Pension Drawdown

wallace50___

Hello
Can anyone suggest a UK pension provider that will allow you to set up a flexible draw down of a pension pot without having to use a financial advisor to set it up for you.?

The back story to this question is this - My wife has a small pension pot of 50k. She wants to draw it down but PRU wont let her do this unless a FI sets it up for her (at some cost of course). When we objected to this as we dont want to pay several K£ for someone to do this  (we have taken advice in the past and know what we want to do) it was suggested that we transfer the pot to another provider who will allow a drawdown arrangement without using a FI. Pru of course would not suggest anyone.
So before I take a deep breath and begin the process of wading through chat bots and automated phone lines in order to find one, I thought I would first ask the question here
Many thanks in advance

Mark_d

This looks quite good:
https://www.vanguardinvestor.co.uk/investing-explained/flexible-income

tacpot12

AJ Bell certainly do. 

Linton

Every diy pension platform  I know of will allow you to set up a flexible drawdown pension without advice. Eg HL, AJBell, II, BestInvest.

some other platforms are designed for advisors and so would not be appropriate for a diy investor.

The other possible problem could be that you are required to have received paid-for advice if you want to transfer-in  a pension with certain guarantees such as a guaranteed annuity rate.  The objective being to ensure people don’t  lose what can be an extremely valuable benefit through ignorance.

dunstonh

She wants to draw it down but PRU wont let her do this unless a FI sets it up for her (at some cost of course).

I am not sure what an FI is but Pru do not operate an advised service.  It's non-advised order taking.   This means they can only deal with cases that do not involve safeguarded benefits.   If safeguarded benefits exist, they tell you you need to use an FA or IFA.   

wallace50___

dunstonh said:

She wants to draw it down but PRU wont let her do this unless a FI sets it up for her (at some cost of course).

I am not sure what an FI is but Pru do not operate an advised service.  It's non-advised order taking.   This means they can only deal with cases that do not involve safeguarded benefits.   If safeguarded benefits exist, they tell you you need to use an FA or IFA.   

Yeh sorry that should be FA.
And thanks for the reply

Albermarle

wallace50___ said:

Hello
Can anyone suggest a UK pension provider that will allow you to set up a flexible draw down of a pension pot without having to use a financial advisor to set it up for you.?

The back story to this question is this - My wife has a small pension pot of 50k. She wants to draw it down but PRU wont let her do this unless a FI sets it up for her (at some cost of course). When we objected to this as we dont want to pay several K£ for someone to do this  (we have taken advice in the past and know what we want to do) it was suggested that we transfer the pot to another provider who will allow a drawdown arrangement without using a FI. Pru of course would not suggest anyone.
So before I take a deep breath and begin the process of wading through chat bots and automated phone lines in order to find one, I thought I would first ask the question here
Many thanks in advance

There are quite a lot. No need to call anyone, as their websites are usually quite informative, and you can get some ideas from these links.

Best SIPP: Build a low cost DIY pension - MoneySavingExpert
Compare the best SIPPs & SIPP Providers in 2024 (businessexpert.co.uk)

Or of you prefer a more traditional provider you can look at 
Personal Pension | Private Pension Plan | Standard Life
Aviva Pension | Self-invested personal pension - Aviva