Flexible Draws Down

M

megcat

New member

Sep 6, 2012

29

Chelwood Gate

• Feb 15, 2017

• #1

The thorny subject of pensions is something I have (thankfully) to tackle soon. I know this is a boring topic but has anyone gone through the joy and pain of selecting a flexible draw down provider and pass on any tips



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studio150

Well-known member

Jul 30, 2011

29,611

On the Border

• Feb 15, 2017

• #2

I would definitely discuss options with a qualified financial professional as the decision you end up taking will impact the whole of your retirement. There are also tax implications that need to be considered so that you end up with the most tax efficient solution for your circumstances.

 

H

Hereford Gull

Active member

Jan 21, 2004

100

Margaret River WA

• Feb 15, 2017

• #3

I'm using Hargreaves Lansdown for drawdown from SIPP, not the cheapest but good service and easy to use. Whether to use drawdown "ees complicated", things like what other (reliable) income sources do you have, attitude to risk, health, tax position during drawdown, death benefits ...if not sure use an advisor

 

Tom Hark Preston Park

Will Post For Cash

Jul 6, 2003

70,161

• Feb 15, 2017

• #4

Would you even be able to set one up yourself without going through an Independent Financial Advisor? Certainly not, er, advisable IMHO.

 

worthingseagull

Well-known member

Sep 28, 2011

1,449

• Feb 15, 2017

• #5

you wont go wrong with either of these Drawdown expert firms - Standard life & Old Mutual but yes get proper advice, the small fee you'll pay will be nothing compared to what a good adviser can save you in tax (efficient income choices) under drawdown

 

Driver8

On the road...

NSC Patron

Jul 31, 2005

15,979

North Wales

• Feb 15, 2017

• #6

Speak to these people first, it's free and will give you basic info.

www.pensionwise.gov.uk

If having spoken them you think drawdown is for you then find a decent IFA who will recommend a provider and help you decide how best to access your funds.

I am an IFA but based in the North West so probably not much help!