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SIPP Flexi-Access Drawdown - Help

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  • LHW99
    LHW99 Posts: 5,194 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    Inc are income units - they will pay a dividend which cn either be re-invested or paid out.
    Acc funds take the dividends and keep them in the fund, so acc units gradually become more expensive than inc units (over years).
    Z and B are "classes" of fund units, different classes can have different ongoing charges, some platforms (eg Hargreaves lansdown) negotiate a discounted charge with some companies and have a special class because of that. unfortunately there is no "standard" meaning for the letters!
  • zagfles
    zagfles Posts: 21,381 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Chutzpah Haggler
    Some SIPP providers will do "one off" advice for a fee, HL do I believe, would imagine AJB do too. Could also talk to pensionwise, free govt guidance helpline https://www.pensionwise.gov.uk/en

  • zagfles said:
    Some SIPP providers will do "one off" advice for a fee, HL do I believe, would imagine AJB do too. Could also talk to pensionwise, free govt guidance helpline https://www.pensionwise.gov.uk/en

    Thank you zagfles. I already had a meeting with Pensionwise. Although it was useful to get an idea of all the options available at retirement, they can't give advise. At least that is what I have been told at the meeting. 
  • LHW99 said:
    Inc are income units - they will pay a dividend which cn either be re-invested or paid out.
    Acc funds take the dividends and keep them in the fund, so acc units gradually become more expensive than inc units (over years).
    Z and B are "classes" of fund units, different classes can have different ongoing charges, some platforms (eg Hargreaves lansdown) negotiate a discounted charge with some companies and have a special class because of that. unfortunately there is no "standard" meaning for the letters!
    Thank you so much for the explanation!

  • mark55man
    mark55man Posts: 8,196 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    It might be worth paying for a few hours of an advisors time to plan a more suitable holding of funds (not necessarily changing the underlying investments but positioning them for drawdown rather than growth).  Or they might just recommend creating a pot of cash for now (eg 2-3 years worth) as that is quite good advice, then that would give you time to get your head around it and decide if you wanted to self manage this.  You don't have to go the whole hog and pass it over for management, but equally I don't think your OH would want you to be unhappy or stressed or overly constrained - you have to do what;s best for you

    If you do self manage - as other posters have said you need to keep an eye on how much cash you have with AJB (especially if you are moved to income funds) so you don't become a forced seller if the markets are bad.  There are many ways of administering this, some people create a bank account where they "pay themselves a salary" which is fed from a variety of sources, eg state pension, part time work, higher interest savings account (up to £85K to ensure protection).. 

    Talking of state pension make sure you are entitle to your full entitlement as that is the backbone of many retirement plans
    I think I saw you in an ice cream parlour
    Drinking milk shakes, cold and long
    Smiling and waving and looking so fine
  • _pete_
    _pete_ Posts: 224 Forumite
    Part of the Furniture 100 Posts Name Dropper
    edited 4 July 2020 at 6:06PM
    My situation is somewhat different from yours in that I paid an IFA a one-off fee to set up a SIPP on the A J Bell platform, but there are parallels.  As part of the process, I learned how to buy and sell funds myself. I would imagine you could find an IFA who would show you how to do what you want to do - I found various IFA's response to my request a good test of their 'customer responsiveness'.  The IFA I used charged me £800 fo the work - much less than 0.5-1% of my portfolio value.
  • To mark88man & _pete_ : Thank you both for your suggestions. I think that a few hours with an adviser is just what I need to get on top of this situation. I hope to find the right one.
  • LHW99
    LHW99 Posts: 5,194 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    Just make sure the adviser is truly independent
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