Quick SIPP Transfer

Shimrod

Sarahspangles said:

I transferred from SW to L&G and then from L&G to a SIPP, both times in cash. The SW transfer was slower, under a month. I think the L&G transfer took less than a fortnight. 

That's the opposite experience to mine. My SW transfer to an ii SIPP took 10 days from request to money arriving in my SIPP. L&G on the other hand took around two months to complete.

Cobbler_tone

Shimrod said:

Cobbler_tone said:

I have a workplace DC with L&G. I read about people transferring away. What are the restrictions with leaving it there as it seems to give several options?
Is it clunky drawdown, fees or user portal issues? They seem to offer a selection of funds to leave or move around to.
It’s something I’ll have to consider in a year or two.

One of the big constraints on my L&G workplace pension was a single chance to take tax-free cash when putting it into drawdown - you couldn't part crystalise funds. So if you only took 15% tax free cash, everything else became taxable.

That's the kind of restriction I'm interested in knowing about. I could well want to take a blend of tax-free/taxable drawdown.

Shimrod

Cobbler_tone said:

Shimrod said:

Cobbler_tone said:

I have a workplace DC with L&G. I read about people transferring away. What are the restrictions with leaving it there as it seems to give several options?
Is it clunky drawdown, fees or user portal issues? They seem to offer a selection of funds to leave or move around to.
It’s something I’ll have to consider in a year or two.

One of the big constraints on my L&G workplace pension was a single chance to take tax-free cash when putting it into drawdown - you couldn't part crystalise funds. So if you only took 15% tax free cash, everything else became taxable.

That's the kind of restriction I'm interested in knowing about. I could well want to take a blend of tax-free/taxable drawdown.

You can also only have accumulation funds as you don't have any cash account. This also means you would need to sell and transfer investments to a money market fund if you wanted to hold a cash buffer within the pension.

Cobbler_tone

Shimrod said:

Cobbler_tone said:

Shimrod said:

Cobbler_tone said:

I have a workplace DC with L&G. I read about people transferring away. What are the restrictions with leaving it there as it seems to give several options?
Is it clunky drawdown, fees or user portal issues? They seem to offer a selection of funds to leave or move around to.
It’s something I’ll have to consider in a year or two.

One of the big constraints on my L&G workplace pension was a single chance to take tax-free cash when putting it into drawdown - you couldn't part crystalise funds. So if you only took 15% tax free cash, everything else became taxable.

That's the kind of restriction I'm interested in knowing about. I could well want to take a blend of tax-free/taxable drawdown.

You can also only have accumulation funds as you don't have any cash account. This also means you would need to sell and transfer investments to a money market fund if you wanted to hold a cash buffer within the pension.

I guess this is the closest available fund if that was the objective.

dunstonh

Cobbler_tone said:

Shimrod said:

Cobbler_tone said:

I have a workplace DC with L&G. I read about people transferring away. What are the restrictions with leaving it there as it seems to give several options?
Is it clunky drawdown, fees or user portal issues? They seem to offer a selection of funds to leave or move around to.
It’s something I’ll have to consider in a year or two.

One of the big constraints on my L&G workplace pension was a single chance to take tax-free cash when putting it into drawdown - you couldn't part crystalise funds. So if you only took 15% tax free cash, everything else became taxable.

That's the kind of restriction I'm interested in knowing about. I could well want to take a blend of tax-free/taxable drawdown.

Its not really an issue though as you use the L&G pension to get you to retirement and then transfer to an individual plan that does give you the functionality you need.

Cobbler_tone

dunstonh said:

Cobbler_tone said:

Shimrod said:

Cobbler_tone said:

I have a workplace DC with L&G. I read about people transferring away. What are the restrictions with leaving it there as it seems to give several options?
Is it clunky drawdown, fees or user portal issues? They seem to offer a selection of funds to leave or move around to.
It’s something I’ll have to consider in a year or two.

One of the big constraints on my L&G workplace pension was a single chance to take tax-free cash when putting it into drawdown - you couldn't part crystalise funds. So if you only took 15% tax free cash, everything else became taxable.

That's the kind of restriction I'm interested in knowing about. I could well want to take a blend of tax-free/taxable drawdown.

Its not really an issue though as you use the L&G pension to get you to retirement and then transfer to an individual plan that does give you the functionality you need.

Yeah, no issues with their platform at all (I don’t have a choice) and it’s really user friendly. If it did what I needed I’d happily leave it there into retirement. 

We have a seminar soon so I’ll be able to establish the full options.

Shimrod

dunstonh said:

Cobbler_tone said:

Shimrod said:

Cobbler_tone said:

I have a workplace DC with L&G. I read about people transferring away. What are the restrictions with leaving it there as it seems to give several options?
Is it clunky drawdown, fees or user portal issues? They seem to offer a selection of funds to leave or move around to.
It’s something I’ll have to consider in a year or two.

One of the big constraints on my L&G workplace pension was a single chance to take tax-free cash when putting it into drawdown - you couldn't part crystalise funds. So if you only took 15% tax free cash, everything else became taxable.

That's the kind of restriction I'm interested in knowing about. I could well want to take a blend of tax-free/taxable drawdown.

Its not really an issue though as you use the L&G pension to get you to retirement and then transfer to an individual plan that does give you the functionality you need.

Exactly what I did!