Aviva and TFLS

sgx2000

Hi Everyone

I am debating taking my full TFLS from my Aviva Pension pot.

Aviva Pensions My Future Focus Consolidation (Pre-2024) S6

But I wish to leave the remainder in the same fund.

My thought process is that I am convinced that we are about to have a serious crash.
 (not based on the A.I.. press nonsense, but more to do with global debt burdens).
And that by taking my TFLS I can then split the small TFLS between my cash reserve and my ISA.

Has anyone done this with Aviva recently?
Does Aviva allow the crystalised pension to remain in the same fund?
Or will they insist on moving the crystalised pot to someplace else?

Sam_666

Oh dear, another crash/doom post. Everyone, run for the hills.

BTW, what did Aviva said when you called them?

flaneurs_lobster

Sam_666 said:

Oh dear, another crash/doom post. Everyone, run for the hills.

BTW, what did Aviva said when you called them?

The OP's question is a perfectly reasonable one, although individuals may not share their views on the likelihood of an impending global financial apocalypse.

Maybe in future posters could give the reason for liquidation as "paying for daughter's wedding" rather than "financial meltdown"? 

kempiejon

sgx2000 said:

Does Aviva allow the crystalised pension to remain in the same fund?
Or will they insist on moving the crystalised pot to someplace else?

I don't know anything about Aviva so you should ask em but I doubt there'd be a problem investing in the same fund. Or one very similar. What's the fund investing in just now?
So you'll be taking 25% out of the market and into cash, as you'll still be expecting a downturn will that allocation let you sleep OK at night?

Are you still going to contribute to that fund or are you living off you pension?

Sea_Shell

My limited understanding is that if your pension is in an ex employee scheme, then you'll need to transfer it into a sipp before drawing on it.

I'm not sure that AVIVA s own brand funds are available to buy within a SIPP 

I know that's the case with mine

ETA that might be more to do with drawdown than TFLS to be fair.

PattiTelongo

sgx2000 said:

Hi Everyone

I am debating taking my full TFLS from my Aviva Pension pot.

Aviva Pensions My Future Focus Consolidation (Pre-2024) S6

But I wish to leave the remainder in the same fund.

My thought process is that I am convinced that we are about to have a serious crash.
 (not based on the A.I.. press nonsense, but more to do with global debt burdens).
And that by taking my TFLS I can then split the small TFLS between my cash reserve and my ISA.

Has anyone done this with Aviva recently?
Does Aviva allow the crystalised pension to remain in the same fund?
Or will they insist on moving the crystalised pot to someplace else?

I’m also with Aviva and have had a similar conversation with them about triggering my TFLS. They need approximately 3 weeks notice from me to trigger my TFLS from my company pension scheme and I will remain in the existing scheme as I am still employed by them. I’m not sure if it helps but they were really helpful when I called them. 

sgx2000

kempiejon said:

sgx2000 said:

Does Aviva allow the crystalised pension to remain in the same fund?
Or will they insist on moving the crystalised pot to someplace else?

I don't know anything about Aviva so you should ask em but I doubt there'd be a problem investing in the same fund. Or one very similar. What's the fund investing in just now?
So you'll be taking 25% out of the market and into cash, as you'll still be expecting a downturn will that allocation let you sleep OK at night?

Are you still going to contribute to that fund or are you living off you pension?

My thought is
Take the TFLS out of the pension before the crash.
Put it into Cash ISA and wait for the crash.  Then buy similar funds via S&S Isa when the market reaches near bottom.
If the market doesn't crash I will take money from the Cash ISA each year to top up my DB Pension and State pension.

I am already retired 65...
66 in March, I have used the isa allowance for this year but can put £20k of the TFLS into the Cash ISA in April and the rest will remain in cash (not a large amount) (Certainly not as large as some of the contributors here. lol)

Hopefully this will make up most of my requirements for the next 7-8 years.  Then I will start a drawdown...

I have lost count of how many times I have changed my mind over the last couple of years... 
Getting the State pension in March is probably going to be the defining point in my decision making

sgx2000

Sea_Shell said:

My limited understanding is that if your pension is in an ex employee scheme, then you'll need to transfer it into a sipp before drawing on it.

I'm not sure that AVIVA s own brand funds are available to buy within a SIPP 

I know that's the case with mine

ETA that might be more to do with drawdown than TFLS to be fair.

Thanks. I will give them a call tomorrow.

ali_bear

Are you registered with the Aviva online thing whatever its called? That will tell you more than anyone on here can - they have numerous and varied old products all with different terms and conditions. 

No need to cash-in unless you either need that much money soon, or you believe the crash will grow into an unprecedented global long term slump. 

dunstonh

Has anyone done this with Aviva recently?

Probably not for the reasons you have done it but the transaction itself is common enough and plenty of people would have done it with Aviva seeing as they are one of the big providers.

Does Aviva allow the crystalised pension to remain in the same fund?

In plans that support drawdown, yes they do. In plans that do not support drawdown and require moving to a more modern plan, then there may be an equivalent but not always (depending on the age and legacy company).

My limited understanding is that if your pension is in an ex employee scheme, then you'll need to transfer it into a sipp before drawing on it.

It depends on what version.  From memory, if it's the ex Friends Life workplace plan that is used for newer auto-enrolment schemes where the policy starts with a G, then I don't think they support drawdown.  Group schemes starting TK do.

Albermarle

OP - As above.

Aviva run many different schemes, partly as they have taken over other pension providers.
They will all have different flexibilities on how you can withdraw funds.
So yes you really need to talk to them.