Crystallisation on ii

NoMore

Well, I'm with II and do intend to begin the process on my 55 birthday, if you can wait 6 months for an answer.

MoneyGeoff

https://forums.moneysavingexpert.com/discussion/comment/82142083#Comment_82142083

Someone already confirmed. But yes, please do let me know if it still works when you come to do it.

DRS1

I seem to remember a lot of wailing and gnashing of teeth when something happened with the topping up of NICs for the state pension - someone switched the computer off on the very last day for doing it which just happened to be a Saturday. There may be a more accurate technical description for what happened but people couldn't do something online which they could have done the day before.

It is probably not a helpful suggestion but in other contexts people talk about having a spare SIPP just in case something goes wrong with the main one when they need some money. So why not think about splitting the money between ii and AJBell.

The backup doesn't have to be AJBell - maybe you can find one which allows you to give instructions in anticipation of getting to 55 and which only get triggered on that day. That may allow some scope for any questions which may arise to be cleared up in advance.

I know it makes twice as much work for yourself and twice as much chance of something going wrong. And it may not help if whatever overloads the one also overloads the other but you won't have all your eggs in one basket.

MoneyGeoff

https://forums.moneysavingexpert.com/discussion/comment/82142095#Comment_82142095

interesting point, I hadn’t considered doing that.

DRS1

https://forums.moneysavingexpert.com/discussion/comment/82142098#Comment_82142098

Yes Well a single full transfer is probably easier than two partial ones.

MoneyGeoff

https://forums.moneysavingexpert.com/discussion/comment/82142103#Comment_82142103

The initial transfer away from WTW will definitely be one transfer. I could consider splitting at a later date though.

michael1234

If your 55th birthday was on March 31 2028, how would the transitionary arrangements work for you I wonder? I suppose you'd be slightly fortunate that its a Friday.

Not sure why they didn't make a hard cutoff based on date of birth? Born on or before 31 March 1973 then you can access your pension when you hit 55. Otherwise 57.

NoMore

https://forums.moneysavingexpert.com/discussion/comment/82142274#Comment_82142274

I think you mean if your birthday was 5th April as the change happens on the 6th of April 2028 at the start of the financial year.

MallyGirl

splitting the money into 2 providers sounds like a good suggestion. You only need enough to cover those first two years in one of them

Albermarle

https://forums.moneysavingexpert.com/discussion/comment/82142107#Comment_82142107

Be aware that some SIPP providers offer cashback for transfers in of pension pots. For £600K it could net you a couple of grand, maybe more.

The offers come and go and usually last for a period of 3? months. I think II have had some good deals, as well as HL and Fidelity and Freetrade ?. I think AJ Bell are not usually offering anything that significant.