Should I wait a while before going into drawdown?

Audaxer

Tight_Fart wrote: »

Am I up to managing my own investments? No

My concern I guess is how big is he fallout from this will be and would now be bad timing.

If you are not up to managing your own investments, why would you transfer your pension to HL, as I think you would then have to manage your investments in drawdown?

Linton

Tight_Fart wrote: »

Am I up to managing my own investments? No

My concern I guess is how big is he fallout from this will be and would now be bad timing.

Unless you are invested with Woodford the fallout will be minimal to non-existant. You are going to have to weather far more serious events during your drawdown life. How about a repeat of the 2008 crash when equity investments dropped by 40%? It would not be surprising if this happened in the next 10 years - a statement that would be true no matter when it was made.

bostonerimus

I’d hold off on the transfer and drawdown until you have a better understanding of the process and how to manage your pension pot. The Woodford issue is a blip and should only be of concern to those reckless enough to have put a large percentage of their money in those funds. So don’t do anything until you fully understand what you are doing and have plans for all the possible market scenarios.

OldMusicGuy

Tight_Fart wrote: »

Am I up to managing my own investments? No

My concern I guess is how big is he fallout from this will be and would now be bad timing.

For what you are doing, the fallout will be nothing. Timing is irrelevant unless the reason you wanted to transfer was to invest solely in Woodford Equity Income, which hopefully you do not.

Like others said, if you are not up to managing your investments, why are you transferring to a SIPP? Or is an IFA managing the fund choices for you?

If you don't have an IFA, I suggest you read this book pronto: "DIY Pensions: A Simple Guide to Pensions, SIPPs & Retirement Planning" by John Edwards.

AnotherJoe

Another voice to ask why you are transferring to a SIPP if you self-admittedly are not up to managing your own investments. Self Invested Personal Pension.

I suggest you find an IFA.