Aviva for draw down

1st_petrolhead

I have a £100000 pension pot and am 56. I don't work but have other investments which are taxed at source.

I need a simple place to put the money - 25%, so I draw on it until its depleted without paying tax

A lot of people I have discussed this with seem to want to charge quite a bit yearly amount whereas Aviva, form what I have seen on their site seems quite reasonable.

Any views on Aviva for flexible draw down?

xylophone

Have you looked at a Hargreaves Lansdown SIPP?

dunstonh

Any views on Aviva for flexible draw down?

Which Aviva product?

Do they allow you to do drawdown without an adviser?

1st_petrolhead

Sorry for the long delay in replying.


I have contacted Hargreaves Lansdown.


Yes Aviva let you do this yourself. Their charge does seem a lot higher tho at .75% compared to 0.45%

bigadaj

1st_petrolhead wrote: »

Sorry for the long delay in replying.


I have contacted Hargreaves Lansdown.


Yes Aviva let you do this yourself. Their charge does seem a lot higher tho at .75% compared to 0.45%

Yes, but the hl charge would, have additional fund costs on top of it normally. You would the. Be paying 0.5% to say 1.3% or more with fund costs included, I have heard that you can keep it in cash without charge though so that might suit.

dunstonh

1st_petrolhead wrote: »

Sorry for the long delay in replying.


I have contacted Hargreaves Lansdown.


Yes Aviva let you do this yourself. Their charge does seem a lot higher tho at .75% compared to 0.45%

I dont know the Aviva DIY product pricing but the IFA one is around 0.4% all in (can be lower depending on fund value but can be higher depending on fund selection).

HL is 0.45% PLUS fund cost. Also, HL have a wide menu of charges (like many DIY contracts and unlike most IFA contracts). So, check the menu of charges to see if any of those are likely to apply to you.

I am guessing that Aviva DIY product is higher charged than the IFA version to cover the cost of Aviva doing the admin.