Accessing small lifestyle pension pot

johnnyren

Albermarle said:

This Would be much better as it seems quite complicated going down the route of transferring it out 

Normally transferring a DC pension/SIPP ( same thing really) is actually very easy nowadays.
You can do it online yourself- no need for an advisor ( unless you want one ).

However if the DC pension is not standard/has some guarantees/unusual terms then it can get more tricky.

Have you actually asked if it is possible to transfer out ?( to your Fidelity SIPP for example) as this may be the simplest option. 

I suggested that to my ifa who deals with my sipp ,   But his only advice was to keep it invested till I reached 67 ,  I got the impression the powers above him seem it too small to touch ,   

johnnyren

DRS1 said:

The Diageo Lifestyle Scheme is a weird scheme.  I am not sure it is a traditional DC Scheme.  Yes a percentage of salary is contributed to the scheme but it is then revalued rather than being invested with you making the investment decisions   But I am also not sure it is a DB Scheme either.  If it were then transfers out may be difficult and expensive.  However this page suggests it may be possible and even normal (see the section on withdrawal from the scheme)

Your options | Planning for retirement | Lifestyle | Diageo Pension Scheme

Thanks ,    I have already retired from the company some 3 yrs ago ,   I haven’t contributed to the pension in that time ,      I just wanted the 25 percent out of it ,  and keep the rest invested whether by taking it out or leaving it as it is 

QrizB

johnnyren said:

Albermarle said:

This Would be much better as it seems quite complicated going down the route of transferring it out 

Normally transferring a DC pension/SIPP ( same thing really) is actually very easy nowadays.
You can do it online yourself- no need for an advisor ( unless you want one ).

However if the DC pension is not standard/has some guarantees/unusual terms then it can get more tricky.

Have you actually asked if it is possible to transfer out ?( to your Fidelity SIPP for example) as this may be the simplest option. 

I suggested that to my ifa who deals with my sipp ,   But his only advice was to keep it invested till I reached 67 ,  I got the impression the powers above him seem it too small to touch ,   

That's one of the mysteries here. You're paying an IFA to look after your investments, and they should be dealing with this for you. It makes no sense (to me) that they would refuse to take on part of your investments.

Albermarle

johnnyren said:

Albermarle said:

This Would be much better as it seems quite complicated going down the route of transferring it out 

Normally transferring a DC pension/SIPP ( same thing really) is actually very easy nowadays.
You can do it online yourself- no need for an advisor ( unless you want one ).

However if the DC pension is not standard/has some guarantees/unusual terms then it can get more tricky.

Have you actually asked if it is possible to transfer out ?( to your Fidelity SIPP for example) as this may be the simplest option. 

I suggested that to my ifa who deals with my sipp ,   But his only advice was to keep it invested till I reached 67 ,  I got the impression the powers above him seem it too small to touch ,   

As you have an IFA looking after your bigger Fidelity SIPP ( as I understand the situation) normally it would be very easy for them just to transfer the £50K pension into that SIPP and earn a few quid doing so.
So did you actually ask the IFA why they recommended that you leave it?

johnnyren

QrizB said:

johnnyren said:

Albermarle said:

This Would be much better as it seems quite complicated going down the route of transferring it out 

Normally transferring a DC pension/SIPP ( same thing really) is actually very easy nowadays.
You can do it online yourself- no need for an advisor ( unless you want one ).

However if the DC pension is not standard/has some guarantees/unusual terms then it can get more tricky.

Have you actually asked if it is possible to transfer out ?( to your Fidelity SIPP for example) as this may be the simplest option. 

I suggested that to my ifa who deals with my sipp ,   But his only advice was to keep it invested till I reached 67 ,  I got the impression the powers above him seem it too small to touch ,   

That's one of the mysteries here. You're paying an IFA to look after your investments, and they should be dealing with this for you. It makes no sense (to me) that they would refuse to take on part of your investments.

I know what you mean , but I’m paying for him to deal with my sipp ,  which he is doing well ,    But if him and his company don’t want to take on the Diageo one then what can I do 
I can’t find anyone to take this pension on
lol,  

johnnyren

Albermarle said:

johnnyren said:

Albermarle said:

This Would be much better as it seems quite complicated going down the route of transferring it out 

Normally transferring a DC pension/SIPP ( same thing really) is actually very easy nowadays.
You can do it online yourself- no need for an advisor ( unless you want one ).

However if the DC pension is not standard/has some guarantees/unusual terms then it can get more tricky.

Have you actually asked if it is possible to transfer out ?( to your Fidelity SIPP for example) as this may be the simplest option. 

I suggested that to my ifa who deals with my sipp ,   But his only advice was to keep it invested till I reached 67 ,  I got the impression the powers above him seem it too small to touch ,   

As you have an IFA looking after your bigger Fidelity SIPP ( as I understand the situation) normally it would be very easy for them just to transfer the £50K pension into that SIPP and earn a few quid doing so.
So did you actually ask the IFA why they recommended that you leave it?

As I said I did mention it a while back but can’t recall his reasoning in his company not taking it on 

Albermarle

johnnyren said:

Albermarle said:

johnnyren said:

Albermarle said:

This Would be much better as it seems quite complicated going down the route of transferring it out 

Normally transferring a DC pension/SIPP ( same thing really) is actually very easy nowadays.
You can do it online yourself- no need for an advisor ( unless you want one ).

However if the DC pension is not standard/has some guarantees/unusual terms then it can get more tricky.

Have you actually asked if it is possible to transfer out ?( to your Fidelity SIPP for example) as this may be the simplest option. 

I suggested that to my ifa who deals with my sipp ,   But his only advice was to keep it invested till I reached 67 ,  I got the impression the powers above him seem it too small to touch ,   

As you have an IFA looking after your bigger Fidelity SIPP ( as I understand the situation) normally it would be very easy for them just to transfer the £50K pension into that SIPP and earn a few quid doing so.
So did you actually ask the IFA why they recommended that you leave it?

As I said I did mention it a while back but can’t recall his reasoning in his company not taking it on 

Suggest you ask again.

Dazed_and_C0nfused

johnnyren said:

Albermarle said:

This Would be much better as it seems quite complicated going down the route of transferring it out 

Normally transferring a DC pension/SIPP ( same thing really) is actually very easy nowadays.
You can do it online yourself- no need for an advisor ( unless you want one ).

However if the DC pension is not standard/has some guarantees/unusual terms then it can get more tricky.

Have you actually asked if it is possible to transfer out ?( to your Fidelity SIPP for example) as this may be the simplest option. 

I suggested that to my ifa who deals with my sipp ,   But his only advice was to keep it invested till I reached 67 ,  I got the impression the powers above him seem it too small to touch ,   

I do hope @Ibrahim5 doesn't find this news too stressful 😳.

xylophone

My previous employer was Diageo who I was with for 37 years     They stopped the final salary scheme about 8 yrs ago and put me on a lifestyle plan 
I retired 3 yrs ago and am withdrawing monthly from a sipp invested with fidelity 

Did this IFA arrange the transfer out of the DB pension to Fidelity?

If so, why was the Lifestyle plan not transferred out at the same time?

Is the Lifestyle pension a hybrid pension?

DRS1

johnnyren said:

DRS1 said:

The Diageo Lifestyle Scheme is a weird scheme.  I am not sure it is a traditional DC Scheme.  Yes a percentage of salary is contributed to the scheme but it is then revalued rather than being invested with you making the investment decisions   But I am also not sure it is a DB Scheme either.  If it were then transfers out may be difficult and expensive.  However this page suggests it may be possible and even normal (see the section on withdrawal from the scheme)

Your options | Planning for retirement | Lifestyle | Diageo Pension Scheme

Thanks ,    I have already retired from the company some 3 yrs ago ,   I haven’t contributed to the pension in that time ,      I just wanted the 25 percent out of it ,  and keep the rest invested whether by taking it out or leaving it as it is 

From the page I linked it looks like they don't do flexible income drawdown from within the Diageo Scheme so you would need to transfer out to eg your SIPP.  Which is what you said in your opening post.

Their page on transferring has a brief mention of getting financial advice but says nothing about that.  The stuff about transfer values reads to me like the DB version which may explain why your IFA says leave it alone.  They may not want to give advice on such a transfer.  I suggest you ask Capita if you need advice for a transfer.  Oh and see what you can find out about WPS Advisory and see if they can help you (maybe you'll need to phrase it as you taking early retirement from deferred status rather than just you looking to transfer out.

Transferring | Deferred members | Manage my pension | Lifestyle | Diageo Pension Scheme