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Monthly ufpls
When I start taking my pension I would prefer to take it via a monthly ufpls.
I'm currently with h&l but looking to move to ii before I starting taking pension. I've got a couple of questions, I looked on the ii website but couldn't find any answers so hopefully I may get some help here.
- Does ii provide an automated monthly ufpls rather than having to request it every month?
- Where do they take the money from. I.e. I want it taken from stmm fund. Can I stipulate that?
- Do ii have a rolling total so I know when I am close to the lsdba, or is it up to me to keep the numbers?
Thanks for your help
Comments
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You can't automate UFPLS with ii, you have to complete the form manually every month. It takes around 15 minutes but it is a bit tedious having to fill in the questionnaire every month saying you know what you're doing.
The money comes from cash - you need to choose what to sell (and sell it) beforehand so you have cash in your account.
At the moment, ii don't show the total withdrawals just the information box below - however it's easy enough to review transactions and download to a spreadsheet to work out how much you have taken.
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Thks for the response Shimrod, is anyone aware of any providers that have an automated monthly ufpls?
It's just my opinion and not advice.0 -
... is anyone aware of any providers that have an automated monthly ufpls?
From what I recall of dunstonh's previous posts on the subject, there aren't any retail platforms that offer automated monthly UFPLS but there are advisor-only platforms that do.
Ofc I might be mis-remembering.
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I have read that comment from dunstonh as well.
From April, the intention is to crystallise enough for the coming year and use regular drawdown as it's easier and gives the same result. We only used UFPLS this year as my wife had a DB pension starting partway through the month and as I am still working, we only wanted to withdraw enough to use up her personal allowance.
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Thks, so regular drawdown you can set up as an automated monthly payment? I assume you have to convert to cash prior to the payment? If so would still need manual intervention? Maybe I would be better off doing a yearly drawdown.
It's just my opinion and not advice.0 -
For the next year, she is just going to take £4,000 tax free, and a monthly drawdown of £1000. It means paying a small amount of tax (as she has her DB). We'll set this up in April, then just need to makes sure she has the cash available for the monthly payments. As it's slightly better to leave the money it STMM funds we'll probably just do this quarterly or every six months The pension has been set up up with income units which will provide most of the cash, so any withdrawal will just be a small top up..
At any point you can can change or suspend the drawdown - for us, this will most probably be just a further crystallisation event to provide the funds for the year after.
For an easier life, you could just sell sufficient funds for the next year and leave it in cash on account and review once a year.
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Hi @SouthCoastBoy
Can I ask what has made you choose to switch from H&L to ii?0 -
Does ii provide an automated monthly ufpls rather than having to request it every month?
Its a strange situation as pretty much all adviser platforms allow regular UFPLS. But DIY platforms do not. However, I believe there was a thread recently that mentioned a DIY provider that did. But I cannot recall who it was.
Practical solutions are to do it once a year, put it in a savings account and then draw from that each month. Or twice a year with the second payment in March to average out the tax.
Where do they take the money from. I.e. I want it taken from stmm fund. Can I stipulate that?
some platforms allow you to specify the fund. Some will use cash first and then the fund. Some require you to have cash.
I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.1 -
I can't speak for @SouthCoastBoy but a number of people have switched due to recent changes in fees - both to and from ii
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Cost is the reason
It's just my opinion and not advice.1
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