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best option for DC transfer
romfordian
Posted: 17 October 2017 08:29:53(UTC)
#1

Joined: 10/03/2017(UTC)
Posts: 7

Thanks: 2 times
Hi all,

My DC pot is worth around £170k, I'll be 55 in 18 months and am planning to pack in the rat race and drawdown the cash until I'm 60 and then access my DB pension.

My current provider doesn't offer drawdown so looking to transfer, I'm told as there are no guaranteed benefits I don't need IFA sign-off.

Looking for a home for the cash with flexible drawdown, defensive minded as not concerned about growth, low fees would be a bonus.

Suggestions please?

Also, how is tax managed? deducted at drawdown by provider or down to me to submit return?

Thanks in advance.
Redundant (Old Timer?)
Posted: 17 October 2017 09:11:41(UTC)
#2

Joined: 07/01/2010(UTC)
Posts: 139

Thanks: 84 times
Was thanked: 110 time(s) in 75 post(s)
IMHO, Hargreaves Landsown seems best for drawdown, provided you transfer the DC to them and put it in a SIPP. Flexible on amounts and easy to make one-off changes to the monthly amount. They can also provide IFA advice if you need it. Have a look at their website for the charges.

Whoever holds your Pension for drawdown is responsible for operating PAYE and making the tax deduction from the pension payment.
1 user thanked Redundant (Old Timer?) for this post.
romfordian on 17/10/2017(UTC)
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