move my pension to get drawn down ?

andrew28

Hi All, Question any good ideas were i can move this to
Details below 
My current provider only option is to move the whole thing in or leave the whole thing out.
My goal is to move the pension approx £50k  and do a tax free drawdown of 25% leaving the remainer in.
the pension is a personal penion [ defined contribution]   from opting out of serps 30 odd years ago

What are your though's

Albermarle

There are many providers who you can move to.
Some  charge more than others, although charging structures can be a bit complicated to exactly compare apples with apples.
In any case with 'only' £50K, the platform charge/pension management charge will not be that significant. More importantly when your money arrives at your new pension provider, it will be in cash. No problem for the 25% tax free cash, but you will have to decide what to invest the 75% left in. You can leave it in cash but this is not a good idea if you intend not to take it for some years.

Have a look at the websites of the following to get started/ get a feel for it.
Hargreaves Lansdown
Fidelity Personal Finance
Standard Life pensions
AJ Bell

Other posters will no doubt make other suggestions.

DRS1

Is it your only pension?  Would consolidating it with another pension an option?

Oh and check with the provider that there are no issues with doing a transfer - eg that the pension has no safeguarded benefits.

andrew28

Albermarle - thanks i will check these out. i am finding the whole process more complicated then i imagined 

DRS1  - thanks i will check that with my current provider 

Albermarle

andrew28 said:

Albermarle - thanks i will check these out. i am finding the whole process more complicated then i imagined 

DRS1  - thanks i will check that with my current provider 

Most things connected to pensions are not that simple !