Pension Drawdown Plans

Albermarle

dunstonh said:

Thats useful, i am pleased i posted this list. it was provide by WHICH

Probably compiled many years ago.  For example, Zurich rebranded their platform to Advance.  They then sold it to Embark in 2020.  Embark was bought by Lloyds Bank in 2022.  Lloyds have launched a new platform under the Scottish Widows brand and Advance is being closed and transferred to Scottish Widows (both use FNZ so it should be a clean move).     Aviva is out of date with its offerings as is Standard Life 
Pricing is out of date or wrong with several (ignoring special terms).

 A "good simple option" sounds ok to me. i also like the thought of being with a long standing household name provider.

It's only real failing as simple options go, is that it largely paper-based in set out.

AIUI Royal London insist you go through a financial advisor. Or is that only for new customers, and the OP being an existing customer can initiate drawdown without an advisor? If so seems a bit of an odd/hybrid system?

Spivo46

Albermarle said:

dunstonh said:

Thats useful, i am pleased i posted this list. it was provide by WHICH

Probably compiled many years ago.  For example, Zurich rebranded their platform to Advance.  They then sold it to Embark in 2020.  Embark was bought by Lloyds Bank in 2022.  Lloyds have launched a new platform under the Scottish Widows brand and Advance is being closed and transferred to Scottish Widows (both use FNZ so it should be a clean move).     Aviva is out of date with its offerings as is Standard Life 
Pricing is out of date or wrong with several (ignoring special terms).

 A "good simple option" sounds ok to me. i also like the thought of being with a long standing household name provider.

It's only real failing as simple options go, is that it largely paper-based in set out.

AIUI Royal London insist you go through a financial advisor. Or is that only for new customers, and the OP being an existing customer can initiate drawdown without an advisor? If so seems a bit of an odd/hybrid system?

I joined RL 5 years ago using a financial advisor. With my feet under the table now, transferring to drawdown is allowed without the FA who i dropped when the RL account was set up. Yes it is odd and i find them a bit odd and antiquated. The online account access is not great, communication is extremely slow. I have just transferred another pension of mine into RL, the paper work was crazy! However the main attraction is the general all-round reputation. 

michaels

(0.4% - 0.05%) x 400,000 x 40 years = £56k

Would you rather have your funds with II and you have this £56k or that Royal London have it?

dunstonh

michaels said:

(0.4% - 0.05%) x 400,000 x 40 years = £56k

Would you rather have your funds with II and you have this £56k or that Royal London have it?

Do funds not cost anything on II?

ARFURCHANCE

I have been with RL about 4 years - transferred in using an IFA.

1. RL confirmed to me subsequently that I did not have to retain the IFA (I did)
2. I am in a Governed Portfolio plan (> £250k < £500k) - the annual charges run at around 0.4% however there is a Profit share that effectively reduces the charges by around 0.15%
3. Out of this Pension I have only taken lump sums to utilise my Personal Allowance - so charges may be higher once I enter a monthly drawdown.
4. I actually believe their online offering to be very good - easy to find what you want and easy to see what you are invested in.
5 Maybe because I still give instructions to RL via my IFA - but I actually find their communication timely and reliable

Spivo46

ARFURCHANCE said:

I have been with RL about 4 years - transferred in using an IFA.

1. RL confirmed to me subsequently that I did not have to retain the IFA (I did)
2. I am in a Governed Portfolio plan (> £250k < £500k) - the annual charges run at around 0.4% however there is a Profit share that effectively reduces the charges by around 0.15%
3. Out of this Pension I have only taken lump sums to utilise my Personal Allowance - so charges may be higher once I enter a monthly drawdown.
4. I actually believe their online offering to be very good - easy to find what you want and easy to see what you are invested in.
5 Maybe because I still give instructions to RL via my IFA - but I actually find their communication timely and reliable

are you funds in one of the GRIP's? 

ARFURCHANCE

Governed Portfolio

Spivo46

ARFURCHANCE said:

Governed Portfolio

Royal London have offered me investment pathways? Not a governed portfolio. I am a bit confused.

Spivo46

Spivo46 said:

ARFURCHANCE said:

Governed Portfolio

Royal London have offered me investment pathways? Not a governed portfolio. I am a bit confused.

Sorry, i understand now (doh). The investment pathway 3 = the Governed Retirement Income Portfolio 3 (GRIP)

It appears to be a balance investment strategy as oppossed to the Moderately cautious Governed Portfolio 4 i am currently invested in. 

I am not sure why i am not already in the grip 3, it appears to be outperforming GP4 according to the data.