BEST WAY TO DO DRAWDOWN FOR A VERY SMALL POT

epsilon4900

xylophone said:

The bumph I received from Phoenix Life today 

Do you mean that you requested a "retirement pack" from Phoenix and they have set out your options for taking the pension?

What exactly does the letter say?

No it's not a retirement pack per se. It appears to be a current valuation of the policy and various options but it promises to go into more details on the MVR issue and quite pointedly does not. I am ringing them tomorrow to ask them about it.

xylophone

 2018 Major Value Reduction?    
 
https://www.ftadviser.com/pensions/2018/05/15/phoenix-life-under-fire-for-pension-exit-charge/

epsilon4900

Unfortunately my level of trust for my pension companies Phoenix and Aviva is at an all time low for various reasons.    I don't trust anything they say only what is on an email or better still a letter. They are quite happy to bury me in paper most of which is irrelevant to me. When I want actually to know something that matters to me finding it out is extremely difficult and fraught. 

epsilon4900

xylophone said:

 2018 Major Value Reduction?    
 
https://www.ftadviser.com/pensions/2018/05/15/phoenix-life-under-fire-for-pension-exit-charge/

Ta. I know it's 6 years ago but it doesn't surprise me in the least. Standard life told me that Phoenix told them there are no MVRs currently or likely on my policy. Then a letter this week from Phoenix directly told me something different leaving the door very clearly open to an MVR. The frustrating thing is that I have made it clear that I want to take monies in July and yet even at this notice so far there is no categorical yes or no.  They can't even tell me if during a transfer out to sort drawdown IF they did impose an MVR whether or not I would be informed BEFORE it were too late to stop the whole thing? It is this sort of thing which makes me feel that the whole personal pension thing is just a giant racket. I know others will take issue with that statement and fair enough but it is how I currently feel!

epsilon4900

And that is despite being hemmed in by all manner of requirements from FCA and so on. Like the words they have to say to you on the phone which may or may not be what you actually want to hear or know about?

xylophone

Recent discussion on MVR.

https://forums.moneysavingexpert.com/discussion/comment/80794534/#Comment_80794534

epsilon4900

xylophone said:

Recent discussion on MVR.

https://forums.moneysavingexpert.com/discussion/comment/80794534/#Comment_80794534

Thanks for that!

epsilon4900

This is exactly why I regard these private pensions as a big con. They make it as difficult as possible to take monies out in a range of ways and these extra charges or penalties suddenly appearing after being told they would not and no way to avoid them and so on. It must be such a dis incentive for people to bother but I guess those just starting out and nowhere near retirement just won't know of these sort of issues or likely care.

epsilon4900

Just  spent a frustrating while on the phone to HL. After 30 minutes of exploring transferring my pension pot
referred to in this thread to them and way/s to avoid triggering the MPAA the phone disconnected. This was not impressive and while tech issues can occur on the phone to anyone it does not enthuse me about HL.

xylophone

Have you booked your Pension Wise appointment yet?

Requested a "retirement pack" from Phoenix?

After 30 minutes of exploring transferring my pension pot

This seems a long conversation for an initial enquiry.

https://www.hl.co.uk/pensions/transfer-to-the-sipp

https://forums.moneysavingexpert.com/discussion/6244016/help-with-hl-three-small-pots may be of interest.