Drawdown quotes

neilsims

I have a pension pot worth just over 100k. I have adequate income from savings/pensions/investments to live comfortably without this. Is there a site which will provide a list of the best drawdown pensions and their charges? I do not want/need financial advice as all i want to do is take the 25% tax free sum in chunks and the rest as and when I want to pay for holidays etc.

eastcorkram

Who is it currently with?

Linton

There are a range of perhaps 10 or more mainstream- SIPP platforms, you will see them mentioned frequently in these pages.  They all do much the same job efficiently enough, the main differences being the charging structure and style of the websites. There is no single platform which is the best in all aspects. 

I use II, AJBell and BestInvest.  I would not recommend BestInvest, they seem to major on providcing advice and are a bit expensive with a somewhat unhelpful user interface. The other 2 are fine for the facilities you say  you want.

There is a list at https://monevator.com/compare-uk-cheapest-online-brokers/ but I would not class all of the ones listed as mainstream. Many only support shares rather than funds.

Albermarle

Normally there are pension providers ( where you accumulate the pension pot) who then let you take the tax free cash and drawdown the rest if needed. You do not really get a specific 'drawdown provider' as such.

More modern providers, with more up to date IT etc tend to offer the most number of drawdown options and are relatively user friendly.
As well as those mentioned in the previous post, you also have Fidelity and HL as well known providers.

Plus traditional providers can offer something similar ( Standard Life , Scottish Widows, Aviva etc) as long as you are in one if their modern pension plans..

nomorekids

neilsims said:

I have a pension pot worth just over 100k. I have adequate income from savings/pensions/investments to live comfortably without this. Is there a site which will provide a list of the best drawdown pensions and their charges? I do not want/need financial advice as all i want to do is take the 25% tax free sum in chunks and the rest as and when I want to pay for holidays etc.

This might help you, same no advice needed just round up all the pensions and put into one ready for drawdown. Exactly the same position as you, having researched, down to two choices A J Bell that the kids use and Hargraves Lansdown which I use for other savings so I know the platform.  Hope this helps

bjorn_toby_wilde

At just over £100k it would probably pay to check the charges via the Monevator link @Linton provided.

AJ Bell for example charges 0.25%.  You’d save about £100 a year with II because they charge a flat fee rather than a percentage. They’re also giving a £250 bonus for switching to them right now.

DRS1

Just make sure you don't buy any index linked gilts
Interactive Investor - calculation of 25% tax free cash when holding Index Linked Gilts - Page 11 — MoneySavingExpert Forum

thingswerentthisbadinmyday

I have SIPP and Drawdown accounts with HL and ISA with AJBell. Happy with both. My decision as to which platforms I use (for what) are based on a number of factors - not just the monthly fee. Cost of buying shares, OEICs, ETFs, dividend re-investment charges - all come into play. 

Albermarle

thingswerentthisbadinmyday said:

I have SIPP and Drawdown accounts with HL and ISA with AJBell. Happy with both. My decision as to which platforms I use (for what) are based on a number of factors - not just the monthly fee. Cost of buying shares, OEICs, ETFs, dividend re-investment charges - all come into play. 

And last but not least, how big a cashback they offer to transfer to them ! 

neilsims

Thank you for the comments. I am currently with Aviva and have asked them if they can do what I want to do with the money. Will see what incentives HL and AJ Bell offer to transfer, plus any others anyone can suggest.

thingswerentthisbadinmyday

In addition to HL and AJB, I have also used Fidelity in the past (ISA but not SIPP). I found them very good and I liked the interaction with the web site. It’s been a while, though.