Choosing/moving a drawdown fund

[Jaguar steve]

Already taken 25% from my fund and the remainder is in a drawdown account with Scottish Widdows. Considering using all that remaining capital to provide a income until my state pension starts in 9 years.

Any guidelines or recommendations? What to be aware of? Anywhere to get a overview of alternative fund performance and charges? Transfer to a H&L fund for a better deal perhaps?

Cheers Chaps

[JulianPH]

Jaguar steve said:

Already taken 25% from my fund and the remainder is in a drawdown account with Scottish Widdows. Considering using all that remaining capital to provide a income until my state pension starts in 9 years.

Any guidelines or recommendations? What to be aware of? Anywhere to get a overview of alternative fund performance and charges? Transfer to a H&L fund for a better deal perhaps?

Cheers Chaps

Hi Steve, you are asking very complex questions. I'll try and help.

You state you want your personal (private) pension to provide an income for 9 years. That is not difficult to work out, You also ask for guidelines. These will be different depending upon how long you are expecting the money to last.

For simplicity I will take your question at face value. If you are waiting for the state pension and only wish you private/personal pension tides you through to this then you can withdraw 10% a year before you run it out. Obviously inflation will erode this, so 8% is more conservative.

`If you want it to last longer than 10 years, i.e. throughout retirement, then the answer would be different.

I hope this helps, just shout if there is anything else!