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    • jimbog
    • By jimbog 10th Mar 18, 10:47 AM
    • 681Posts
    • 1,103Thanks
    jimbog
    Taking partial UFPLS payment - from which fund?
    • #1
    • 10th Mar 18, 10:47 AM
    Taking partial UFPLS payment - from which fund? 10th Mar 18 at 10:47 AM
    Hope someone can help with my query!

    I am turning 55 next month and have a small private pension from the 1990s that I would like to take a partial UFPLS payment of £10K next month, and in successive years. I havenít paid anything into it for many years and donít intend to do so in the future (itís not my main pension plan).

    The current value is £50K of which £10K is non-protected rights fund and £40K is former protected rights fund.

    The claim form from the pension company that I am current filling in to get the payment is asking how much from each fund I would like to take. Does it matter which I chose? I donít have life cover and am working full time. Thanks!
    The problem with quotations on the internet is that you can never verify their authenticity - Abraham Lincoln
Page 1
    • Brynsam
    • By Brynsam 10th Mar 18, 10:53 AM
    • 948 Posts
    • 619 Thanks
    Brynsam
    • #2
    • 10th Mar 18, 10:53 AM
    • #2
    • 10th Mar 18, 10:53 AM
    Does it matter? Yes, to the extent that you would prefer your fund to be invested in particular funds going forward.
    • maximumgardener
    • By maximumgardener 10th Mar 18, 11:04 AM
    • 280 Posts
    • 119 Thanks
    maximumgardener
    • #3
    • 10th Mar 18, 11:04 AM
    • #3
    • 10th Mar 18, 11:04 AM
    you can use percentages for your withdrawal wish split

    e.g. if you had 5 funds and wanted an even split you would select 20% from each
    • sandsy
    • By sandsy 10th Mar 18, 12:05 PM
    • 1,322 Posts
    • 796 Thanks
    sandsy
    • #4
    • 10th Mar 18, 12:05 PM
    • #4
    • 10th Mar 18, 12:05 PM
    If the former protected rights and non-protected rights are invested in the same investments, it won't make any difference.
    • Tcquins
    • By Tcquins 10th Mar 18, 12:07 PM
    • 52 Posts
    • 31 Thanks
    Tcquins
    • #5
    • 10th Mar 18, 12:07 PM
    • #5
    • 10th Mar 18, 12:07 PM
    Just remember that taking a UFPLS payment will result in you triggering the money purchase annual allowance, which will restrict your contribution allowance to £4,000 a year including employer contributions. Given you are 55 and still working this May be worth considering.

    You should potentially look at transferring it to a more flexible pension where you can withdraw the tax free cash in chunks, without the taxable income with it.
    • dunstonh
    • By dunstonh 10th Mar 18, 12:19 PM
    • 92,634 Posts
    • 59,947 Thanks
    dunstonh
    • #6
    • 10th Mar 18, 12:19 PM
    • #6
    • 10th Mar 18, 12:19 PM
    The current value is £50K of which £10K is non-protected rights fund and £40K is former protected rights fund.
    its all non-protected rights now. Its only split for legacy reasons. If you were to transfer that to a modern pension, you wouldnt have two segments.
    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.
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