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Taking a DC pension, what's it called...
UncleZen
Posts: 885 Forumite
I feel, I should know this. If I do, I've forgotten it.
There's the time you are paying into a pension. Then you retire and decide to take it (e.g. drawdown).These 2 distinct phases must have names? (Im keeping it simple,for the purposes of this post)
Also if I drawdown, for example, I assume this is done via a 'system' , web, or app etc.
So I want to know what that 'system' is called so I can compare similar systems charges and facilities etc.
My largest dc pot is with Scottish widows if that's any help.
Thank you
There's the time you are paying into a pension. Then you retire and decide to take it (e.g. drawdown).These 2 distinct phases must have names? (Im keeping it simple,for the purposes of this post)
Also if I drawdown, for example, I assume this is done via a 'system' , web, or app etc.
So I want to know what that 'system' is called so I can compare similar systems charges and facilities etc.
My largest dc pot is with Scottish widows if that's any help.
Thank you
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Comments
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Accumulation for building up, decumulation for withdrawals and eventually death.
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The process itself is just known as drawdown, or flexi-access drawdown, which would be what you'd be searching on if wanting to compare providers, each of whom would deploy their own systems, websites, apps, etc, to facilitate that process....UncleZen said:Also if I drawdown, for example, I assume this is done via a 'system' , web, or app etc.
So I want to know what that 'system' is called so I can compare similar systems charges and facilities etc.0 -
You would probably benefit from a free hour long call with PensionWise. It is a government agency and will not try to sell you anything.
Pension Wise: free pension guidance | MoneyHelper
The SW website will also explain the options.0
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