Drawdown after April 2015

edited 30 November -1 at 1:00AM in Pensions, Annuities & Retirement Planning
8 replies 1.3K views
chucknorrischucknorris Forumite
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Does anyone know what the procedure will be for drawing down post April 2015? I'm thinking that it will need to be administered, rather than making your own declarations via a tax return, if so, does anyone have an idea of what sort of fees are likely to be incurred?
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Replies

  • zagfleszagfles Forumite
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    Wouldn't have thought it'd change much from the current flexible drawdown procedures, although there is now an additional option of an UFPLS (google it!).
  • I am new to this but wanted to know what to do to start a thread.


    My question is about Personal Pensions, I am looking for a provider who will accept a single lump sum payment of £2880, grossing up to £3600.


    So far brokers want to charge a large fee so negates the benefit of doing the plan, any ideas please?
  • HarryDHarryD Forumite
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    Have a look at Hargreaves Lansdown's website. It explains how to set up a SIPP. It's very easy. Other platforms have similar offerings.
  • zagfleszagfles Forumite
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    Viking110 wrote: »
    I am new to this but wanted to know what to do to start a thread.


    My question is about Personal Pensions, I am looking for a provider who will accept a single lump sum payment of £2880, grossing up to £3600.


    So far brokers want to charge a large fee so negates the benefit of doing the plan, any ideas please?
    What are you going to do with it? Invest for a few years? Take it out in April? Go into capped drawdown now? Add to it?

    HL have % not flat annual charges and no setup charge so are a good option for a small sum while investing, however they do have a £354 fee to start flexible drawdown (this could change in April with the new arrangements).

    http://www.hl.co.uk/pensions/sipp/charges-and-interest-rates
  • dunstonhdunstonh Forumite
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    My question is about Personal Pensions, I am looking for a provider who will accept a single lump sum payment of £2880, grossing up to £3600.

    Thats most of them.
    So far brokers want to charge a large fee so negates the benefit of doing the plan, any ideas please?

    Broker is an often misused term. There are no brokers in individual pensions. You have adviser or intermediaries or you can buy direct.

    Advisers are not allowed to take commission and have to work to fee basis. The
    DIY side can take commission (although commission is then factored into the product charges. So, may not always be cheaper. Although in your case, it will likely be as the amount is so small).
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • LintonLinton Forumite
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    Does anyone know what the procedure will be for drawing down post April 2015? I'm thinking that it will need to be administered, rather than making your own declarations via a tax return, if so, does anyone have an idea of what sort of fees are likely to be incurred?

    I have asked BestInvest on this - nothing has been decided yet. I dont think the government have supplied them with all the details.
  • zagfles wrote: »
    What are you going to do with it? Invest for a few years? Take it out in April? Go into capped drawdown now? Add to it?

    HL have % not flat annual charges and no setup charge so are a good option for a small sum while investing, however they do have a £354 fee to start flexible drawdown (this could change in April with the new arrangements).

    http://www.hl.co.uk/pensions/sipp/charges-and-interest-rates
    I was wondering if that was possible ?
    How effective is paying £2880 into a pension in March, and withdrawing it in April for a non-taxpayer ?
  • jamesdjamesd Forumite
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    Depends on charges. There's no requirement to do it one year at a time.
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