Aviva and TFLS

Sam_666

flaneurs_lobster said:

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"? 

"... I am convinced that we are about to have a serious crash."
Hmm, can you please point to me where in this sentance you see perfectly reasonable question?
Maybe future poster can keep panic to him/her self?

sgx2000

Hi Sam_666

I dont quite get your posts....

My opinion re a possible market crash is quoted to explain my current risk averse profile....
It is Not a political point... it is just an opinion... Not a panic...Just, in my opinion, reasonable caution

Your opinion my differ.

Many thanks to to everyone who replied.
I will speak to Aviva today and post back their replies just in case any other forum member is in a similar plan with Aviva

cfw1994

I think it is fair to expect 2026 to not be as good as 2025, which was (broadly speaking) an exceptional year.

Crash/dip/fall/drop…..all possibilities that could occur (as could “continue to rise”, of course)…..

Taking the TFLS out somewhere near a peaky year isn’t a bad thing to do, & whilst there are still cash/MMF allowed in a S&S ISA, a reasonable place to hide some.  

Even PBs, not seen by most as an investment, is a fair place to store funds, & getting cash in before the end of January means the “full calendar month” they have to be in before entering the draw is the shortest it can be 🤪

If your scheme allows drawdown, you might be able to do it quite fast.  If not, then they should have a scheme you could move it too and then take the TFLS.  

Be careful: my relative could have taken the TFLS from their scheme, BUT they would NOT have been able to take a scheduled drawdown in the future, so they moved to a different Aviva scheme to allow that.  You need to be clear about your possible future access to the scheme.

Aviva are always fiddling around with schemes: they appear to have bought/consumed so many, they have too many different schemes, so they are reducing the functionality of some older ones: I can no longer change funds myself, which is v. annoying to me.  Still not yet moved out - the fees are low - but certainly am considering options this year 🤷‍♂️

Cobbler_tone

2026 is predicted to be a strong year from everything I’ve read. As for a ‘crash’, a stopped clock is right twice a day.

dunstonh

Aviva are always fiddling around with schemes: they appear to have bought/consumed so many, they have too many different schemes, so they are reducing the functionality of some older ones: I can no longer change funds myself, which is v. annoying to me.  Still not yet moved out - the fees are low - but certainly am considering options this year 🤷‍♂️

I would disagree with that.  The vast majority of their schemes have remained unchanged for many years or decades.     

The only fundamental changes were some consolidation of overlapping funds with FP, AXA and CGNU and the switching off of online access for a number of FP and AXA plans (some of which are now reappearing on the newer systems).   Some plans have had limited drawdown functionality added (UFPLS and 25% TFC)

Sea_Shell

I've just looked.  My plan starts 'TK'

Is this an old legacy one that doesn't support drawdown?   Employers scheme, Joined in 2012

dunstonh

Sea_Shell said:

I've just looked.  My plan starts 'TK'

Is this an old legacy one that doesn't support drawdown?   Employers scheme, Joined in 2012

TK plans support the 25% TFC being taken, but (from memory) they do not support phased taking of it.  Its all or nothing.

sgx2000

Some info for TK policies...
.
I have just spoken to Aviva
I have been told that.....

1. If I choose to take the full tax free cash, the remainder will stay invested in the same fund.  Mine is....

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

( a TK policy) (risk level 2)

2. Taken from the Aviva Website (strangely, not very well explained on the phone call)

"This pension cannot provide an automatic regular income.  If you want to take a regular income from your drawdown, you will need to transfer this pension into one that can offer it."   

i.e.  Transfer to Aviva SIPP (or other provider) 
(or you can request 'one off' payments from the remaining fund without moving to sipp))

also then, also from the website.....

"Transfer to an Aviva SIPP

Our SIPP allows you to take income as a lump-sum, one-time payments as and when you need them, or as regular payments that suit you.

• Transfer in any pensions you have.
• Minimum lump sum or transfer of £5,000, or £1,000 if you also make monthly payments of £25 or more.

You can transfer in to an existing Aviva SIPP or set up a new one. Our retirements team can help with this over the phone, or you can do it yourself online."

The whole process can be started online....

Hope this info helps anyone else with the same fund / policy...

sgx2000

dunstonh said:

Sea_Shell said:

I've just looked.  My plan starts 'TK'

Is this an old legacy one that doesn't support drawdown?   Employers scheme, Joined in 2012

TK plans support the 25% TFC being taken, but (from memory) they do not support phased taking of it.  Its all or nothing.

See the info in my last post.
You cant arrange regular payments, but you can request one-off payments
UFPLS payments are also available ( I did one 6 months ago)

Sea_Shell

"Our SIPP allows you to take income as a lump-sum, one-time payments as and when you need them, or as regular payments that suit you."

Interesting 🤔 

So can you set up regular payments AND then take a lump sum if needed at any time?