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Flexi Access Drawdown vs UFPLS
Comments
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I will look forwards to the answer from Aviva on here plz?GazzaBloom said:
Go it. I'll have a chat with Aviva and see what they offerAlberimarle said:AIUI, if you have a financial advisor, they can organise regular UFPLS payments with the pension platforms they use.
However as a retail customer, the provider appears to be obliged to ask you various compliance questions every time you take a UFPLS . Probably because many clients will use UFPLS to withdraw all their pension pot, or large chunks of it. So the provider has to inform the customer of the risks of doing this, and make sure they understand what they are doing.
Some providers seem to have streamlined the process to some extent, whilst others require a more detailed process each time, making regular UFPLS semi unworkable. One way around this is to take one UFPLS each year, and put it in a savings account and take the money as needed.
TIA Roger.0 -
Don't hold you breath - I emailed them to ask what interest rate they pay on cash balances and whether they track the BOE base rate 5 days ago...still waiting for a replyRogerPensionGuy said:
I will look forwards to the answer from Aviva on here plz?GazzaBloom said:
Go it. I'll have a chat with Aviva and see what they offerAlberimarle said:AIUI, if you have a financial advisor, they can organise regular UFPLS payments with the pension platforms they use.
However as a retail customer, the provider appears to be obliged to ask you various compliance questions every time you take a UFPLS . Probably because many clients will use UFPLS to withdraw all their pension pot, or large chunks of it. So the provider has to inform the customer of the risks of doing this, and make sure they understand what they are doing.
Some providers seem to have streamlined the process to some extent, whilst others require a more detailed process each time, making regular UFPLS semi unworkable. One way around this is to take one UFPLS each year, and put it in a savings account and take the money as needed.
TIA Roger.0 -
Which Aviva product?GazzaBloom said:
Don't hold you breath - I emailed them to ask what interest rate they pay on cash balances and whether they track the BOE base rate 5 days ago...still waiting for a replyRogerPensionGuy said:
I will look forwards to the answer from Aviva on here plz?GazzaBloom said:
Go it. I'll have a chat with Aviva and see what they offerAlberimarle said:AIUI, if you have a financial advisor, they can organise regular UFPLS payments with the pension platforms they use.
However as a retail customer, the provider appears to be obliged to ask you various compliance questions every time you take a UFPLS . Probably because many clients will use UFPLS to withdraw all their pension pot, or large chunks of it. So the provider has to inform the customer of the risks of doing this, and make sure they understand what they are doing.
Some providers seem to have streamlined the process to some extent, whilst others require a more detailed process each time, making regular UFPLS semi unworkable. One way around this is to take one UFPLS each year, and put it in a savings account and take the money as needed.
TIA Roger.
Aviva platform publish the cash rate online. However, the Aviva Life & pension products mostly do not offer a cash facility. Only a tiny number of the legacy contracts do.
I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
It's my workplace pension and we can hold cash, we have the option for new contributions to go to cash or investments of our choosing and existing investments can be sold and new investments purchased or just sold to be held as cash.dunstonh said:
Which Aviva product?GazzaBloom said:
Don't hold you breath - I emailed them to ask what interest rate they pay on cash balances and whether they track the BOE base rate 5 days ago...still waiting for a replyRogerPensionGuy said:
I will look forwards to the answer from Aviva on here plz?GazzaBloom said:
Go it. I'll have a chat with Aviva and see what they offerAlberimarle said:AIUI, if you have a financial advisor, they can organise regular UFPLS payments with the pension platforms they use.
However as a retail customer, the provider appears to be obliged to ask you various compliance questions every time you take a UFPLS . Probably because many clients will use UFPLS to withdraw all their pension pot, or large chunks of it. So the provider has to inform the customer of the risks of doing this, and make sure they understand what they are doing.
Some providers seem to have streamlined the process to some extent, whilst others require a more detailed process each time, making regular UFPLS semi unworkable. One way around this is to take one UFPLS each year, and put it in a savings account and take the money as needed.
TIA Roger.
Aviva platform publish the cash rate online. However, the Aviva Life & pension products mostly do not offer a cash facility. Only a tiny number of the legacy contracts do.
The pension website page is called My Money and it's a Flexible Retirement Account
My employer transferred our workplace pension from Standard Life to Aviva in January 20221 -
Aviva have just confirmed that cash balances accrue interest at BOE rate of 5% in my pension:dunstonh said:
Which Aviva product?GazzaBloom said:
Don't hold you breath - I emailed them to ask what interest rate they pay on cash balances and whether they track the BOE base rate 5 days ago...still waiting for a replyRogerPensionGuy said:
I will look forwards to the answer from Aviva on here plz?GazzaBloom said:
Go it. I'll have a chat with Aviva and see what they offerAlberimarle said:AIUI, if you have a financial advisor, they can organise regular UFPLS payments with the pension platforms they use.
However as a retail customer, the provider appears to be obliged to ask you various compliance questions every time you take a UFPLS . Probably because many clients will use UFPLS to withdraw all their pension pot, or large chunks of it. So the provider has to inform the customer of the risks of doing this, and make sure they understand what they are doing.
Some providers seem to have streamlined the process to some extent, whilst others require a more detailed process each time, making regular UFPLS semi unworkable. One way around this is to take one UFPLS each year, and put it in a savings account and take the money as needed.
TIA Roger.
Aviva platform publish the cash rate online. However, the Aviva Life & pension products mostly do not offer a cash facility. Only a tiny number of the legacy contracts do.
"Good afternoon,
As your policy is an FRA it will accrue interest on the cash balance.
The interest rate on the 03/07/2023 is 5%.
If you have any questions, please do not hesitate to contact us using the details above.
Kind regards,
**[name withdrawn]**
Client Administration Support | Aviva My Money
Tel: 0345 604 9915
Email: mymoney@aviva.com
Address: Aviva | PO Box 2282 | Salisbury | SP2 2HY"
www.aviva.com
0 -
Thanks. That is an ex Friends Life based product. A bit more flexibility than the traditional ex-Norwich Union side of things.GazzaBloom said:
It's my workplace pension and we can hold cash, we have the option for new contributions to go to cash or investments of our choosing and existing investments can be sold and new investments purchased or just sold to be held as cash.dunstonh said:
Which Aviva product?GazzaBloom said:
Don't hold you breath - I emailed them to ask what interest rate they pay on cash balances and whether they track the BOE base rate 5 days ago...still waiting for a replyRogerPensionGuy said:
I will look forwards to the answer from Aviva on here plz?GazzaBloom said:
Go it. I'll have a chat with Aviva and see what they offerAlberimarle said:AIUI, if you have a financial advisor, they can organise regular UFPLS payments with the pension platforms they use.
However as a retail customer, the provider appears to be obliged to ask you various compliance questions every time you take a UFPLS . Probably because many clients will use UFPLS to withdraw all their pension pot, or large chunks of it. So the provider has to inform the customer of the risks of doing this, and make sure they understand what they are doing.
Some providers seem to have streamlined the process to some extent, whilst others require a more detailed process each time, making regular UFPLS semi unworkable. One way around this is to take one UFPLS each year, and put it in a savings account and take the money as needed.
TIA Roger.
Aviva platform publish the cash rate online. However, the Aviva Life & pension products mostly do not offer a cash facility. Only a tiny number of the legacy contracts do.
The pension website page is called My Money and it's a Flexible Retirement Account
My employer transferred our workplace pension from Standard Life to Aviva in January 2022I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
That is a good rate compared to other providers. I guess there must be something in the legacy rules of that pension that forces them to pay interest at BOE base rate on cash?GazzaBloom said:
Aviva have just confirmed that cash balances accrue interest at BOE rate of 5% in my pension:dunstonh said:
Which Aviva product?GazzaBloom said:
Don't hold you breath - I emailed them to ask what interest rate they pay on cash balances and whether they track the BOE base rate 5 days ago...still waiting for a replyRogerPensionGuy said:
I will look forwards to the answer from Aviva on here plz?GazzaBloom said:
Go it. I'll have a chat with Aviva and see what they offerAlberimarle said:AIUI, if you have a financial advisor, they can organise regular UFPLS payments with the pension platforms they use.
However as a retail customer, the provider appears to be obliged to ask you various compliance questions every time you take a UFPLS . Probably because many clients will use UFPLS to withdraw all their pension pot, or large chunks of it. So the provider has to inform the customer of the risks of doing this, and make sure they understand what they are doing.
Some providers seem to have streamlined the process to some extent, whilst others require a more detailed process each time, making regular UFPLS semi unworkable. One way around this is to take one UFPLS each year, and put it in a savings account and take the money as needed.
TIA Roger.
Aviva platform publish the cash rate online. However, the Aviva Life & pension products mostly do not offer a cash facility. Only a tiny number of the legacy contracts do.
"Good afternoon,
As your policy is an FRA it will accrue interest on the cash balance.
The interest rate on the 03/07/2023 is 5%.
If you have any questions, please do not hesitate to contact us using the details above.
Kind regards,
**[name withdrawn]**
Client Administration Support | Aviva My Money
Tel: 0345 604 9915
Email: mymoney@aviva.com
Address: Aviva | PO Box 2282 | Salisbury | SP2 2HY"
www.aviva.com1 -
Yeah, I'm pleased with this. I plan to start building the 2-3 years worth of cash part of my retirement portfolio from next year so getting 5% on it will be good.Pat38493 said:
That is a good rate compared to other providers. I guess there must be something in the legacy rules of that pension that forces them to pay interest at BOE base rate on cash?GazzaBloom said:
Aviva have just confirmed that cash balances accrue interest at BOE rate of 5% in my pension:dunstonh said:
Which Aviva product?GazzaBloom said:
Don't hold you breath - I emailed them to ask what interest rate they pay on cash balances and whether they track the BOE base rate 5 days ago...still waiting for a replyRogerPensionGuy said:
I will look forwards to the answer from Aviva on here plz?GazzaBloom said:
Go it. I'll have a chat with Aviva and see what they offerAlberimarle said:AIUI, if you have a financial advisor, they can organise regular UFPLS payments with the pension platforms they use.
However as a retail customer, the provider appears to be obliged to ask you various compliance questions every time you take a UFPLS . Probably because many clients will use UFPLS to withdraw all their pension pot, or large chunks of it. So the provider has to inform the customer of the risks of doing this, and make sure they understand what they are doing.
Some providers seem to have streamlined the process to some extent, whilst others require a more detailed process each time, making regular UFPLS semi unworkable. One way around this is to take one UFPLS each year, and put it in a savings account and take the money as needed.
TIA Roger.
Aviva platform publish the cash rate online. However, the Aviva Life & pension products mostly do not offer a cash facility. Only a tiny number of the legacy contracts do.
"Good afternoon,
As your policy is an FRA it will accrue interest on the cash balance.
The interest rate on the 03/07/2023 is 5%.
If you have any questions, please do not hesitate to contact us using the details above.
Kind regards,
**[name withdrawn]**
Client Administration Support | Aviva My Money
Tel: 0345 604 9915
Email: mymoney@aviva.com
Address: Aviva | PO Box 2282 | Salisbury | SP2 2HY"
www.aviva.com0 -
Tax free as well !GazzaBloom said:
Yeah, I'm pleased with this. I plan to start building the 2-3 years worth of cash part of my retirement portfolio from next year so getting 5% on it will be good.Pat38493 said:
That is a good rate compared to other providers. I guess there must be something in the legacy rules of that pension that forces them to pay interest at BOE base rate on cash?GazzaBloom said:
Aviva have just confirmed that cash balances accrue interest at BOE rate of 5% in my pension:dunstonh said:
Which Aviva product?GazzaBloom said:
Don't hold you breath - I emailed them to ask what interest rate they pay on cash balances and whether they track the BOE base rate 5 days ago...still waiting for a replyRogerPensionGuy said:
I will look forwards to the answer from Aviva on here plz?GazzaBloom said:
Go it. I'll have a chat with Aviva and see what they offerAlberimarle said:AIUI, if you have a financial advisor, they can organise regular UFPLS payments with the pension platforms they use.
However as a retail customer, the provider appears to be obliged to ask you various compliance questions every time you take a UFPLS . Probably because many clients will use UFPLS to withdraw all their pension pot, or large chunks of it. So the provider has to inform the customer of the risks of doing this, and make sure they understand what they are doing.
Some providers seem to have streamlined the process to some extent, whilst others require a more detailed process each time, making regular UFPLS semi unworkable. One way around this is to take one UFPLS each year, and put it in a savings account and take the money as needed.
TIA Roger.
Aviva platform publish the cash rate online. However, the Aviva Life & pension products mostly do not offer a cash facility. Only a tiny number of the legacy contracts do.
"Good afternoon,
As your policy is an FRA it will accrue interest on the cash balance.
The interest rate on the 03/07/2023 is 5%.
If you have any questions, please do not hesitate to contact us using the details above.
Kind regards,
**[name withdrawn]**
Client Administration Support | Aviva My Money
Tel: 0345 604 9915
Email: mymoney@aviva.com
Address: Aviva | PO Box 2282 | Salisbury | SP2 2HY"
www.aviva.com1 -
I'm jealous, especially if it is linked to the BOE base rate! Some of us have to put short-term cash in our SIPPs in a short-term money market fund and pay a 0.1% feeGazzaBloom said:
Yeah, I'm pleased with this. I plan to start building the 2-3 years worth of cash part of my retirement portfolio from next year so getting 5% on it will be good.Pat38493 said:
That is a good rate compared to other providers. I guess there must be something in the legacy rules of that pension that forces them to pay interest at BOE base rate on cash?GazzaBloom said:
Aviva have just confirmed that cash balances accrue interest at BOE rate of 5% in my pension:dunstonh said:
Which Aviva product?GazzaBloom said:
Don't hold you breath - I emailed them to ask what interest rate they pay on cash balances and whether they track the BOE base rate 5 days ago...still waiting for a replyRogerPensionGuy said:
I will look forwards to the answer from Aviva on here plz?GazzaBloom said:
Go it. I'll have a chat with Aviva and see what they offerAlberimarle said:AIUI, if you have a financial advisor, they can organise regular UFPLS payments with the pension platforms they use.
However as a retail customer, the provider appears to be obliged to ask you various compliance questions every time you take a UFPLS . Probably because many clients will use UFPLS to withdraw all their pension pot, or large chunks of it. So the provider has to inform the customer of the risks of doing this, and make sure they understand what they are doing.
Some providers seem to have streamlined the process to some extent, whilst others require a more detailed process each time, making regular UFPLS semi unworkable. One way around this is to take one UFPLS each year, and put it in a savings account and take the money as needed.
TIA Roger.
Aviva platform publish the cash rate online. However, the Aviva Life & pension products mostly do not offer a cash facility. Only a tiny number of the legacy contracts do.
"Good afternoon,
As your policy is an FRA it will accrue interest on the cash balance.
The interest rate on the 03/07/2023 is 5%.
If you have any questions, please do not hesitate to contact us using the details above.
Kind regards,
**[name withdrawn]**
Client Administration Support | Aviva My Money
Tel: 0345 604 9915
Email: mymoney@aviva.com
Address: Aviva | PO Box 2282 | Salisbury | SP2 2HY"
www.aviva.com
'Compound interest is the eighth wonder of the world. He who understands it, earns it; he who doesn’t, pays it' - Albert Einstein.0
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