Very quick first withdrawal from II at age 55

ali_bear

Sounds like you just need flexi access drawdown (FAD). My older company scheme with Aviva does not support it so when the time comes I will move to a modern SIPP, possibly the Aviva one, that does allow FAD. 

DT2001

MetaPhysical said:

Question for you regarding II and TFLS and UFPLS.  If this is a thread hijack I'll start another thread.
So as we all know we all get £268k max TFLS allowance.

On the II platform can you pull off say 100k as a TFLS and then utilise your remaining allowance of 168k for UFPLS withdrawals?

So 268k - 100k = 168K of allowance remaining in the pension for TFLS and 100k in my bank.

Use that 168k remaining allowance across UFPLS withdrawals over the next number of years??  So I get that 100k TFLS in my bank.  Cool.  Two months later I want to withdraw £20k.  Can I use UFPLS so that I only pay tax on the 15k and that the 5K is tax free (and then of course my remaining allowance moves to 168-5 = 163k )?????

Aviva do not allow this from what I can gather.  If you want the TFLS at the beginning you have to use drawdown.  I don't want to do that.

I don’t know the answer but I have 3 pension pots on the same platform (Novia) so maybe this is a way around your request.

Triumph13

DT2001 said:

MetaPhysical said:

Question for you regarding II and TFLS and UFPLS.  If this is a thread hijack I'll start another thread.
So as we all know we all get £268k max TFLS allowance.

On the II platform can you pull off say 100k as a TFLS and then utilise your remaining allowance of 168k for UFPLS withdrawals?

So 268k - 100k = 168K of allowance remaining in the pension for TFLS and 100k in my bank.

Use that 168k remaining allowance across UFPLS withdrawals over the next number of years??  So I get that 100k TFLS in my bank.  Cool.  Two months later I want to withdraw £20k.  Can I use UFPLS so that I only pay tax on the 15k and that the 5K is tax free (and then of course my remaining allowance moves to 168-5 = 163k )?????

Aviva do not allow this from what I can gather.  If you want the TFLS at the beginning you have to use drawdown.  I don't want to do that.

I don’t know the answer but I have 3 pension pots on the same platform (Novia) so maybe this is a way around your request.

I'd be surprised if it wasn't 'Yes' but, even if it isn't, it would still be very easy to achieve exactly the same result, just via two separate transactions: "Please crystalize £20k and pay me £5k TFLS" and "Please pay me £15k from my crystalized funds".  II don't hold crystalized and uncrystalized funds separately, they just track what percentage of the overall fund is uncrystalized, so you would only need to sell assets once to have your £20k in cash ready for withdrawal.