TFLS from SW - anyone done this recently?

Nick9967

Hi all
I'm 56, still working, ( still paying in £4,600 pa) need to take £10k from my £220k SW main pension to help with some house renovations-
Can anyone give me a guide on roughly how long this might take , just want a little more clarity on my timing for builders etc .

As far as i can see fill a form, take a photo my my driving license, upload , and wait , is it that simple?

thanks for any help!

dunstonh

Can anyone give me a guide on roughly how long this might take , just want a little more clarity on my timing for builders etc .

Which version of the SW pension is it?  
They have hundreds and most of which do not support income drawdown.  Although more of them support UFPLS.

As far as i can see fill a form, take a photo my my driving license, upload , and wait , is it that simple?

No.   Depending on the method of drawdown you will probably have to book a call to go through their risk warnings.    If the version you have doesn't support the method of drawdown you are using, then you will need to transfer the pension to another plan.  That can take weeks to months depending on the pension provider you choose to move it to.

Nick9967

dunstonh said:

Can anyone give me a guide on roughly how long this might take , just want a little more clarity on my timing for builders etc .

Which version of the SW pension is it?  
They have hundreds and most of which do not support income drawdown.  Although more of them support UFPLS.

thanks, how can i tell which version - this is a Personal Pension that i pay a nominal amount into each month - my current work pension sits alongside with SW but is a different policy altogether , they're slit approx 94% - 6% in favour of the one i want to draw from

dunstonh

Nick9967 said:

dunstonh said:

Can anyone give me a guide on roughly how long this might take , just want a little more clarity on my timing for builders etc .

Which version of the SW pension is it?  
They have hundreds and most of which do not support income drawdown.  Although more of them support UFPLS.

thanks, how can i tell which version - this is a Personal Pension that i pay a nominal amount into each month - my current work pension sits alongside with SW but is a different policy altogether , they're slit approx 94% - 6% in favour of the one i want to draw from

You will need to ask them directly if the plan you have supports the method you are using.   You typically find stakeholder pensions do not support drawdown.  Nor do most of the older plans set up before the changes in 2016.    Many of the older plans will support UFPLS, although as you are still working, you probably dont want to use that method.

Nick9967

I've submitted the online form for Flexi Access Drawdown - Tax Free Cash Only - lets see what happens , i have my doubts , but its a learning experience if nothing else!

Albermarle

Good Luck !
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Nick9967

Just an update for those who are interested.
Starting with a PP with SW:

1. Open a Retirement Account with SW (call them)
2. Transfer pot to Retirement Account (automatic when you open RA if you choose it)
3. They automatically choose the managed funds you go into depending on age and retirement age target ( Governed Investment Strategies)
4. Receive letter in the post as a welcome and a new account number
5. Log in to RA (same place as usual log in - just go through the RA button instead
6. You can see your pot/investments and Control Account
7. Call if you want to withdraw anything you cant do this online yet.
8. Call if you want to change your funds at any point 

I'm currently doing 7 & 8 today - but have been reliably informed from point of calling to withdraw anything to receiving funds is circa 5 days!

this may prove useful to anyone in a similar position