AVIVA

Sea_Shell

Approaching 55, at speed!!, I was planning on doing similar. Transfering my Aviva ex-works pension to a new one with them that supports drawdown.

Likely investment within - HSBC Global

Now I'm wondering who might be the better platform, for a ~£70k pot, with further funds to be transferred in at a later date.

Easiest to navigate, initiate the transfer and set up CFLS plus monthly "taxable" DD

Linton

Taking monthly income from a SIPP could be a hassle. Although your provider may offer monthly payments it is probably your responsibility to ensure that there is sufficient cash in the account some time before each payment is due. I don't know of any platforms that automatically sell your investments.

Better on my view is to take a cash lump sum once a year. This gives you much more flexibility in dealing with one-offs

Sea_Shell

https://forums.moneysavingexpert.com/discussion/comment/82128180#Comment_82128180

My DH has monthly drawdown, from investments, with Aviva. All happens automatically.

These are crystallised funds.

Do other platforms not allow this?

Albermarle

https://forums.moneysavingexpert.com/discussion/comment/82128217#Comment_82128217

They allow it, but with some at least, it is your responsibility to make sure there is enough cash in the cash account to make the payment. If not either the payment fails, or they charge you for selling investments to cash. SIPPs generally are a bit more hands on than traditional personal pensions with Aviva, Standard Life etc.

If you want to stick with Aviva, you need to check that it will be OK to transfer the pension internally. They have a sort of Hybrid model, where for a lot of actions they insist you take financial advice, but not for everything. I think they are more flexible with existing customers than new ones.

clairbear_3

Great news I transferred the Aviva pension to AJBell SIPP took less than a week and we received £200 Amazon vouchers I quickly moved ALL the Cash to a money market fund Can anyone explain How I pay the monthly fees since there is NO cash in the SIPP dont suppose AJBell have something simple like monthly direct debit from bank account?

dunstonh

https://forums.moneysavingexpert.com/discussion/comment/82139990#Comment_82139990

you need to make sure there is sufficient platform cash available to cover the platform charges. If you selected income units, then the income will replenish the cash. Most platforms will auto sell units to cover the charges.

DRS1

Stupid question but if you are going to be drawing money from this pension aren't you going to need at least some of it in cash (not MMF)? Wouldn't you make sure that cash also covered the fees?

There can be complicated ways platforms take their fees especially if you have more than one sort of account with them - eg ISA as well as SIPP - but I imagine AJBell have something explaining that. Perhaps this

How do I pay my monthly charges? | AJ Bell

clairbear_3

I can only take £2500 out this tax year (I just cashed in a small pension) so no rush I can add £2880(plus £720 tax relief) since not working

as I thought AJBell dont make it simple Im supposed to open a dealing account(dont need one) or Can I just add a few£££ from my £2880 to cover fees?

Albermarle

https://forums.moneysavingexpert.com/discussion/comment/82140055#Comment_82140055

That should solve the problem. After you have added the £2880, just leave say £100 as cash in the SIPP. ( then later the tax relief will arrive of course)

clairbear_3

I selected the Royal London short term MMF not sure if it pays income as cash OR its reinvested?