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  • FIRST POST
    • kilan
    • By kilan 10th May 18, 9:35 PM
    • 14Posts
    • 1Thanks
    kilan
    Transferring Pension from Phoenix Life
    • #1
    • 10th May 18, 9:35 PM
    Transferring Pension from Phoenix Life 10th May 18 at 9:35 PM
    I am seeking advice for my father who is nearing retirement age who will be 65, his pension is for the amount 30,000 and he is looking to take the 25% tax-free, however, Pheonix Life does not offer the option of a flexible access drawdown or UFPLS.

    We are looking to transfer to another pension provider but we are completely layman in terms of what to do with the pension and which company to transfer to. After heaps of googling, I cannot still get my head around what are the differences between a flexi access drawdown and UFPLS.

    We were considering Pension Bee and the flexi drawdown as seems to have very little fees and no charges.

    We ruled out an Annuity as it would only pay around 1100 a year. My father's income comes from property about 14,000 a year and his state pension will begin soon.
    Last edited by kilan; 10-05-2018 at 9:51 PM.
Page 1
    • sandsy
    • By sandsy 11th May 18, 7:18 AM
    • 1,400 Posts
    • 856 Thanks
    sandsy
    • #2
    • 11th May 18, 7:18 AM
    • #2
    • 11th May 18, 7:18 AM
    UFPLS is an option for people who don't want to take their 25% tax free in one go - instead, every payment taken has a 25% tax free element.

    By opting to take 25% tax free in one go, the remaining fund is automatically allocated to drawdown and then income can be taken from it as and when.
    • NorthernGeezer
    • By NorthernGeezer 11th May 18, 6:54 PM
    • 144 Posts
    • 20 Thanks
    NorthernGeezer
    • #3
    • 11th May 18, 6:54 PM
    • #3
    • 11th May 18, 6:54 PM
    I had the same requirement 3 months ago.
    In my case I transferred a 60k pension from Phoenix to Fidelity at no charge from either company.
    It is my intention at some point in this tax year to take my 25% tax free amount (15k) and up to my personal limit before tax (12k) at no charge from Fidelity leaving 33k.
    I'll withdraw up to my personal tax threshold each year until the pot is exhausted.
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