Pension Transfer

NorthernGeezer_2

xylophone
Looked at the link you sent me, seems easy enough, thanks.

NorthernGeezer_2

Well, 11 days later and 39 posts further on from my first, i think I've 'found' a solution and finally come to a decision
I assumed (wrongly) that sorting your pension out would be straightforward.................not for the average bloke it aint:(
I'm one of those people who thought that when the time comes I just had to ask for the money I'm due and expected it to be there when I need it, but that's not the case and a lot of time, effort and stress has gone in to undertaking a journey i never wanted or expected to take.
Whilst its not been easy, i'm a bit more enlightened now and that's in no small part to the people who contribute to this forum and who at least try to point us novices in the right direction, thanks to everyone who have taken the time to answer the same old questions which must have been asked by others over the years, thanks for your patience.
So, the solution....................................
If i could have done i would have just transfered my funds from Phoenix to L&G and took my drawdown as i needed it.
Not so easy it seems so I've had to look at 'alternative' routes.
Never really happy with the concept of running my own SIPP or as a DIY investor (its not in my nature) so i had to find something that would do that for me.
It seems on the face of it i can transfer my Phoenix pots to Cavendish and then to L&G.
Costs for Cavendish holding my 'cash' fund are 0.25% or £150 on a £60k pot.
Sounds simple when you look at it in black and white and the one thing i've found on here is that if there is a potential banana skin, i'm in the right place for someone to point it out.
So, anyone got any thoughts?

NorthernGeezer_2

Well, i think I've finally got all my ducks in a row so to speak.
Have now transfered my £60k from Phoenix to Cavendish/Fundsnetwork where at present its held as a cash sum.
I've £10k in L&G and £20k to go in cash to take advantage of the tax break.
So, what next?
Its my intention to consolidate the lot, take my 25% tax free before the end of the 18/19 tax year and start drawing up to my tax limit in the tax year 19/20.
My thoughts were to go flexi drawdown with L&G but the following post from Dunstonh has made me think twice...........

"I'm finishing work in April 18 due to an underlying medical condition but i wont crystalize and drawdown on this consolidated pot till probably March 19".
!!!8221;Does the L&G pension allow you to do that? Most L&G schemes do not. They require a transfer to an alternative plan within L&G to do it.

"What makes you think that L&G is the best place for you to do drawdown? For a DIY investor, it almost would not be (they are not really up there on the advice side either)"

Any thoughts regarding an alternative strategy would be gratefully appreciated.

xylophone

Do you have the relevant earnings in this tax year to support the contribution of £20,000 you wish to make?

Do you want to hold the entire pension in cash?

If you opened a SIPP with HL you could hold the entire fund in cash without charge and with no charge for drawdown.

NorthernGeezer_2

Yes, i have the relevant earnings.
I reckon it will take me 15 years to deplete the pot when my SP kicks in so i'm thinking it might as well earn me a bit first.
I'm with L&G in their multi asset fund and my thinking is if its in there at least its earning with little effort.
Dunstons post on the 12th Jan got me thinking its not the best route though.