LV pension advice please

jools55

Hi- just need your thoughts on my situation. I have around £60k in my pension pot. I don’t need it as income as either an annuity or drawn down as I have a private pension and savings. I will also, eventually, get a state pension. When the rules changed around pensions I considered taking random lump sums as I needed it but at the moment I don’t have any need. My provider, LV does not seem to allow random withdrawals without signing up to a plan. In order to do this, my provider asks that I put my pot into one of their plans –a Flexible Transition plan. This would incur ongoing costs to manage the money, also investing in the cash at a level of risk I feel comfortable with.
My questions are
Has anyone had a similar experience with LV in relation to withdrawing random sums? Perhaps I misunderstood the chancellors wish that customers could use their pot like a bank account?
I understand that managing the cash will incur costs, how do I know those costs are reasonable
To be honest, I feel as though I’m being pushed into committing to a plan that may or may not be in my best interest. I am considering moving the pot to another provider who may be more flexible, but how do you choose a new provider
Or, I’m tempted to leave it where it is to grow (or not). At what point would it be prudent to do something with this cash other than leave it where it is.

dunstonh

Has anyone had a similar experience with LV in relation to withdrawing random sums?

Sounds typical of many providers.

Perhaps I misunderstood the chancellors wish that customers could use their pot like a bank account?

It is impossible to use a pension like a bank account. I dont believe t was the chancellors that said it. However, it was a phrase some misguided person came up with.

To be honest, I feel as though I’m being pushed into committing to a plan that may or may not be in my best interest.

it alsmost certainly wont be. However, if you deal direct with the provider then they will only offer you what they have to offer. Not what others have to offer.

I am considering moving the pot to another provider who may be more flexible, but how do you choose a new provider

Research and analysis.

Or, I’m tempted to leave it where it is to grow (or not).

Perhaps then you should return to your needs as it appears you are considering solutions without actually knowing what you want or need.

At what point would it be prudent to do something with this cash other than leave it where it is.

We dont know where it is. You havent said what type of pension or what type of investments. We also dont know what your objectives and needs are. So, its difficult to give an accurate answer. However, ignoring quality of product and investments, you would leave a pension where it is until you need it (caveats apply when going proper financial planning, such as state pension deferment or using personal allowances)

xylophone

Hi- just need your thoughts on my situation. I have around £60k in my pension pot. I don’t need it as income as either an annuity or drawn down as I have a private pension and savings

I do not quite understand the reference to a "pension pot and a private pension".

Do you mean that you have a Personal Pension and an occupational pension?

atush

If you dont need it now, why take it? Leave it to grow?

In the meantime do a bit more research. As you seem a bit misguided?

zygurat789

Reaing the post I think the OP should have said occupational rather than private pension.
I, too, found LV to be inflexible and expensive compared to HL.

dunstonh

I, too, found LV to be inflexible and expensive compared to HL.

Although LV can be cheaper than HL. It really depends on what product you have and the amount of money you have.

jools55

thanks zygurat and dunstonh-thats what i wanted to know. yes i did mean occupational pension-my mistake. so far, i have found comparing companies is like comparing apples with grapes. i am tempted to leave it alone. i suppose my decision is around where i leave it. i dont need it at the moment. deciding on where to leave it is my next task. thank you for your time