RBS Sipp- When/Why is another Transfer required...

Dandytf

from my recent HL Sipp to NW Pension transfer.
You’ll need to transfer your pension to another provider when you plan to withdraw money from your pension. Our pension does not offer this option at the moment. 

Dos this honestly mean I need to Manually choose another provider once retirement is reached/if Id'e want to maybe use part up-to 25% from 55 -I think I'm just going to be ahead of 57/2028 change.

thanks

Qyburn

Why did you transfer to NW if it doesn't offer the features you need?

If you like their investment options and you don't need to draw for some time,  then you could leave it with NW till you retire, then shift to another platform which offers the access methods you'll need.

dunstonh

Dos this honestly mean I need to Manually choose another provider once retirement is reached/if Id'e want to maybe use part up-to 25% from 55 -I think I'm just going to be ahead of 57/2028 change.

Yes it does.   

Income drawdown is not a facility on many pensions.   So, if you transfer to a provider that does not support income drawdown then you shouldn't expect income drawdown.      Most providers do not add it to legacy plans.   They create a new plan type as that is often the cheaper option.

You say its a SIPP.  I have never heard of a SIPP not offering drawdown.   Are you sure its a SIPP?   Normally, its the workplace pensions, stakeholder pensions, some master trust plans or older personal pensions that dont support drawdown.

Dandytf

Thanks, I'm calling it Personal Sipp from account opening via HL recent years.
RBS call it Personal Pension, is that no longer Sipp then.
I hadn't expected to have to request another Transfer, though delighted to leave Pension with NWI/rbs until retirement.
Is the 25%/55 still Permitted and is it viewed as One Pot only.

thanks mser's

Qyburn

I guess it's NatWest Invest Pension which just has pre-canned investment choices ...
https://www.natwest.com/investments/pensions.html  

They specifically say about withdrawal in the frequently asked questions ...

Can I make withdrawals from my NatWest Invest Pension?

You can’t withdraw money from a pension until you are 55.  This is expected to increase to 57 from 2028.  There are also limits on how you can withdraw money from a pension. 

You’ll need to transfer your pension to another provider when you plan to withdraw money from your pension.  Our pension does not offer this option at the moment

Dandytf

re posted.

It is rbs Sipp, thanks had to re visit.
It is rbs Investment, their online platform call it rbs Sipp.
I find it simpler as I was pre occupied with HL Multi choice funds.
It's now the reference to 'Rights that could be lost' if Transferring from another provider to rbs.

• Tax free cash over 25%
• The 55 age rule I understand, but to loose potential 25%, am I restricted to full retirement age.

Dandytf

Key Features of the Royal Bank Invest Personal Pension Account

You can download the Key Features document from the RBS SIPP

Kfi includes

the potential value of your pension

● a 25% tax-free lump sum amount -or have I lost this from HL T/fer

● the retirement income you may be able to receive

molerat

You will still have the 25% tax free available, it is purely the method of accessing the pension that varies.

You will only be able to access the pension at whatever age the government decide.  Currently 55 but moving to 57 from 2028.  The plan is to keep moving the goalposts and only allow withdrawal from 10 years away from state pension age.

Dandytf

molerat said:

You will still have the 25% tax free available, it is purely the method of accessing the pension that varies.

You will only be able to access the pension at whatever age the government decide.  Currently 55 but moving to 57 from 2028.  The plan is to keep moving the goalposts and only allow withdrawal from 10 years away from state pension age.

Yes I'm only ahead of 55/2028, if .Gov bring this forward again, I'll be 57 not 55.
I appreciate it affects Lots of workers due to retire.

thanks

Dandytf

Which Pension Providers accept Transfer to them for purpose of Drawdown- would I still be requiring 
new Min Cont's to be made.

thanks mser's

Qyburn

You seem to be floundering a bit. Did you transfer specifically for withdrawal? If so that's a screw up by not checking beforehand. If not, then does the scheme deliver what you need right now? Be methodical.