Drawdown Pensions

I am retired and don't have a huge Pension, but am currently doing drawdown through a Financial Advisor/Company.  The fees for this seem to be out of proportion and I would like to be able to transfer it for free it and manage it myself with lower annual fees - so any advice welcome.

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  • dunstonh
    dunstonh Posts: 116,281 Forumite
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    edited 1 December 2023 at 11:50AM
    I would like to be able to transfer it for free it and manage it myself with lower annual fees - so any advice welcome.
    It may be easier for you to say what you have found out so far from your research.    After all, you say you want to manage it yourself and it would help us see if you have an understanding of what you are doing or not.

    So, what drawdown strategy are you using? 
    What investment strategy do you intend to use?  (e.g. yield, total return, bucketing etc)
    What investment universe are you planning to use?  (UT/OEICs, pension funds or ITs, ETFs)


    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.
  • cfw1994
    cfw1994 Posts: 1,871 Forumite
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    dunstonh asks good questions.

    At a simple level:

    A) What are those funds currently invested in?

    Plenty of ‘easy to use’ platforms you could consider (Vanguard, Hargreave Lansdown, AJBell, Interactive Investor).
    Each will have some fees, typically depending on size of pot and funds you are invested in.  They may also have fees for drawdown costs.

    If you know the answer to A), you can seek the cost for the same funds in one of the above.

    Does your existing advisor charge fees to move (hint…St James Place can charge as much as 6% to move away - terrible company!)?
    Plan for tomorrow, enjoy today!
  • Albermarle
    Albermarle Posts: 21,993 Forumite
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    wheelcaps said:
    I am retired and don't have a huge Pension, but am currently doing drawdown through a Financial Advisor/Company.  The fees for this seem to be out of proportion and I would like to be able to transfer it for free it and manage it myself with lower annual fees - so any advice welcome.
    This and similar questions crop up regularly on this forum, and as well there are plenty of threads about managing your own drawdown, investments etc.
    So you could do worse than scroll through the forum to pick up some ideas.

    Otherwise you will get better answers if you supply more detail. Like how big are the sums involved and how much are you being charged?
  • I am looking to move my SIPP into a drawdown pension, taking the 25% tax free, then a monthly income, with the option of taking a one off lump sum at times - which companies have this type of drawdown pensions with reasonable to good history on service and performance
  • Albermarle
    Albermarle Posts: 21,993 Forumite
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    Nuttyme said:
    I am looking to move my SIPP into a drawdown pension, taking the 25% tax free, then a monthly income, with the option of taking a one off lump sum at times - which companies have this type of drawdown pensions with reasonable to good history on service and performance
    Lots, probably including your current SIPP provider.
    Who are you with now and how big is the fund involved.

    ps - Better to start your own thread rather than jump on the back of an old one.
  • dunstonh
    dunstonh Posts: 116,281 Forumite
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    Nuttyme said:
    I am looking to move my SIPP into a drawdown pension, taking the 25% tax free, then a monthly income, with the option of taking a one off lump sum at times - which companies have this type of drawdown pensions with reasonable to good history on service and performance
    If you have a SIPP then it will offer drawdown.   I don't think there is a single SIPP out there that doesn't have drawdown functionality.
    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.
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