Does anyone know if Aviva offer monthly UFPLS withdrawals?

tacpot12

AJ Bell offers UFPLS for DIY'ers. I use it. Once you have requested to take your benefits in that manner it is very straightforward. I told them the regular amount I wanted to take, and they send that amount to my bank account, and send me a payslip and letter via email. The letter confirms how much LTA I have taken in the last payment, and cumulatively. If I want to vary the amount, I just send a secure message usingtheir app or website about two weeks before the next payment is due, and they change the amount. I tend to change it once a year after having reviewed what I need to cope with inflation.

I would expect Aviva to offer UFPLS as it is a relatively straightforward method, albeit that you need to run a payroll function that can store and use someone's tax code so that they pay tax at source.

Thrugelmir

GazzaBloom said:

Thrugelmir said:

A monthly drawdown doesn't equate to a lump sum. 

Agreed, not sure what your point is? I don't want or plan to take a lump sum. I'm trying to understand if Aviva only offer flexi-drawdown or can offer UFPLS and what has least admin.

I was responding to 

 And is it a faff needing phone calls or paperwork every month?

Worth remembering the forum rules. 

This is what I love about this forum, so many crows sat perched waiting to exercise pedantry and willy waving.

Bans are freely handed out for far less...........

GazzaBloom

Thrugelmir said:

GazzaBloom said:

Thrugelmir said:

A monthly drawdown doesn't equate to a lump sum. 

Agreed, not sure what your point is? I don't want or plan to take a lump sum. I'm trying to understand if Aviva only offer flexi-drawdown or can offer UFPLS and what has least admin.

I was responding to 

 And is it a faff needing phone calls or paperwork every month?

Worth remembering the forum rules. 

This is what I love about this forum, so many crows sat perched waiting to exercise pedantry and willy waving.

Bans are freely handed out for far less...........

I find being cryptic and patronising a really helpful approach in life, don't you?

Albermarle

tacpot12 said:

AJ Bell offers UFPLS for DIY'ers. I use it. Once you have requested to take your benefits in that manner it is very straightforward. I told them the regular amount I wanted to take, and they send that amount to my bank account, and send me a payslip and letter via email. The letter confirms how much LTA I have taken in the last payment, and cumulatively. If I want to vary the amount, I just send a secure message usingtheir app or website about two weeks before the next payment is due, and they change the amount. I tend to change it once a year after having reviewed what I need to cope with inflation.

I would expect Aviva to offer UFPLS as it is a relatively straightforward method, albeit that you need to run a payroll function that can store and use someone's tax code so that they pay tax at source.

Useful to know as some providers offer UFPLS , but they need to go through all the compliance stuff , every time you request a UFPLS payment, so very inconvenient.

Albermarle

The only advantage I can see of crystallising a large amount at the start of retirement and drawing the 25% tax free first would be to protect the ability to go back to paid employment before drawing any of the taxable 75% in a job with a pension plan and so retain the ability to pay ups to £40K into the pension.

There are other scenarios where drawing the full 25% tax free in one go can be a good idea.

When you need the money for example, and it is also a tactic used for those trying to minimise LTA issues.

Albermarle

GazzaBloom said:

SeniorSam said:

Wise decision not to take all the cash, but not sure of the Aviva answer if you Really want Aviva, a phone call would help.

Normally a workplace pension would be transferred to a Flexible SIPP  (Self Invested Persona Pension) with a company of your choice. Various 'platforms' are available and the charges and services do differ. Once you have transferred, the SIPP can have two accounts, the first being the uncrystalised amount (to which to transfer is made) and the second being a Drawdown account.

You decided how you wish to invest the capital into shares(higher risk) or Funds with a wider spread and lower risk but In order to take withdrawals, you transfer capital from the SIPP to the Drawdown account and any invested capital needs to be converted to cash, as only cash can be withdrawn. Then decide on the amount.

Any transfer from Sipp to Drawdown could be taken in cash with 25% tax free and the rest taxed at your normal rate of tax. So if you took £500 pm, £125 tax free and the balance at normal tax rate deducted before payment

Sometimes, those with less knowledge think that taking out all the tax free cash is the right way to go. It is not. As the potential to increase the tax free availability increases within the SIPP.

Lot more rules that can be given here, so you need to read up on them.

Importantly, if you arrange the transfer through a financial adviser, then that adviser will be receiving commission on your pension on an ongoing basis, at a loss to you.  You can do it yourself, but need to have the transfer recommended by an adviser in order for the transfer to be accepted.

I did this myself many years ago and have more than doubled the value and it's still growing (not whilst Mr Putin is stamping his feet though.)

Happy to help more if needed.
Sam

Thank you.

This helps: https://www.aviva.co.uk/adviser/documents/view/lf01125c.pdf

Be careful - That is a link to the Aviva site for financial advisors . It may be they only offer regular UFPLS withdrawals via their advisor platform .
The link posted by xylophone is from the consumer site and although they offer UFPLS , the emphasis is on Lump sums and no mention of regular payments.
So still not clear in my view.

DairyQueen

tacpot12 said:

AJ Bell offers UFPLS for DIY'ers. I use it. Once you have requested to take your benefits in that manner it is very straightforward. I told them the regular amount I wanted to take, and they send that amount to my bank account, and send me a payslip and letter via email. The letter confirms how much LTA I have taken in the last payment, and cumulatively. If I want to vary the amount, I just send a secure message usingtheir app or website about two weeks before the next payment is due, and they change the amount. I tend to change it once a year after having reviewed what I need to cope with inflation.

I would expect Aviva to offer UFPLS as it is a relatively straightforward method, albeit that you need to run a payroll function that can store and use someone's tax code so that they pay tax at source.

I called AJB last month as I am entering drawdown in April. I was hoping to set-up monthly UFPLS withdrawals.

I was told that they used to offer regular UFPLS but have now withdrawn this option. I have held a SIPP with them for some years so not a new customer.

If you are still receiving this service then they may be honouring existing commitments.

Would be interested to know of any DIY platform that offers this facility although comments here suggest I have lucked-out.

xylophone

Would be interested to know of any DIY platform that offers this facility

https://www.hl.co.uk/help/sipp,-drawdown-and-annuity/ufpls/taking-an-ufpls-uncrystallised-funds-pension-lump-sum/how-do-i-take-an-ufpls-from-the-hl-sipp

https://www.ii.co.uk/ii-accounts/sipp/ufpls#:~:text=How to take UFPLS (lump,payment using your online account.

Notepad_Phil

xylophone said:

Would be interested to know of any DIY platform that offers this facility

https://www.hl.co.uk/help/sipp,-drawdown-and-annuity/ufpls/taking-an-ufpls-uncrystallised-funds-pension-lump-sum/how-do-i-take-an-ufpls-from-the-hl-sipp

https://www.ii.co.uk/ii-accounts/sipp/ufpls#:~:text=How to take UFPLS (lump,payment using your online account.

But aren't both one-off UFPLS payments rather than allowing you to set up a regular monthly (or whatever) payment?

Albermarle

Notepad_Phil said:

xylophone said:

Would be interested to know of any DIY platform that offers this facility

https://www.hl.co.uk/help/sipp,-drawdown-and-annuity/ufpls/taking-an-ufpls-uncrystallised-funds-pension-lump-sum/how-do-i-take-an-ufpls-from-the-hl-sipp

https://www.ii.co.uk/ii-accounts/sipp/ufpls#:~:text=How to take UFPLS (lump,payment using your online account.

But aren't both one-off UFPLS payments rather than allowing you to set up a regular monthly (or whatever) payment?

Yes , similar to some other providers, it is less than clear that you can take regular UFPLS without having to restart the process every time .