Questions ABOUT 2 Pension Pots and choosing an income drawdown

Albermarle

Although to be clear, even if you use a well known modern platform for your pension drawdown, you will have to make the investment decisions and decide when and how to withdraw the income.
They will not offer any personal advice unless your pay for their inhouse advice service ( only available with some of them)
In this case you would probably be better off paying a local IFA anyway, and letting them sort everything out ( at a cost )

dunstonh

With all this in mind can someone advise a decent financial advisor i live in the county of Nottinghamshire  roughly around the mansfield area .Or recommend some really good drawdown companies. 

Avoid FAs.    They need to be IFAs.      Most IFA firms are small localised firms of 1-5 advisers with a similar internet footprint to your local butcher or fishmonger.    So, asking us for recommendations for firms within your locality is not the best way.

Back on the earlier point, I haven't been able to see anything on other cases I am aware of that look anything like the snapshot you posted.   The graphics and colour scheme don't match Standard Life either.  Indeed, if there were no mention of Standard Life, I would have guessed the colour scheme and warning icon as being Fidelity.     There was a point in time where Standard Life and Fidelity had a tie-in for pensions.     

Do you know the pension type?  i.e. is it a personal pension or a section 32 buy out bond or a section 226 Retirement Annuity Contract?

An IFA would write to the provider asking a range of questions about the pension plan.  These would include questioning on guarantees and other safeguarded benefits.   That would expand on the actual guarantees that are in place and the requirements for them.

Fast_Muchly

On the amount i have which is small to some peoples pensions is it REALLY making that much of a difference if i go with an IFA to if i just say to standard life , " hey im staying with you this is what i want to do , as they have their own income drawdown plans dont they "  . 

On around 125k is a financial advisor going to find a much better deal for ME to offset his costs ? . 

Fast_Muchly

dunstonh said:

With all this in mind can someone advise a decent financial advisor i live in the county of Nottinghamshire  roughly around the mansfield area .Or recommend some really good drawdown companies. 

Avoid FAs.    They need to be IFAs.      Most IFA firms are small localised firms of 1-5 advisers with a similar internet footprint to your local butcher or fishmonger.    So, asking us for recommendations for firms within your locality is not the best way.

Back on the earlier point, I haven't been able to see anything on other cases I am aware of that look anything like the snapshot you posted.   The graphics and colour scheme don't match Standard Life either.  Indeed, if there were no mention of Standard Life, I would have guessed the colour scheme and warning icon as being Fidelity.     There was a point in time where Standard Life and Fidelity had a tie-in for pensions.     

Do you know the pension type?  i.e. is it a personal pension or a section 32 buy out bond or a section 226 Retirement Annuity Contract?

An IFA would write to the provider asking a range of questions about the pension plan.  These would include questioning on guarantees and other safeguarded benefits.   That would expand on the actual guarantees that are in place and the requirements for them.

Its a personal pension Dunstan and i can assure its standard life which is now pheonix .

dunstonh

Fast_Muchly said:

dunstonh said:

With all this in mind can someone advise a decent financial advisor i live in the county of Nottinghamshire  roughly around the mansfield area .Or recommend some really good drawdown companies. 

Avoid FAs.    They need to be IFAs.      Most IFA firms are small localised firms of 1-5 advisers with a similar internet footprint to your local butcher or fishmonger.    So, asking us for recommendations for firms within your locality is not the best way.

Back on the earlier point, I haven't been able to see anything on other cases I am aware of that look anything like the snapshot you posted.   The graphics and colour scheme don't match Standard Life either.  Indeed, if there were no mention of Standard Life, I would have guessed the colour scheme and warning icon as being Fidelity.     There was a point in time where Standard Life and Fidelity had a tie-in for pensions.     

Do you know the pension type?  i.e. is it a personal pension or a section 32 buy out bond or a section 226 Retirement Annuity Contract?

An IFA would write to the provider asking a range of questions about the pension plan.  These would include questioning on guarantees and other safeguarded benefits.   That would expand on the actual guarantees that are in place and the requirements for them.

Its a personal pension Dunstan and i can assure its standard life which is now pheonix .

That is more like it from the colour scheme and layout.  Where did the earlier screenshot come from?

One theory I had was whether it was a section 32 buy out bond as these often have a guaranteed minimum value (as do some older section 226 RACs).   However, as you say its a PPP, then those wont apply.

if i go with an IFA to if i just say to standard life , " hey im staying with you this is what i want to do , as they have their own income drawdown plans dont they "  . 

Standard Life don't have an advice arm and many legacy plans don't do drawdown and require transferring.  Plus, many of the in-house teams charge more than an IFA would (seen recently on threads with Prudential - who not only charge more but also don't give advice).

Fast_Muchly

" That is more like it from the colour scheme and layout.  Where did the earlier screenshot come from? "

It was from one of the side choices you can see on the above screenshot and then i cropped it so i didnt give away to much info on a public forum lol . 

Thanks For all the help you guys and gals this forum is terrific even if i dont like sone of the answers all of the time lol .

Looks like i will be getting 3 IFA round for coffee then in the none to distant future. 

Albermarle

Standard Life don't have an advice arm and many legacy plans don't do drawdown and require transferring.  Plus, many of the in-house teams charge more than an IFA would (seen recently on threads with Prudential - who not only charge more but also don't give advice).

The most modern personal pension that SL offer, does offer a standard drawdown.
If the OP has an old SL pension, it should be relatively to transfer to that at no charge.
Personal Pension | Private Pension Plan | Standard Life

OP But as I think as I mentioned already, you still need to pick the investment(s) , but SL have a kind of easy option with only 4 choices I think.