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Nominate funds to draw down from?
Fruga
Posts: 15 Forumite
Does your pension platform allow you to nominate which funds to crystalise or draw out via UFPLUS? I've checked mine (Aviva) and I can't do this, all the funds are drawn on, pro rata...... Looks like I need to move it elsewhere as I'm looking to setup the cashflow ladder approach when taking the pension.
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With a modern SIPP, you can just sell which investments you want to cash before requesting the UFPLS.1
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Ok so platforms like BestInvest would allow you to do this, so sell funds and keep cash on account and then take the UFPLUS from just the cash?0
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Does your pension platform allow you to nominate which funds to crystalise or draw out via UFPLUS?Platforms will. Personal pensions or stakeholder pensions usually won't (although you can always adjust the funds afterwards).I've checked mine (Aviva) and I can't do this, all the funds are drawn on, pro rata.Aviva platform can do it. Aviva Life & pensions is pro-rata.Looks like I need to move it elsewhere as I'm looking to setup the cashflow ladder approach when taking the pension.Or just adjust the fund weightings afterwards.
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.1 -
So Aviva say for Lump sum (aka UFPLUS) "If you have invested in more than one fund your payment will be funded by deducting a proportionate amount from each fund" There is the same statement in the section related to Income drawdown as well. So useless if you want to draw down on cash funds or low risk funds and leave more volatile funds invested.Fruga said:Ok so platforms like BestInvest would allow you to do this, so sell funds and keep cash on account and then take the UFPLUS from just the cash?0 -
I should say my booklet states it is a Stakeholder Pension Scheme0
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Ok that's helpful, so what I want is a SIPP rather than a stakeholder? Looks like I need to move it to do what I want.dunstonh said:Does your pension platform allow you to nominate which funds to crystalise or draw out via UFPLUS?Platforms will. Personal pensions or stakeholder pensions usually won't (although you can always adjust the funds afterwards).I've checked mine (Aviva) and I can't do this, all the funds are drawn on, pro rata.Aviva platform can do it. Aviva Life & pensions is pro-rata.Looks like I need to move it elsewhere as I'm looking to setup the cashflow ladder approach when taking the pension.Or just adjust the fund weightings afterwards.0 -
Yes they would as would other similar SIPP providers, like HL, Fidelity, Interactive Investor, AJ Bell, Iweb etcFruga said:Ok so platforms like BestInvest would allow you to do this, so sell funds and keep cash on account and then take the UFPLUS from just the cash?
You could do it with Vanguard as well, although it is not strictly a SIPP.
Best SIPP: Build a low cost DIY pension - MoneySavingExpert
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