What do people think of Interactive Investor (ii) platform

julicorn

https://forums.moneysavingexpert.com/discussion/comment/82076327#Comment_82076327

If I remember correctly, my transfer only needed to be initiated before the deadline, there was no need for it to complete by then. But definitely have a look at the T&Cs, they should cover all that.

mutley74

https://forums.moneysavingexpert.com/discussion/comment/82076170#Comment_82076170

plus extra cash via TCB

NormalNorman

https://forums.moneysavingexpert.com/discussion/comment/82076139#Comment_82076139

wife and I did that late last year. £500 in total as I did ISA too. Impossible for me to get bank switches anymore having taken the p. Cheers

TheComputerGuru

My current thoughts are as follows

I will receive a full new state pension, which I have deferred for a few years, so I am expecting this to use up all of my Personal Allowance of £12,570, which will leave any UFPLS and drawn down payments to be taxed as follows (not the real figures, but real calculations)

Monthly
draw down of £300 (25% tax free is £75) minus (20% of remaining £225 is £45) = £255 arriving in my bank
Quarterly
UFPLS of £500 (25% tax free is £125) minus (20% of remaining £375 is £75) = £425 arriving in my bank

Does this sound a) achievable b) sensible

I am with ii

LHW99

If you want monthly UFPLS you have to make the appplication monthly. I'm not sure any of the other DTC platforms are any better though.

A lot of people take UFPLS once or twice a year, put it in an easy access account and shift it monthly from there to a current a/c (less admin)

MK62

https://forums.moneysavingexpert.com/discussion/comment/82086170#Comment_82086170

Why not just take a TFLS of £1627 and a monthly drawdown of £400 (taxed at 20%) for a net £320pm…..even less admin (one application)…..same amount in your bank over a year.

Doing it the way you stated, on II, would mean a monthly application for the drawdown and a quarterly application for the UFPLS.

TheComputerGuru

Is a TFLS a Tax free Lump Sum?

Thanks.

I am looking for the easiest way to manage things.

I have several months before I will need to do things for real.

MK62

https://forums.moneysavingexpert.com/discussion/comment/82086847#Comment_82086847

Yes it is……also called a PCLS (Pension Commencement Lump Sum - same thing)

MallyGirl

https://forums.moneysavingexpert.com/discussion/comment/82086847#Comment_82086847

once you have taken the 25% TFLS and the remaining 75% is 'crystallised' you can take an income from the 75% with a couple of clicks on the ii website (not the app) and the money lands in your bank account in a few days. They also issue a payslip.

TheComputerGuru

As the concesus is that the following is not practicable

Monthly
draw down of £300 (25% tax free is £75) minus (20% of remaining £225 is £45) = £255 arriving in my bank
Every 4 months
UFPLS of £500 (25% tax free is £125) minus (20% of remaining £375 is £75) = £425 arriving in my bank

Giving Total Yearly arriving in my bank £4,335

What dou you suggest?