Nominate funds to draw down from?

Fruga

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.

Albermarle

With a modern SIPP, you can just sell which investments you want to cash before requesting the UFPLS.

Fruga

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?

dunstonh

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.

Fruga

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?

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

I should say my booklet states it is a Stakeholder Pension Scheme

Fruga

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.

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.

Albermarle

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?

Yes they would as would other similar SIPP providers, like HL, Fidelity, Interactive Investor, AJ Bell, Iweb etc 
You could do it with Vanguard as well, although it is not strictly a SIPP.

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