Transfer pension to a new scheme for flexi access drawdown

[gobuddygo]

I have a small pension pot sitting with a provider and would like to withdraw 25% tax free, unfortunately the provider doesn't offer flexi access drawdown and have recommended that i move to a provider who does, is their an easy way to find another provider who does this and doesn't charge for this service and doesn't have a minimum amount (some say you must have > 50k before you candrawdown), google is a bit confusing, I have done this already with another pension but that provider won't accept transfers.

Thanks
Frank

[JulianPH]

gobuddygo said:

I have a small pension pot sitting with a provider and would like to withdraw 25% tax free, unfortunately the provider doesn't offer flexi access drawdown and have recommended that i move to a provider who does, is their an easy way to find another provider who does this and doesn't charge for this service and doesn't have a minimum amount (some say you must have > 50k before you candrawdown), google is a bit confusing, I have done this already with another pension but that provider won't accept transfers.

Thanks
Frank

Hi Frank

Any SIPP provider will do this for you, but of course they will charge you a fee as like every company they don't work for nothing!

Google SIPP providers and look at their charges, find the cheapest (with a good reputation of course) and switch to them.

Julian

[gobuddygo]

JulianPH said:

Hi Frank

Any SIPP provider will do this for you, but of course they will charge you a fee as like every company they don't work for nothing!

Google SIPP providers and look at their charges, find the cheapest (with a good reputation of course) and switch to them.

Julian

Hi Julian many thanks that exactly what i need to search for

[PurpleMoonlight]

Assuming it's not a defined benefit transfer, have a look at Hargreaves Lansdown SIPP.

[rovermorris999]

PurpleMoonlight said:

Assuming it's not a defined benefit transfer, have a look at Hargreaves Lansdown SIPP.

I was about to mention them. My wife is about to do the same thing.

[gobuddygo]

PurpleMoonlight said:

Assuming it's not a defined benefit transfer, have a look at Hargreaves Lansdown SIPP.

I remembered I still had a login for Hargreaves but no investments so i did the transfer online in 5 minutes.

Thanks for the advice.

[Welshbeef]

How big is the fund? If pretty small you could take it all out within your tax free allowance (on the year you retire)

[gobuddygo]

Welshbeef said:

How big is the fund? If pretty small you could take it all out within your tax free allowance (on the year you retire)

Less than 30k, pension forecast is just over £600 a year, I'm planning on taking out 25% and paying of some debts will save a lot in interest rates, if i take it all out i will pay 40% tax on it, so will decide what to do with the rest later.

[Welshbeef]

gobuddygo said:

Welshbeef said:

How big is the fund? If pretty small you could take it all out within your tax free allowance (on the year you retire)

Less than 30k, pension forecast is just over £600 a year, I'm planning on taking out 25% and paying of some debts will save a lot in interest rates, if i take it all out i will pay 40% tax on it, so will decide what to do with the rest later.

You could take half of it out on the 4/4 then the other half put on the 5/4 ie two different tax years.

Agree clearing those debts best move and £600/year it's likely to only cover 1 mobile phone a year so you'd not really notice it.

[Jockman]

Welshbeef said:

You could take half of it out on the 4/4 then the other half put on the 5/4 ie two different tax years.

Agree clearing those debts best move and £600/year it's likely to only cover 1 mobile phone a year so you'd not really notice it.

Aren't they the same tax year?

[Welshbeef]

Jockman said:

Welshbeef said:

You could take half of it out on the 4/4 then the other half put on the 5/4 ie two different tax years.

Agree clearing those debts best move and £600/year it's likely to only cover 1 mobile phone a year so you'd not really notice it.

Aren't they the same tax year?

Lol yes sorry the red wine isn't helping