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  • FIRST POST
    • ianc2003
    • By ianc2003 8th Jan 18, 2:20 PM
    • 9Posts
    • 1Thanks
    ianc2003
    Drawdown and move funds
    • #1
    • 8th Jan 18, 2:20 PM
    Drawdown and move funds 8th Jan 18 at 2:20 PM
    If I start to drawdown my pension, am I then able to still move supplier if I find my pension is not growing as I would like? or am i stuck once i go into draw down.
    Can I take say three months of income and then see if I want to stay with that provider?
Page 1
    • sandsy
    • By sandsy 8th Jan 18, 5:31 PM
    • 1,334 Posts
    • 801 Thanks
    sandsy
    • #2
    • 8th Jan 18, 5:31 PM
    • #2
    • 8th Jan 18, 5:31 PM
    The pension doesn't grow. The investments within the pension may grow. The first thing you would look at is what you are invested in and the charges on those investments.

    But to answer the question directly, yes can move drawdown providers whenever you like. You can also usually change investments within the drawdown pension whenever you like.

    And three months is a very short timeframe for assessing investment returns. The investments should reflect the term you intend to stay invested.

    Have you taken any advice on your drawdown plans and the investments you're in?
    • dunstonh
    • By dunstonh 8th Jan 18, 5:53 PM
    • 92,949 Posts
    • 60,326 Thanks
    dunstonh
    • #3
    • 8th Jan 18, 5:53 PM
    • #3
    • 8th Jan 18, 5:53 PM
    Can I take say three months of income and then see if I want to stay with that provider?
    An economic cycle is around 10 years. What is three months going to tell you about your investments?
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • AnotherJoe
    • By AnotherJoe 9th Jan 18, 1:04 AM
    • 9,584 Posts
    • 10,658 Thanks
    AnotherJoe
    • #4
    • 9th Jan 18, 1:04 AM
    • #4
    • 9th Jan 18, 1:04 AM
    If I start to drawdown my pension, am I then able to still move supplier if I find my pension is not growing as I would like? or am i stuck once i go into draw down.
    Can I take say three months of income and then see if I want to stay with that provider?
    Originally posted by ianc2003
    The investments are what provide the return, not the provider.
    If you donít like the return, and 3 months is a bonkers period to determine if they are good or not, thatís down to the investments. Move the investments to a different provider and youíll get identical returns (minus any differences in platform costs)

    You need to do a bit more reading to bring up your understanding befure makinga ny decisions at all as you appear to be operating from flawed assumptions.
    • OldMusicGuy
    • By OldMusicGuy 9th Jan 18, 8:54 AM
    • 396 Posts
    • 780 Thanks
    OldMusicGuy
    • #5
    • 9th Jan 18, 8:54 AM
    • #5
    • 9th Jan 18, 8:54 AM
    I would suggest you to talk to Pensionwise asap. It's free advice and they will help you understand how drawdown works and what your options are. This will help you get a much better understanding so you can make better informed choices.

    The Money Advice Service website is helpful, you could start here: https://www.moneyadviceservice.org.uk/en/categories/using-your-pension-pot
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