USS retirement - options

Tarama

Secret2ndAccount said:

You could transfer the 43k to (for example) Hargreaves Lansdown, and take up to 3 x 10k chunks using the small pots rule. Could get 30k out without triggering MPAA. Might be worth doing that if you want the money now. Could take yourself to just shy of higher rate tax for a couple of years.
Not clear how easy or costly it will be to transfer out. If it's a full IFA assessment, it could cost you 5k in which case you are pretty much stuck with leaving it where it is.

Thanks 

I have some £ in a HL SIPP and plan to do just this at an appropriate time.  But I will leave what I can in the Investment Builder for now.
Tarama  

Tarama

Thanks USSDave I am retiring on 31st July and I hadn't actually thought of doing this - away to think about it. Many thanks again. Tarama

PJM_62

What is the advantage of emptying the IB pot?
Ie moving the 43k to HL , instead of leaving it in place and taking UFPLS withdrawals.

ussdave

PJM_62 said:

What is the advantage of emptying the IB pot?
Ie moving the 43k to HL , instead of leaving it in place and taking UFPLS withdrawals.

The main one would be the ability to take the small pot withdrawals as mentioned above.

I'm also not sure about how flexible USS is regarding taking withdrawals from the IB pot should Tarama start working again and therefore accruing further pension contributions into USS.  Perhaps it's not a concern though.

Tarama

ussdave said:

PJM_62 said:

What is the advantage of emptying the IB pot?
Ie moving the 43k to HL , instead of leaving it in place and taking UFPLS withdrawals.

The main one would be the ability to take the small pot withdrawals as mentioned above.

I'm also not sure about how flexible USS is regarding taking withdrawals from the IB pot should Tarama start working again and therefore accruing further pension contributions into USS.  Perhaps it's not a concern though.

Interesting discussion

actually the discussion about making further contributions to IB after taking the Max TFLS and leaving some cash in the IB, had not occurred to me as a potential problem.  I will contact USS re this.

 

ussdave

Tarama said:

ussdave said:

PJM_62 said:

What is the advantage of emptying the IB pot?
Ie moving the 43k to HL , instead of leaving it in place and taking UFPLS withdrawals.

The main one would be the ability to take the small pot withdrawals as mentioned above.

I'm also not sure about how flexible USS is regarding taking withdrawals from the IB pot should Tarama start working again and therefore accruing further pension contributions into USS.  Perhaps it's not a concern though.

Interesting discussion

actually the discussion about making further contributions to IB after taking the Max TFLS and leaving some cash in the IB, had not occurred to me as a potential problem.  I will contact USS re this.

 

Hopefully it's not an issue.  I've not seen anything suggesting that it is...but also I've not seen anything explicitly stating that it isn't   It will be interesting to hear what USS say.