Drawdown but with who?

Richard1301

HI all, Im currently retired aged 64 and live off a DB pension i took a few years back. I currently have two pensions one with AMAZON UK RETIREMENT SAVINGS PLAN LG run it worth 100k and another with Aviva Stakeholder Group Personal Pension Plan worth 60k. I have decided to take my 25%tax free lump sum (just in case labour scrap it)and would appreciate any advice on where to move them so i can withdraw money as and when needed. Would consolidating with  Pensionbee or similair be a good option or is there a better path?. Thanks to all in advance.

Voyager2002

Why do you need to move these pensions? 

FWIW many pension providers impose extra fees when a pension goes into drawdown: my SIPP is with Fidelity, who do not impose any such charge.

eastcorkram

Voyager2002 said:

Why do you need to move these pensions? 

FWIW many pension providers impose extra fees when a pension goes into drawdown: my SIPP is with Fidelity, who do not impose any such charge.

Doesn't your second paragraph, answer the question you asked?? 

Richard1301

Voyager2002 said:

Why do you need to move these pensions? 

FWIW many pension providers impose extra fees when a pension goes into drawdown: my SIPP is with Fidelity, who do not impose any such charge.

I thought that if i take 25% i would have to move my pension into drawdown and for convenience combining them would be easier to manage. Also they are not performing that great.Thanks.

dunstonh

 I have decided to take my 25%tax free lump sum (just in case labour scrap it)

KS has said they are not going to get rid of it and they are happy with the current cap.

Doing this means you wont be able to use phased UFPLS (a common retirement income strategy).  So, don't go blowing your options on the back of scaremongering.

I thought that if i take 25% i would have to move my pension into drawdown and for convenience combining them would be easier to manage. Also they are not performing that great.Thanks.

Most modern quality pensions support most or all drawdown options.

tacpot12

I've used AJ Bell for quite a while and found them to be reliable. Their customer service has been good. I recommended them to my partner who had a £27K CETV in a DB pension she wanted to access to avoid having to claim another DB pension early. She also had no trouble with the transfer or subsequent drawdown and was happy with the charges. 

Charges and customer service are probably the most important factors when selecting a SIPP platform as the funds available are pretty similar and only differ if you want to invest in something esoteric.  

Albermarle

It can be more difficult ( but not impossible) to move a crystallised pension ( after the 25% tax free has been taken) than an uncrystallised one. Plus then drawing taxable income from two DC different pensions, plus a DB pension and state pension, may mean you will be on the phone to HMRC quite often !
For the amounts involved best to consolidate into one pension first before taking the 25% tax free just to make things simpler.
Although making financial decisions based on media speculation, such as just in case labour scrap it) is not normally very wise.

Would consolidating with  Pensionbee or similair be a good option or is there a better path?. 

There are many suitable pension providers and PensionBee is just one of them, although for sure not the cheapest.

 Also they are not performing that great.

Pensions do not perform, that is the job of the investments held within the pension. Picking the right investments for your situation ( whether in the current pensions or a new one) is more important than who the pension provider is. 

Richard1301

Albermarle said:

It can be more difficult ( but not impossible) to move a crystallised pension ( after the 25% tax free has been taken) than an uncrystallised one. Plus then drawing taxable income from two DC different pensions, plus a DB pension and state pension, may mean you will be on the phone to HMRC quite often !
For the amounts involved best to consolidate into one pension first before taking the 25% tax free just to make things simpler.
Although making financial decisions based on media speculation, such as just in case labour scrap it) is not normally very wise.

Would consolidating with  Pensionbee or similair be a good option or is there a better path?. 

There are many suitable pension providers and PensionBee is just one of them, although for sure not the cheapest.

 Also they are not performing that great.

Pensions do not perform, that is the job of the investments held within the pension. Picking the right investments for your situation ( whether in the current pensions or a new one) is more important than who the pension provider is. 

Thanks Albermarle, I wll consolidate first, the question is where for ease of use, access and cost when i move into drawdown?.  

Thanks all for the input.

gm0

The "best" platform for you will be a function of "what investments you want to hold - this is number one", then cost, drawdown features/options.   Cost can be a complex topic and a function of what you hold, how often you trade and pot size.  Best to approach the "where" decision after the "what decision"