stakeholder provider - it is a simple product, they take contributions to policies either as lump sums or regular contributions.

Who currently sells this software?

dunstonh

don't see what might be the problem for a Stakeholder provider - it is a simple product, they take contributions to policies either as lump sums or regular contributions.

It is priced as a simple product offering simple features. Not advanced features. I would not expect a stakeholder to comply with the proposed changes.

Offering withdrawals from these policies as lump sums or regular payments, is simply the reverse process. I admit there might be personal taxation issues, but is that really an insurmountable problem?

Yes it is. They cannot charge for drawdown on a stakeholder. Stakeholder rules do not allow it.

BazzerPontefract

dunstonh wrote: »

It is priced as a simple product offering simple features. Not advanced features. I would not expect a stakeholder to comply with the proposed changes.



Yes it is. They cannot charge for drawdown on a stakeholder. Stakeholder rules do not allow it.

Goodness. I'd quite expected to have the facilities of flexible drawdown arrangement against my stakeholder pot in April 2015 - I wonder how many others are under this misapprehension.
Give what you say, it is likely that their won't be any drawdown against stakeholder plans, so I'm probably better off transferring my pension to a SIPP product, that currently has drawdown, this financial year, and starting drawdown on that this year too, there does not appear to be any point in delaying till April 2015.
Thanks

dunstonh

oodness. I'd quite expected to have the facilities of flexible drawdown arrangement against my stakeholder pot in April 2015 - I wonder how many others are under this misapprehension.

Stakeholder pensions are largely obsolete nowadays. Very few companies still retail them.

Give what you say, it is likely that their won't be any drawdown against stakeholder plans, so I'm probably better off transferring my pension to a SIPP product, that currently has drawdown, this financial year, and starting drawdown on that this year too, there does not appear to be any point in delaying till April 2015.

This or a personal pension.