AVIVA

clairbear_3

I been in contact with Aviva believing I could simply start withdrawing a regular monthly sum from my pension but was told this 'old style' pension doesnt allow this.i asked if I could move it to something within Aviva that WOULD allow regular withdrawals and was told again NO but I could try transferring to other providers. A quick search on google suggests it is possible to open a AVIVA SIPP transfer internally to this and then get regular withdrawals.

Anyone confirm this/?I dont want to ring up EVERY Month to make a withdrawal! it took a Hour to call last time!

DRS1

Did they explain why an Aviva old scheme to Aviva new scheme was not possible? It seems odd that you could transfer to a new scheme with someone else but not to a new scheme with Aviva.

But you would expect the Aviva call centre to know more than Google.

clairbear_3

He just said it wasnt possible.. I should say I have taken tax free 25% and its now flexi access/income drawdown

clairbear_3

Im wondering if I should just open a Aviva SIPP and try to transferAviva Pension to it?

Marcon

Go back and ask for an explanation of why it isn't possible.

dunstonh

Aviva have converted many of their legacy pensions (particuarly on the old CGNU side) to support certain types of drawdown but not all types. The ex Friends Provident and AXA ones still have limited functionality, often with only UFPLS method available. From memory, none of the legacy plans support monthly UFPLS. Although their platform does.

Aviva do frequently move plans without safeguarded benefits onto their modern platform. However, they won't move any plan with safeguarded benefits. I believe there are certain heritage plans that they cannot move as well.

I dont want to ring up EVERY Month to make a withdrawal! it took a Hour to call last time!

You would need to phone up monthly if you wanted monthly UFPLS as your method. Or you would need to use an IFA as Aviva will only offer that option via advisers. However, if you want to use the flexi access drawdown method, then that can be set up monthly without the need to contact them every month.

Im wondering if I should just open a Aviva SIPP and try to transferAviva Pension to it?

Aviva is primarily an intermediary provider. It has a small direct-to-consumer unit with limited functionality. If you are going to DIY, then you will probably be better off using a dedicated D2C provider as their software and functionality is geared for DIY clients.

Even if you stay with Aviva, it's worth noting that Aviva Platform is a subsidiary company of Aviva and any movement to the platform will use exactly the same transfer system as if you were leaving Aviva L&P. It doesn't speed anything up or make things easier staying with Aviva.

DRS1

https://forums.moneysavingexpert.com/discussion/comment/82123588#Comment_82123588

So if the pension is Flexi access/income drawdown does that mean the pension actually supports that method of taking your money?

But if they say you can't get a monthly income that may mean that it doesn't support it.

Monthly UFPLS may be a rare thing but that is not what you are looking to do

Monthly flexi access drawdown payments from a crystallised pension are pretty normal. But maybe you are in one of those pensions which @dunstonh says only support UFPLS. In which case taking the TFLS upfront was probably not a good idea - but I do wonder why they didn't say that when you took the lump sum and invite you to do a transfer then.

Or it may be that you just have an old pension which doesn't support any of the new fangled methods of taking a pension and you would have to buy an annuity? Would that be the end of the world? Annuity rates are pretty good right now.

Exodi

Or third option, instead of calling up monthly, could you just call up and make a withdrawal annually and then put the money you don't need in an ISA or something to draw from across the year?

The tax would be exactly the same as drawing it down monthly.

Personally I'd find a way to get it onto a less restrictive more DIY friendly platform.

Albermarle

Personally I'd find a way to get it onto a less restrictive more DIY friendly platform.

OP - I would suggest you follow this advice- these platforms are a lot more user friendly. Have a look at

Hargreaves Lansdown; Fidelity; AJ Bell; Interactive Investor; Vanguard etc . Feel free to come back and ask questions once you have had a look at their websites. The charging structures can be a bit confusing, and some are better for smaller pots and some for larger ones.

In case you are not aware, you organise the transfer through the new provider. Usually there is no need to have any contact with the current provider. Luckily Aviva have a reputation to be quick at transfers.

One point though is that as your pot is crystallised, you may have to organise the transfer with a telephone discussion with your new chosen provider, rather than all on line.

Triumph13

DW had exactly the same problem with her small private pension. She moved to HL for the sign on bonus.

Albermarle

https://forums.moneysavingexpert.com/discussion/comment/82124661#Comment_82124661

Yes I forgot to mention that some of the providers actually offer cash incentives to transfer to them, although these offers are not usually permanent, but crop up periodically.