Looking for an online-only pension

gm0

No such animal. Nor easily can there be.

Some regulated processes (they have no choice but to follow) are risk based - they get to choose how. And how much to spend on automating rare scenarios.  Which would drop onto fees.  Higher fees = no customers.  So no.

So once you drop onto a checking something process path at most providers. It sometimes goes old school.  Most places.  Not always but sometimes.  

I use Fidelity - who are OK. Can do most I need to run a drawdown plan on the website without calling them.
But I needed to speak to them during initial application and setup some years ago.  This was despite ticking the "been to pensionwise box" on the online form.  They insisted on a call (which had a lot of FCA boilerplate sung to me in it and a few questions/responses with me).  So upon transfer but not since.  

That example was them fulfilling a pension transfer conduct of business requirement (from FCA) to ask me about what I was planning to invest in after transfer.  There are bad scenarios around pension transfer that have led the FCA to ask for this.  Intrusive and unwanted as it very definitely appears.  And putting it all on an online form which the fraud victims can be coaxed to fill correctly to evade a control - doesn't fulfill the requirement. It is what it is. Until the FCA do something wildly different.

I have used other scheme pension admin companies who were painful on email, had no app, little on the website beyond a request form that you could hear being printed/scanned into basic workflow the other end.  Mostly phone only and the cs not very expert.  The kind of place you transfer out of once you have had whatever value kept you there - cheap funds, low fees, special features, employer contributions etc.

SpikeyW

FIREDreamer said:

Drawdown / tax free cash can be done online with Hargreaves and AJ Bell Youinvest. Have done this with both these providers with no issues at all.

Thanks - I'll check those first! 

SpikeyW

dunstonh said:

SpikeyW said:

Albermarle said:

There are many online providers that have been established for many years.
Most offer an app as well, and you normally only need to call them if there is a problem ( which can prove very useful) 
Even most of the traditional providers, like Standard Life, Scottish Widows etc are mainly operated on line.

One problem is when you have a rather old pension, that was launched when 'online' was not common.

Who is the provider causing you issues?

Scottish Widows.

Though many have an online portal, I have yet to find one that is online ONLY. They all seem to require phone contact to do a drawdown, etc. Very 1990s.

The scottish Widows platform uses FNZ software which powers 7 of the top 10 platforms.  Its modern and does what most of the other platforms do.

However, if you have an older SW plan, it will be on older software.   Hence why it looks like software from a different era.  

It was an old, old pension when I did the drawdown recently with Scottish Widows. They convert it to a new pension (to get rid of the clunky old one), so I specifically asked to switch to one that's online only. The guy doing the drawdown phoned through to the appropriate department, who told him/me that there are NO online-only options with them. At all. I was not pleased, which is why I'm going to move it.

Thanks to everyone for the suggestions: I'll check them out, contact them and move my moolah away from the 1990s. 

MallyGirl

I have never spoken to II but have not drawn down anything yet - I certainly didn't need to for setup. OH took his 25% TFLS from II without speaking to anyone.