Recommended SIPP for Pension Draw-Down

Doctor_Who

So, if phased UFPLS is your planned method and you are going DIY, you may need to do an annual draw, stick it in a savings account and draw from that each month rather than having the pension pay it monthly.

This is how I use UFPLS on Interactive Investor (there is no regular monthly UFPLS option). The admin required to take an UFPLS takes ~15-20 mins (once you've done it once). You could do this more often than yearly and I've heard that some people do this every month, but that would be too much extra admin for me!

Pat38493

Doctor_Who said:

So, if phased UFPLS is your planned method and you are going DIY, you may need to do an annual draw, stick it in a savings account and draw from that each month rather than having the pension pay it monthly.

This is how I use UFPLS on Interactive Investor (there is no regular monthly UFPLS option). The admin required to take an UFPLS takes ~15-20 mins (once you've done it once). You could do this more often than yearly and I've heard that some people do this every month, but that would be too much extra admin for me!

How long does it take the first time?

Doctor_Who

Pat38493 said:

Doctor_Who said:

So, if phased UFPLS is your planned method and you are going DIY, you may need to do an annual draw, stick it in a savings account and draw from that each month rather than having the pension pay it monthly.

This is how I use UFPLS on Interactive Investor (there is no regular monthly UFPLS option). The admin required to take an UFPLS takes ~15-20 mins (once you've done it once). You could do this more often than yearly and I've heard that some people do this every month, but that would be too much extra admin for me!

How long does it take the first time?

I did everything online (confirming I didn't need advice/hadn't talked to Pension Wise etc) and the whole process probably took ~20-30 mins. II say it will take ~30 mins. There's quite a few documents to read, but I realised these are mostly generic documents regarding things like taxation (the UFPLS could make you a 40/45% tax payer in England), MPAA, projections of the remaining fund value etc. Subsequent times have taken ~15 mins. 

https://www.ii.co.uk/ii-accounts/sipp/ufpls/take-ufpls

Steve_s1

Thanks for the feedback all. Not hearing anything bad about II.
I have booked a 1 hour slot to talk to PensionWise next month...see what they have to say (although I'm not expecting them to be able to give advice on SIPP providers to go with). 

Spivo46

Steve_s1 said:

Thanks for the feedback all. Not hearing anything bad about II.
I have booked a 1 hour slot to talk to PensionWise next month...see what they have to say (although I'm not expecting them to be able to give advice on SIPP providers to go with). 

I found Pensionwise to be a complete waste of time. They cover all of the basics and then tell you to seek financial advice! I understand that they are not authorised to provide financial advice but fail to understand their existence?

Albermarle

Spivo46 said:

Steve_s1 said:

Thanks for the feedback all. Not hearing anything bad about II.
I have booked a 1 hour slot to talk to PensionWise next month...see what they have to say (although I'm not expecting them to be able to give advice on SIPP providers to go with). 

I found Pensionwise to be a complete waste of time. They cover all of the basics and then tell you to seek financial advice! I understand that they are not authorised to provide financial advice but fail to understand their existence?

The large majority of people with pensions are clueless about them. So even gaining an understanding of the basics would be a big plus point for many.

dunstonh

Spivo46 said:

Steve_s1 said:

Thanks for the feedback all. Not hearing anything bad about II.
I have booked a 1 hour slot to talk to PensionWise next month...see what they have to say (although I'm not expecting them to be able to give advice on SIPP providers to go with). 

I found Pensionwise to be a complete waste of time. They cover all of the basics and then tell you to seek financial advice! I understand that they are not authorised to provide financial advice but fail to understand their existence?

I can understand that somewhat.  Especially as I have had new clients approach me after seeing pensionwise and getting an idea in their head what they should do only to be told by me to do something different (most commonly multi-wrapper and/or phased UFPLS).     However, for those with smaller amounts who are most likely to have single solution outcomes and really don't know what they are doing (which is quite a lot of people), then pensionwise does a good job for them.