New pension drawdown products

Dunnit

I have a secondary pension with HL of less than £100k and am about to take it. I have reached a point in life where having someone on the end of a phone who will resolve matters for me is more important than squeezing the last penny out of the pot. Similarly I do not want anyone in my local vicinity knowing my business. As with most things - you pays your money.

markinsouthsea

I read in the telegraph today that the cash drawdown (HL product) does not currently include taking the 25% tax free option, but does indicate they are working on it. I must admit I do find the HL vantage product easy to use, they have a nice interface on the Ipad which I use.

Chickereeeee

dunstonh wrote: »

Under their unbundled pricing (0.45% etc) the remuneration they receive has nothing to do with the assets invested in (unless you invest in HL own funds). The old method did have a bias to funds as it did with all bundled platforms. That was the reason for unbundling.

Except they cap the 0.45% at £200pa for shares, ITs, ETFs etc

C

Aged

Found this Telegraph article which has a handy table showing how some of the other pension providers intend to adapt their products to accommodate the new rules (as at 14/2/15)

http://www.telegraph.co.uk/finance/personalfinance/pensions/11410544/Is-your-pension-firm-ready-to-give-you-full-access-to-your-money.html

zagfles

Chickereeeee wrote: »

Not always. I had in excess of £300K with HL and theatened to leave unless they reduced charges. They didn't, so I did. It may have been because I had a number of ITs and shares, as well as funds, where they do not make so much money.

C

Yes that'll be it, I think people who got the discounts were those with funds, particularly trackers which previously were very cheap with HL.

zagfles

jem16 wrote: »

Of course you won't. However many walked to the provider offering a better deal in the first place.

Many new investors will avoid HL in the first place as they are more expensive than most.

HL are cheap for "new" investors, ie those starting out, who have small fund size, as they don't have fixed annual charges like a lot of their competitors.

Their standard pricing becomes expensive with larger funds, hence the willingless to give discounts.

zagfles

Dunnit wrote: »

I have a secondary pension with HL of less than £100k and am about to take it. I have reached a point in life where having someone on the end of a phone who will resolve matters for me is more important than squeezing the last penny out of the pot. Similarly I do not want anyone in my local vicinity knowing my business. As with most things - you pays your money.

Yes the CS is very good, there's a very long thread about problems with II. And for a sub 100k pot HL could even be one of the cheaper providers particularly when in drawdown.

zagfles

markinsouthsea wrote: »

I read in the telegraph today that the cash drawdown (HL product) does not currently include taking the 25% tax free option, but does indicate they are working on it. I must admit I do find the HL vantage product easy to use, they have a nice interface on the Ipad which I use.

Do you mean UFPLS? They definitely offer the normal PCLS, ie crystallise and take 25% tax free. Pretty sure they also offer phased drawdown.

UFPLS (ie take a lump sum from uncrystallised funds and get 25% of it tax free) is new so they might not have that option yet.

jem16

zagfles wrote: »

HL are cheap for "new" investors, ie those starting out, who have small fund size, as they don't have fixed annual charges like a lot of their competitors.

How about Charles Stanley direct or Cavendish Online at 0.25% - both very much cheaper than HL's 0.45%.

zagfles

kidmugsy wrote: »

Thanks; I'll bookmark that. Mind you, I don't fancy such a thing without inflation protection.

Yes, certainly an index linked version would be good. I find it amusing when so-called professionals go on about the inflation risk of cash investments, then go on about the safety and "guaranteed" nature of level annuities!