Which pension company provides the easiest & quickest ufpls withdrawls?

Albermarle

zagfles said:

Pat38493 said:

zagfles said:

Notepad_Phil said:

zagfles said:

Pat38493 said:

tacpot12 said:

I only have experience of AJ Bell, but their app is good.

I have a regular monthly UFPLS withdrawal setup. Cash is taken out of the SIPP around the 9th of the Month and arrives as a payment into my bank account around the 18th of the month (so 9 days in limbo which I have always felt was a little excessive). The app says one off withdrawals take 1-3 days, and this has been my experience when requesting cash withdrawals from my Stocks and Shares ISA that I also have with AJ Bell.  

I've found the customer service to be very good; I've had very few problems, but any I have had have been sorted promptly after sending a secure message using the app.  

So AJ Bell allows you to set up a monthly automated UFPLS?  I thought that is was just IFA only providers that offered this option, although I was guessing that sooner or later DIY providers would start to offer it as well.

...
I wouldn't even consider a UFPLS with HL for instance as it seems to be very complicated with them, when I can use phased drawdown to achieve the same thing and it's easy.  

Sorry to disagree, but HL UFPLS is quite simple from Mrs Notepad's experience. You can start the process online and within a few days you'll receive a form in the post which just needs signing and returning via the postal system, the money then gets sent to your bank account a few days after they receive the form.

Not as simple or as quick as ii, which from my experience can all be done online, but it wouldn't put me off from using HL if they were as cheap for me as ii is.

I've never tried it myself but read a few threads on here where people have had problems. But phased drawdown is easy with HL all online after the first, so I'll stick with that. 

Can you please explain what you mean by "phased drawdown" in this context as when I look it up, it just seems to mean taking different amounts at different times.

Crystallising part of the pot and taking 25% of that part as PCLS, moving the other 75% to drawdown. 

Eg you have £200k in a SIPP, uncrystallised. You want to take £40k of it this year. Three options:

1) You could take a £40k UFPLS, so £10k tax free and £30k taxable, in a lump sum.

2) You could use phased drawdown and crystallise £40k, take £10k PCLS now and move £30k into drawdown. Then draw the £30k over the year as required. 

3) You could take monthly UFPLS - take £3333 each month of which £833 is tax free and £2500 taxable. 

Not all options will be available/easy to do with some providers. But they all achieve virtually the same end result, so the choice may come down to what's easiest with your provider. Also tax, for instance a one off UFPLS can result in a massive tax hit due to the way PAYE works, which you may have to reclaim. 

For instance 2) seems to be the easiest with HL, but hard with my workplace provider. 3) is hard with HL but easy with my workplace pension - although, like most "traditional" providers used by workplace pensions and IFAs, they insist you move your funds to a separate account before taking anything from them, even UFPLS, which is a a bit of a pain. I think all DIY providers allow you to take UFPLS straight out of the SIPP with no messing around transferring to a separate account first. 

Regarding option 2) - just to add I think some traditional workplace pension providers, do not let you take any taxable income until all the 25 % tax free has been taken ( whether you take it all at once or in stages) .

Donewithwork1

I opened a SIPP with Interactive Investor in Feb' and have so far transferred in 2x DC workplace pensions.  Last week I went online and arranged my first crystallization event for the next 12 months flexi access drawdown, taking 25% tax free and the remainder as x12 equal monthly payments.   It gave me an option of payment on 28th April or 15th May (these are the two standard payment dates each month). the process was quite simple, took around 20 minutes, so fingers crossed my tax free amount should be coming anytime soon and my first monthly payment on or around the 28th.  I can also go online and amend and or cancel payments at any time.

Although they have an app you can't currently do this on the app.  They ask that you allow at least 10 working days notice for payments to be made.  Although i opted for FAD they do UFPLS too.

I have to say that so far I have been very pleased with them, in terms of their systems and also in communications with them via telephone and also secure message via their app.  For the size of my pot at a flat rate of £12.99 per month a pretty good deal all told

dunstonh

sgx2000 said:

dunstonh said:

Aviva (my current pension company)

Which version product?   Service varies depending on product and legacy company

L&G   (they have always quoted the highest if I took an annuity)

projections are just a range of assumptions and not based on fact.    If they use higher assumptions than the others are using then it would be higher on a synthetic calculation.    It doesn't mean theirs is better.

Vanguard  (because of the fees)

Lots of forum posts of late suggesting they have service issues currently.

Thanks for the reply Dunstonh

Aviva workplace pension.  A custom workplace TK plan.... (lifestyled)grr
currently
Series6 Av Corporate Bond S6 £1,597.07
Series6 Av BR EuropnEqty IndTrS6 £1,248.65
Series6 Av BR 50:50 GloEqIndTrS6 £18,653.96
Series6 Av UK Equity Income S6 £5,043.68
Series6 Av StwtInvAsiaPacLdSustS6 £2,642.09
Series6 Av AXA Fram Ameri Grth S6 £7,072.81
Series6 Av JPM Emerging Market S6 £2,391.40
Series6 Av BlackRock ContEuropnS6 £1,511.12
Series6 Av BlackRock Corpo BndS6 £2,998.77
Series6 Av BNY Global Income S6 £5,577.14
Series6 Av MFFocCons Pre 2024 S6 £63,600.95 Series6 Av M&G Optimal Inc S6 £4,746.94
Total fund value £117,084.58


I am currently undecided as to drawdown (ufpls)
or
Drawdown / annuity split...

Every time I get close to making my mind up something else happens to change things.

I am 64 so 2 years from state age, and suddenly redundancy seems possible....

So spreadsheet changes and options change....
Probably wont be able to get near to making a decision until the redundancy happens or not...

TK policy number indicates a legacy Norwich Union plan used insured funds. It has limited drawdown functionality but does allow UFPLS on a lump sum basis.   It will be more sluggish than many platforms using newer software 

sgx2000

dunstonh said:

TK policy number indicates a legacy Norwich Union plan used insured funds. It has limited drawdown functionality but does allow UFPLS on a lump sum basis.   It will be more sluggish than many platforms using newer software 

Again many thanks for the reply...

Probably a stupid question, but..
I take it I would be better moving the whole pot....
Are there any costs to move the whole pot to a different provider?

Albermarle

sgx2000 said:

dunstonh said:

TK policy number indicates a legacy Norwich Union plan used insured funds. It has limited drawdown functionality but does allow UFPLS on a lump sum basis.   It will be more sluggish than many platforms using newer software 

Again many thanks for the reply...

Probably a stupid question, but..
I take it I would be better moving the whole pot....
Are there any costs to move the whole pot to a different provider?

Normally no costs nowadays but you need to check.

In fact some providers even offer intermittent cashback offers for transfers in, and/or repayment of any exit costs ( if there are any)
The process can be quite quick and painless if it goes smoothly, although sometimes the transfers do get delayed. Aviva seem to be quite quick.

I take it I would be better moving the whole pot....

That would make sense. The transfer will be in cash, and then you will have to decide how to invest it with the new provider.

sgx2000

Albermarle said:

sgx2000 said:

dunstonh said:

TK policy number indicates a legacy Norwich Union plan used insured funds. It has limited drawdown functionality but does allow UFPLS on a lump sum basis.   It will be more sluggish than many platforms using newer software 

Again many thanks for the reply...

Probably a stupid question, but..
I take it I would be better moving the whole pot....
Are there any costs to move the whole pot to a different provider?

Normally no costs nowadays but you need to check.

In fact some providers even offer intermittent cashback offers for transfers in, and/or repayment of any exit costs ( if there are any)
The process can be quite quick and painless if it goes smoothly, although sometimes the transfers do get delayed. Aviva seem to be quite quick.

I take it I would be better moving the whole pot....

That would make sense. The transfer will be in cash, and then you will have to decide how to invest it with the new provider.

Thanks for the reply

When you say the transfer will be in cash... 
Thats not taxable is it?
Is it still just an uncrystallized pension?

Albermarle

When you say the transfer will be in cash... 
Thats not taxable is it?  NO
Is it still just an uncrystallized pension?  YES

All you are doing is changing providers, so no change to the status of the money.