Ifa

buber

Hi, I've just transferred my pension from Scottish widows to Aviva which is a draw down scheme, I sought financial advice from an independent financial advisor who oversaw the transfer, although I was happy with his service and advise it did cost me £1145, what I would like to know is if I want to withdraw 25% tax free could I contact Aviva myself without having to pay another fee to the IFA, or is it advisable to use him again? It's not a big pot, only £38.000, so 25% only works out roughly just over £9.000

dunstonh

Depending on which version of the Aviva pension it is, you may need the IFA to do it.

If you are paying the IFA ongoing servicing then they may well do this as part of their servicing with no additional cost. So, check first (may as well use the adviser if you are already paying them). if you are not paying for ongoing service then try Aviva and ask.

Landslide_Victory

As dunstonh has said it depends on which scheme it is. If it's flexible drawdown then you should be able to get the 25% as a PCLS but you may still need get your IFA to request it.

If your fee was transactional with no ongoing fees then you will probably have to pay extra. If you're paying say 0.5% adviser fees pa then they should request it for you.

Did you not discuss this possibility with your adviser when you were going through the transfer process? Especially as you've stated it was to a drawdown scheme.

Speak to your adviser first.