Vanguard announces drawdown service on its SIPP

edited 30 November 2020 at 9:37AM in Pensions, Annuities & Retirement Planning
29 replies 2.1K views
2

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  • garmeggarmeg Forumite
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    uk03878 said:
    ossian said:
    I have been scouring there website for details on how it's administered.  I haven't done too well.  
    Is there a web interface?  If so could we have a video tutorial?
    Can absolute or percentage withdrawal rates be set for FAD?  (Both options may appeal under different circumstances)
    Can guardrails be set?
    Or is this a process where either an annual or a fixed withdrawal amount needs to be set up by a form?
    What regular drawdown payment frequencies are possible?

    I suspect the initial form of drawdown is probably quite limited and that other features will be added in time.
    I am not yet in drawdown so my knowledge of the fine details of drawdown is limited, but from other threads it seems that all providers seem to have a quite long winded largely paper based process . Partly due to regulatory/compliance issues.
    Can absolute or percentage withdrawal rates be set for FAD?  (Both options may appeal under different circumstances)
    Can guardrails be set?
    Not sure if any provider can do this ? Not 100% sure though .
    Just started drawdown with HL, everything done on line in about 15 mins and cash in my bank in 2 days
    Presumably on the website and not the app?

    Whereabouts on the website do you initiate drawdown from crystallised funds? No need to post anything via snail mail?

    Thanks
  • edited 1 December 2020 at 10:46AM
    uk03878uk03878 Forumite
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    edited 1 December 2020 at 10:46AM
    garmeg said:
    uk03878 said:
    ossian said:
    I have been scouring there website for details on how it's administered.  I haven't done too well.  
    Is there a web interface?  If so could we have a video tutorial?
    Can absolute or percentage withdrawal rates be set for FAD?  (Both options may appeal under different circumstances)
    Can guardrails be set?
    Or is this a process where either an annual or a fixed withdrawal amount needs to be set up by a form?
    What regular drawdown payment frequencies are possible?

    I suspect the initial form of drawdown is probably quite limited and that other features will be added in time.
    I am not yet in drawdown so my knowledge of the fine details of drawdown is limited, but from other threads it seems that all providers seem to have a quite long winded largely paper based process . Partly due to regulatory/compliance issues.
    Can absolute or percentage withdrawal rates be set for FAD?  (Both options may appeal under different circumstances)
    Can guardrails be set?
    Not sure if any provider can do this ? Not 100% sure though .
    Just started drawdown with HL, everything done on line in about 15 mins and cash in my bank in 2 days
    Presumably on the website and not the app?

    Whereabouts on the website do you initiate drawdown from crystallised funds? No need to post anything via snail mail?

    Thanks
    Yes, web site not app, I used my iPad to access it via Safari
    In fact, 10 minutes ago I did this for the last of my uncrystalised pot
    The problem is, it’s not in your account, it’s via the services menu, then SIPPs, then drawdown, then apply for drawdown (doing this from memory), then choose online 
    For income drawdown, you go into the drawdown account, but I haven’t used that yet

  • garmeggarmeg Forumite
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    uk03878 said:
    garmeg said:
    uk03878 said:
    ossian said:
    I have been scouring there website for details on how it's administered.  I haven't done too well.  
    Is there a web interface?  If so could we have a video tutorial?
    Can absolute or percentage withdrawal rates be set for FAD?  (Both options may appeal under different circumstances)
    Can guardrails be set?
    Or is this a process where either an annual or a fixed withdrawal amount needs to be set up by a form?
    What regular drawdown payment frequencies are possible?

    I suspect the initial form of drawdown is probably quite limited and that other features will be added in time.
    I am not yet in drawdown so my knowledge of the fine details of drawdown is limited, but from other threads it seems that all providers seem to have a quite long winded largely paper based process . Partly due to regulatory/compliance issues.
    Can absolute or percentage withdrawal rates be set for FAD?  (Both options may appeal under different circumstances)
    Can guardrails be set?
    Not sure if any provider can do this ? Not 100% sure though .
    Just started drawdown with HL, everything done on line in about 15 mins and cash in my bank in 2 days
    Presumably on the website and not the app?

    Whereabouts on the website do you initiate drawdown from crystallised funds? No need to post anything via snail mail?

    Thanks
    Yes, web site not app, I used my iPad to access it via Safari
    In fact, 10 minutes ago I did this for the last of my uncrystalised pot
    The problem is, it’s not in your account, it’s via the services menu, then SIPPs, then drawdown, then apply for drawdown (doing this from memory), then choose online 
    For income drawdown, you go into the drawdown account, but I haven’t used that yet

    Can you access their small pot loophole that way? i.e. artificially create a separate arrangement of £10,000 and take it as a small pot. I had to do this via messages and postal forms last year to take my first small pot.

    (I am over LTA so taking a total of 3 small pots of £10,000 is worthwhile)
  • ThrugelmirThrugelmir Forumite
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    jaybeetoo said:
    Before people knock ii, they were one of the few platforms that didn’t crash earlier this month when the COVID-19 vaccine results were announced, unlike Hargreaves Lansdown, AJ Bell and Fidelity.
    Not an active share trading platform though. 
    It's not whether you're right or wrong that's important, but how much money you make when you're right and how much you lose when you're wrong." — George Soros
  • garmeggarmeg Forumite
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    jaybeetoo said:
    Before people knock ii, they were one of the few platforms that didn’t crash earlier this month when the COVID-19 vaccine results were announced, unlike Hargreaves Lansdown, AJ Bell and Fidelity.
    Not an active share trading platform though. 
    Not even for their ETF's? Interesting.
  • edited 1 December 2020 at 11:29AM
    ThrugelmirThrugelmir Forumite
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    edited 1 December 2020 at 11:29AM
    garmeg said:
    jaybeetoo said:
    Before people knock ii, they were one of the few platforms that didn’t crash earlier this month when the COVID-19 vaccine results were announced, unlike Hargreaves Lansdown, AJ Bell and Fidelity.
    Not an active share trading platform though. 
    Not even for their ETF's? Interesting.
    70 products compared to thousands of individual shares ............




    It's not whether you're right or wrong that's important, but how much money you make when you're right and how much you lose when you're wrong." — George Soros
  • garmeggarmeg Forumite
    771 Posts
    500 Posts Name Dropper Photogenic
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    garmeg said:
    jaybeetoo said:
    Before people knock ii, they were one of the few platforms that didn’t crash earlier this month when the COVID-19 vaccine results were announced, unlike Hargreaves Lansdown, AJ Bell and Fidelity.
    Not an active share trading platform though. 
    Not even for their ETF's? Interesting.
    70 products compared to thousands of individual shares ............
    Fair comment well made.
  • xylophonexylophone Forumite
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    And service standards can't be too much of a priority if your chosen alternative was II.

    Apparently the standard of service has greatly improved - my relative stuck with them ( when I gave up and left) and is now perfectly happy!

  • coyrlscoyrls Forumite
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    jaybeetoo said:
    Before people knock ii, they were one of the few platforms that didn’t crash earlier this month when the COVID-19 vaccine results were announced, unlike Hargreaves Lansdown, AJ Bell and Fidelity.
    Not an active share trading platform though.
    Not sure what you mean by an active share trading platform but you can certainly buy and sell shares on ii.  They even offer live pricing if you want it: https://www.ii.co.uk/live-pricing
  • garmeggarmeg Forumite
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    coyrls said:
    jaybeetoo said:
    Before people knock ii, they were one of the few platforms that didn’t crash earlier this month when the COVID-19 vaccine results were announced, unlike Hargreaves Lansdown, AJ Bell and Fidelity.
    Not an active share trading platform though.
    Not sure what you mean by an active share trading platform but you can certainly buy and sell shares on ii.  They even offer live pricing if you want it: https://www.ii.co.uk/live-pricing
    They are referring to Vanguard.
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