Drawdown pension

Malchester

topcat105 said:

Malchester said:

topcat105 said:

Malchester said:

I have transferred my DC pension to PensionBee and am doing what you want to do. I do it on a monthly basis by answering a few questions online, inputting how much I want to withdraw and then 6 or 7 days later the funds are in my bank account. The only issue is that the available plans with PensionBee are rather limited but that is not a problem for me. Look on their website pensionbee.com. As part of the transfer you will be assigned your personal 'Beekeeper' who you will deal wih about any issues you have.

This is what I want to do as I am now 55.
I transferred my old pensions to PensionBee but I can't see anything in my app about making a withdrawal ?

I'm not sure you can arrange withdrawals through the app (I can't) but you can definitely do it through the website as that is how I do it each month. On the website there is a heading for withdrawals 

Brilliant ! Thank you.
Do I need to provide all 3 documents (passport, driving licence and identity card) that they are asking for ?
I don't have an identity card, my passport is out of date and I don't have a photo driving licence, only a paper one.

To be honest I can't remember but I think j only needed one document. If you have a Beekeeper check with them. My Beekeeper is Sophie and she is excellent at responding to emails. I am not asked each month for identity verification. When I submit a withdrawal request it takes about 30 seconds for a screen to come up saying they have verified my identity without me having to submit anything other than the withdrawal request. If you want further info feel free to message me.

topcat105

Malchester said:

topcat105 said:

Malchester said:

topcat105 said:

Malchester said:

I have transferred my DC pension to PensionBee and am doing what you want to do. I do it on a monthly basis by answering a few questions online, inputting how much I want to withdraw and then 6 or 7 days later the funds are in my bank account. The only issue is that the available plans with PensionBee are rather limited but that is not a problem for me. Look on their website pensionbee.com. As part of the transfer you will be assigned your personal 'Beekeeper' who you will deal wih about any issues you have.

This is what I want to do as I am now 55.
I transferred my old pensions to PensionBee but I can't see anything in my app about making a withdrawal ?

I'm not sure you can arrange withdrawals through the app (I can't) but you can definitely do it through the website as that is how I do it each month. On the website there is a heading for withdrawals 

Brilliant ! Thank you.
Do I need to provide all 3 documents (passport, driving licence and identity card) that they are asking for ?
I don't have an identity card, my passport is out of date and I don't have a photo driving licence, only a paper one.

To be honest I can't remember but I think j only needed one document. If you have a Beekeeper check with them. My Beekeeper is Sophie and she is excellent at responding to emails. I am not asked each month for identity verification. When I submit a withdrawal request it takes about 30 seconds for a screen to come up saying they have verified my identity without me having to submit anything other than the withdrawal request. If you want further info feel free to message me.

Thank you.☺
I have just emailed my BeeKeeper !

Tattie63

If I was to withdraw 20k from my works pension how much tax would I pay ?I have taken my 25% years ago.And also getting paid monthly to gain full advantage of tax advantages . £13,800 per year.

Pat38493

Albermarle said:

 I don't have a photo driving licence, only a paper one.

You are certainly a dying breed . About ten years ago I produced mine at a department store to get a store card ( just for a one off discount) and the staff behind the counter had never seen one before , even then 

I don't have an identity card,

We do not have these in UK 

An aside but I recently found out that my driving license photo card had been expired for 3 years!  I never got the reminder and only found out by chance.  Luckily I was never stopped by the police in last 3 years otherwise I would have had £1000 fine according to the lady at the post office.  (I never received the reminder that it was renewing but I'm kind of surprised I had not set my own reminder as I have them for other things like passport etc - also I had taken out several courtesy cars in the last 3 years and they never even noticed it was expired).

Moonwolf

dunstonh said:

I do not want to take all tax free money up front as most seem to assume. Had a complete nightmare doing this with Standard Life so want to transfer my pension elsewhere. 

Legacy plans tend to be more difficult than modern plans.  For example, Standard Life life plans that are now with Phoenix are the legacy plans and many of those dont offer drawdown functionality and where they do, it's a very manual process.  Whereas Standard Life plans that are with Abrdn offer full functionality with all options using modern software.

Moving to a modern plan that caters for the DIY market is what you should be looking for.

I did the Standard Life webinar and was told that my policy (ex BT group policy) would be moved to a modern plan when I started to claim and the only difference I would notice is the change of policy number.  Is this not correct? 

I hope to go in a year and want to draw down monthly UFPLS, starting at rate that would drain my DC pot very early while I bridge to my DB pensions, electively increasing the amount by inflation every year, reducing at 65 when my biggest DB kicks in and again at 67 when my state pension kicks in. 

The option to make a larger tax free withdrawal if I need a large purchase (and need to avoid higher rate tax) and change my monthly drawdown from UFPLS to the crystallised 75%. 

Continuing to pay in £240 a month net up to 75.

Overall I would be withdrawing at a rate that would have me run out of DC between 85 and 90, assuming 2-2.5% growth over inflation and annually increasing drawdown by inflation. I am happy with this as I would still have £36k a year in DB and state pensions.

I got the impression this would be possible.

MallyGirl

Tattie63 said:

If I was to withdraw 20k from my works pension how much tax would I pay ?I have taken my 25% years ago.And also getting paid monthly to gain full advantage of tax advantages . £13,800 per year.

It would probably be better to start your own thread rather than resurrecting a 2 year old one.
how much tax you pay depends on whether you have other income and where you live. For the first drawdown you will probably be taxed on the emergency rate and have to reclaim if you are taxed too much - or you can take a smaller amount first to get a tax code issued

Albermarle

Tattie63 said:

If I was to withdraw 20k from my works pension how much tax would I pay ?I have taken my 25% years ago.And also getting paid monthly to gain full advantage of tax advantages . £13,800 per year.

You have tagged on a thread that had no posts for 2 years. Better to start your own.
Anyway taxable income from a pension is treated exactly the same as employment earnings, and can depend on your personal tax allowance, other income etc.

dunstonh

I did the Standard Life webinar and was told that my policy (ex BT group policy) would be moved to a modern plan when I started to claim and the only difference I would notice is the change of policy number.  Is this not correct?

A new policy number means brand new plan.  So, you will get the functionality, software, charges, fund options etc of that new plan.

I hope to go in a year and want to draw down monthly UFPLS

Not many providers support monthly UFPLS on the DIY side.   Nearly all do on the intermediary side.  So, if you choose to move to the new SL plan, make sure it does.

Moonwolf

dunstonh said:

I did the Standard Life webinar and was told that my policy (ex BT group policy) would be moved to a modern plan when I started to claim and the only difference I would notice is the change of policy number.  Is this not correct?

A new policy number means brand new plan.  So, you will get the functionality, software, charges, fund options etc of that new plan.

I hope to go in a year and want to draw down monthly UFPLS

Not many providers support monthly UFPLS on the DIY side.   Nearly all do on the intermediary side.  So, if you choose to move to the new SL plan, make sure it does.

You might be interested.  I emailed Standard Life with my questions. Apparently I am "one of [Standard Life's] higher value clients" (£330,000 pot)

 "We do not charge for individual payments."

"The charges on your Flexible Retirement Plan will remain the same once you access your plan."

I can choose to take regular income and stop, start and change my payment at any time but as drawdown, they do not offer UFPLS "However, you still have the flexibility to take drawdown similarly to UFPLS, tax free cash and taxable money within the same payment."  which is fine by me.

Basically the email says I can take income the way I want to and it won't cost me any extra.  

Albermarle

Moonwolf said:

dunstonh said:

I did the Standard Life webinar and was told that my policy (ex BT group policy) would be moved to a modern plan when I started to claim and the only difference I would notice is the change of policy number.  Is this not correct?

A new policy number means brand new plan.  So, you will get the functionality, software, charges, fund options etc of that new plan.

I hope to go in a year and want to draw down monthly UFPLS

Not many providers support monthly UFPLS on the DIY side.   Nearly all do on the intermediary side.  So, if you choose to move to the new SL plan, make sure it does.

You might be interested.  I emailed Standard Life with my questions. Apparently I am "one of [Standard Life's] higher value clients" (£330,000 pot)

 "We do not charge for individual payments."

"The charges on your Flexible Retirement Plan will remain the same once you access your plan."

I can choose to take regular income and stop, start and change my payment at any time but as drawdown, they do not offer UFPLS "However, you still have the flexibility to take drawdown similarly to UFPLS, tax free cash and taxable money within the same payment."  which is fine by me.

Basically the email says I can take income the way I want to and it won't cost me any extra.  

I always think it is a bit odd that SL do not offer UFPLS, as it is the simpler option.
Many more basic older pensions are less flexible about drawdown, but do offer UFPLS.
Anyway as you explain you can mimic a UFPLS payment with them if you want.

 Apparently I am "one of [Standard Life's] higher value clients" (£330,000 pot)
You will be a 'Priority Plus' customer, as am I with a smaller pot than you with them. The main advantage seems to be that you use a different number when you call them, and get through quicker. Or you did before their new owners started making the Edinburgh customer service staff redundant, and farming it out to a third party. Not called them recently so can not comment if it has made any difference.