III charges etc...

madeinireland_2

Thanks PensionTech.


Even HL said that it was unlikely get through quickly enough and they were trying to be really helpful so I've thrown in the towel - completely unlike me - but I have other things to think about as my company has just announced a voluntary retirement scheme which I need to consider and sort out. I should have thought about it sooner really.


As I've only recently paid my III fee for another year I will probably stick with it for a while yet - but will definitely move to HL after that and before I crystallise and go into drawdown as the fact that they do not charge for that compared to III's £170 plus VAT every year makes it a no brainer.


Thanks again and I'm sure I will have other questions over the next few weeks as I gear up for retirement...

dunstonh

This is one area where pre-funding and being prepared can be useful. Also, a number of providers have forms where you select the transaction date for the crystallisation. Useful for allowing advance prep ready for a future date.

I sent off an application on Friday and it was transferred yesterday and the new provider acknowledged receipt today and the money should be in the account by Monday. So, it really depends on who the provider are.

I have anther one where the ceding scheme are dragging their heals on the discharge form and currently have an over 30 minute wait to answer their phones.

frugal90

This is an interesting thread for me. I have a SIPP with III and will turn it to cash at sometime over the next three years. I will then draw it down in three stage over three years until I take my final salary pension. If I am reading this right it would be to.my advantage to transfer to Hargrove and Lansdowne as I could hold cash free and drawdown at no charge.
Thanks for this info.

Frugal

madeinireland_2

Yes frugal - that's what it seems to me as far as I can tell - I'm not sure if transferring your SIPP from iii just costs £100 plus Vat - there is another charge on their list for closing the SIPP but presumably this is not classified as closing.

coyrls

madeinireland wrote: »

Yes frugal - that's what it seems to me as far as I can tell - I'm not sure if transferring your SIPP from iii just costs £100 plus Vat - there is another charge on their list for closing the SIPP but presumably this is not classified as closing.

I transferred my SIPP from Trustnet Direct (which is run by III), they have the same £120 charge (£100 +VAT) and that is all I paid for the transfer. You're right, a transfer is not classified as closing.