Drawdown experiences

Albermarle

Linton said:

L9XSS said:

Used small pots rule for H&L and Fidelity.....both excellent and efficient and no charge.
AJ Bell wanted to charge £295 plus VAT.............

Isn't the charge because you transferred in and wanted to close/ransfer out within 12 months?  I dont believe there otherwise is any charge by AJBell for using the small pots rule. See https://www.youinvest.co.uk/sipp/charges-and-rates

Yes , I am sure that is the issue, as I checked carefully myself at one point.

hyperhypo

I've just started my 2nd year of drawdown from Fidelity sipp... first year consisted of monthly net payments to align with personal allowance. Easy to use app to manage payments...I get a choice of 10th or 25th of month for payment. I transferred in a workplace pension..which was partly crystallised...all done in a timely manner. My original driver for transfer was having an easy to manage system...accepting I was going to he paying higher platform fee on Fidelity than that of discounted ex works sipp..at 0.23%

cfw1994

As an aside for others, I use Aviva - was a low cost work scheme with limited funds.  The drawdown process is something of a ballache, with a couple of £100 compensations paid for their….mild ineptitude 🤷‍♂️

I have now fully crystallised the pot (LTA considerations), but I will consider moving it elsewhere at some point.  No rush for me: put it on hold to let markets stabilise somewhat. 

Interested to read of these experiences.  

We also have reasonable ISA sums saved with Intelligent Money, & I would certainly consider moving my pension pot to them (see their threads on Pistonheads finances sub-forum for more information if curious).  It is nice to have a wise head to run things past, although they are not advisors (equally, they don’t charge for their guidance!), & this is not a recommendation to anyone, just our experience as users 👍

arnoldy

I'm with Halifax SDL (sub con to AJ Bell) and wanted to take a one off lump sum (UFPLS).

The FCA have forced on the companies a very Janet and John ladybird 1a approach. Pages of meaningless illustrations and confusing scenarios that boil down to "if you spend money there will be less left" . By the time I ping-ponged through the wasteful bureaucracy (which all us SIPP holders ultimately pay for!) the Ukraine war had started and I decided to hold fire. Not looking forwards to the next death march of paperwork. 

Albermarle

arnoldy said:

I'm with Halifax SDL (sub con to AJ Bell) and wanted to take a one off lump sum (UFPLS).

The FCA have forced on the companies a very Janet and John ladybird 1a approach. Pages of meaningless illustrations and confusing scenarios that boil down to "if you spend money there will be less left" . By the time I ping-ponged through the wasteful bureaucracy (which all us SIPP holders ultimately pay for!) the Ukraine war had started and I decided to hold fire. Not looking forwards to the next death march of paperwork. 

Although it seems different providers interpret the rules differently .Or their lawyers do.
If I remember correctly with some of the smaller newer providers, like Pension Bee, they only ask minimal questions.
Could be the FCA will put pressure on them to conform though , like they did about accepting insistent client DB transfers.

The problem with UFPLS , is that you will probably have to go through the same rigmarole, for every withdrawal.

dunstonh

The FCA have forced on the companies a very Janet and John ladybird 1a approach. Pages of meaningless illustrations and confusing scenarios that boil down to "if you spend money there will be less left" . By the time I ping-ponged through the wasteful bureaucracy (which all us SIPP holders ultimately pay for!) the Ukraine war had started and I decided to hold fire. Not looking forwards to the next death march of paperwork. 

On the other hand, lots of people in the past have attempted to obtain compensation for saying they were not told something (and they often succeed).    

If you know what you are doing, you wouldn't have to read it.  If you don't know what you are doing you should (although it won't cover all options and won't be personalised to your scenario).

westv

dunstonh said:

The FCA have forced on the companies a very Janet and John ladybird 1a approach. Pages of meaningless illustrations and confusing scenarios that boil down to "if you spend money there will be less left" . By the time I ping-ponged through the wasteful bureaucracy (which all us SIPP holders ultimately pay for!) the Ukraine war had started and I decided to hold fire. Not looking forwards to the next death march of paperwork. 

On the other hand, lots of people in the past have attempted to obtain compensation for saying they were not told something (and they often succeed).    

If you know what you are doing, you wouldn't have to read it.  If you don't know what you are doing you should (although it won't cover all options and won't be personalised to your scenario).

The problem is that, if you overload people with information, they are more likely to ignore it.