Aegon & flexi access drawdown - anyone done it?

richiereynolds

Hi all, I plan to drawdown some pension in the reasonably near future.

I would like to use flexi access, adhoc drawdown i.e. every now and then I sell some of my funds into cash, crystallise them (maybe by moving them into some sort of "drawdown" account), then transfer into my bank account with 25% of that being tax free, the rest taxed normally.

Aegon appear to offer this looking at their, dreadful, documentation. So I set up a call, 3 weeks waiting list, to set up a drawdown facility.

Turns out they only offer what they call "drip feed" drawdown by way of a financial advisor, which I don't want to use.

All I can do myself is take some tax free cash, they then crystallise an appropriate portion due to me having taken that cash, which I can then drawdown on. And I need to do that via one of these calls every time! It all just sounds a right PITA.

Does anyone know if I've been given the correct info? I'm finding it hard to believe it's that complicated to do what I want via a handy, and immediate, online interface.

Can anyone recommend a better platform for achieving what I want? My yearly platform charge is currently 0.11%.

Crudecheese

I have done 2 UFPLS through Aegon..really easy. They are maybe getting confused if you are asking for drawdown. You do not need to go into drawdown with Aegon for an ad hoc withdrawal. You just ask for an UFPLS.

richiereynolds

Hi @Crudecheese Did you have to have a phone call appointment to arrange each of your UFPLSs?

Crudecheese

I cannot remember….sorry. i know I called them..

Albermarle

Most modern platforms will let you arrange a UFPLS payment online. 25% tax free and 75% taxable.
However you can not normally set up regular UFPLS withdrawals yourself. Most people get around this by just having one or two payments a year, and putting the money in an easy access savings account and withdrawing regularly from that.

My yearly platform charge is currently 0.11%.

That seems pretty reasonable, but there will be charges for the investment fund(s) on top . As there will be if you change platforms.

dunstonh

Most DIY platforms offer single or ad-hoc UFPLS whilst virtually all adviser platforms offer regular UFPLS.   So, Aegons restriction is typical.

However, what you appear to be after is not UFPLS but flexi-access drawdown.  Aegon offer that on a DIY basis.

richiereynolds

My experience is that Aegon offer UFPLS via a phone call which requires possibly weeks of notice to set up. Then you can take the tax free cash and drawdown from the crystallised amount you've created.

They don't offer flexi access except via a financial advisor.

I haven't found any DIY options on Aegon.

Albermarle

https://forums.moneysavingexpert.com/discussion/comment/81857178#Comment_81857178

If you take a UFPLS payment ( 25% tax free and 75% taxable) then the remainder of your pension remains uncrystallised.

If you take tax free cash on its own, then three times that amount will remain as crystallised pension, which you can drawdown taxable income from. This is usually known as flexi access drawdown.

So I think somewhere along the line, you have misunderstood something Aegon has said.

samal

Hi

I did this last Feb 25 for tax year 24/25, middle of doing this for this tax year 25/26, all online with call from them to confirm after few weeks.

You do need an online account, login, go to your savings plan, look on the right for "Access my pension" and find the option you want. You do need to read carefully.

samal

Yes, as per Albermarle, UFPLS payment ( 25% tax free and 75% taxable) remainder pension remains uncrystallised.