Assigning Pension policies into own name and ceasing to be trustees

katsclaws

We are (husband and me) trustees of our Company's Pension Scheme (XL plus) and we are the only members of the scheme. Company has now been closed, we are retired (since June 2018) , aged 63 and 62.
Amounts in the Scheme are small £80,000 for husband and £50,000 for me. We stopped paying in aged 60.
We have a form to assign the scheme into our own names and stop being trustees. Is this a good idea.?
We can have flexible drawdown and as we have little to no income, could draw down almost up to the personal tax free amount each tax year from our pensions. My husband thinks we are best to consult a financial adviser but I think the amounts in our scheme are too small.

xylophone

Are you wanting to transfer SSAS to SIPP?

Example

https://www.hl.co.uk/tools/glossary/p/pension-transfer

https://adviser.royallondon.com/technical-central/pensions/investment/ssas-versus-sipp/

https://www.barnett-waddingham.co.uk/media/filer_public/37/39/3739d53a-019f-4b07-812e-a0b370b4e2cb/a_guide_to_ssas_jan_2018.pdf

Any member can transfer their assets to another registered pension scheme....

katsclaws

Thanks xylophone for your reply. I don't know if it would be worth transferring such small amounts to another provider or the transfer charges from our current provider.

Marcon

katsclaws wrote: »

Thanks xylophone for your reply. I don't know if it would be worth transferring such small amounts to another provider or the transfer charges from our current provider.

Find out some more facts - that should help the decision process.

xylophone

I don't know if it would be worth transferring such small amounts to another provider or the transfer charges from our current provider.

Check whether there is any transfer out charge.

HL don't charge to transfer in.

If (for example), you did transfer your £50,000 to HL, you could take your PCLS immediately (£12,500) and then draw down the balance as best suited your tax position - if you have no other income in this tax year you might opt to divide your personal allowance by the number of months left in the tax year and take it as a monthly payment.

This would use half the pension in the current tax year and you could draw down the balance over the next couple of years.

There are other possibilities for drawdown - HL (and no doubt other providers) produce explanatory booklets and you could seek an appointment with Pension Wise.

https://www.pensionwise.gov.uk/en

Have you and your spouse obtained state pension forecasts?

https://www.gov.uk/check-state-pension

katsclaws

Thanks xylophone and Marcon.
I looked at Pensionwise and typed in our postcode and all it came up with was Citizen's Advice Bureau.
We have had state pension forecasts. We have both worked full time for 40 years.
Our pension provider has said that once we have completed the form for ceasing to be trustees someone will call to offer advice. The form for ceasing to be trustees took three weeks to arrive despite ringing twice to chase. I will ring and ask about exit fees.

Marcon

katsclaws wrote: »

Thanks xylophone and Marcon.
I looked at Pensionwise and typed in our postcode and all it came up with was Citizen's Advice Bureau.

That's because the CAB office is the nearest location to you where PensionWise will provide a face to face consultation with a pension specialist.

katsclaws

Thanks Marcon, I presume if I ring Pensionwise we can arrange a phone consultation.

Marcon

katsclaws wrote: »

Thanks Marcon, I presume if I ring Pensionwise we can arrange a phone consultation.

Yes, you can.

katsclaws

Thank you Marcon.