We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Recent experiences with Legal and General (LGIM) as white label drawdown scheme operator

I know there is much discussion prior on the move "out" of the traditional L&G pension business to Reassure/Phoenix.
I am looking for something on the exact opposite topic re L&G's new and refocused pension business.

Question - has anyone had their pension scheme moved to them for admin and pensions freedom features since 2018 approx. i.e. INTO L&G new savings and pensions business ?

If so what was the migration experience ?
How is the service working out - apps, websites, portfolio management, drawdown and payment, telephone channel ?
Funds and costs ? 
Was it fair value or "please leave after accumulation" deterrent pricing"

My interest is drawdown/de-accumulation but given how niche the query is - any experiences from a member of an employer scheme that has been moved in of any age in the past couple of years good or bad - would likely be helpful.

I will be comparing them on features and costs to Vanguard's new UK SIPP and other appropriate options.
It is Murphy's law that I now wish to compare two on the shortlist that are not on the comparison tools (Langcat etc.) and for which the specific T&C paperwork will arrive late in the day.  

It seems that if I wish to wait to see all the options before moving (or not) then I will have to wait an extra 6 months for all the paperwork to trickle in.

Anyone ?

Thank you

Comments

  • Albermarle
    Albermarle Posts: 28,550 Forumite
    10,000 Posts Seventh Anniversary Name Dropper
    I will be comparing them on features and costs to Vanguard's new UK SIPP

    No drawdown facilities for new Vanguard SIPP until some unspecified time in the future .

  • gm0
    gm0 Posts: 1,219 Forumite
    Seventh Anniversary 1,000 Posts Name Dropper
    Indeed - per the Vanguard announcement they *may* launch drawdown early in the new tax year post April 2020.  Or not.  It took a long time to get this far (accumulation launch) from first announcement. 

    And the new chancellor may throw a "you all need to implement a major change" spanner in the works and gum things up. 
    Wait and see until April
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 351.7K Banking & Borrowing
  • 253.4K Reduce Debt & Boost Income
  • 454K Spending & Discounts
  • 244.7K Work, Benefits & Business
  • 600.1K Mortgages, Homes & Bills
  • 177.3K Life & Family
  • 258.4K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.2K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.