Ufpls providers

[Jack1960]

Wotcha, my cash balance is just under 24 thousand , having got my nra 65 quotes I think it's better to keep the lower pension amd a lump sum and transfer the cash balance to a provider , do I have look around for a provider before I return my forms or can I wait till afterwards .Sorry if this is a dumb question !!

[vmaxv4]

This might give you an option of an alternative provider https://extranet.secure.scottishwidows. ... calculator

[Jack1960]

This might give you an option of an alternative provider https://extranet.secure.scottishwidows. ... calculator

Thank you

[RobertT]

Wotcha, my cash balance is just under 24 thousand , having got my nra 65 quotes I think it's better to keep the lower pension amd a lump sum and transfer the cash balance to a provider , do I have look around for a provider before I return my forms or can I wait till afterwards .Sorry if this is a dumb question !!

I'm not sure of the exact process of transferring, perhaps a call to the PSC would help?

But my understanding is that Hargreaves Lansdown are the preferred provider when transferring out the DBCBS & AVC's to DC. If you go that route, I assume things would be done for you?

But if you want to transfer out to a provider of your choice, then it's fair to assume you would probably have to set things up yourself first.

I'm not going to recommend any as ultimately it's up to you. But if you Google 'SIPP providers' and 'personal pension providers', you'll find plenty to choose from.

Once transferred you'll have the choice to:

1. Leave the money to hopefully grow in value.
2. Drawdown - take the 25% tax free upfront and withdraw the remainder over a period of time of your choice.
3. UFPLS – withdraw over a period of time with the first 25% of each withdrawal being tax free.

[fluxburner]

I believe you would have to nominate a provider first so that it is "pension transferred to another pension" therefore avoiding any potential withdrawal taxes.
The actual process might differ for each provider, but e.g I have a Sipp with fidelity and if I wished to do this I just have to give them all the "other pension" info and they would do all the work.
Not an advert for Fidelity, just used as an examples because I'm with them and have read how they would handle it.

[Jack1960]

I believe you would have to nominate a provider first so that it is "pension transferred to another pension" therefore avoiding any potential withdrawal taxes.
The actual process might differ for each provider, but e.g I have a Sipp with fidelity and if I wished to do this I just have to give them all the "other pension" info and they would do all the work.
Not an advert for Fidelity, just used as an examples because I'm with them and have read how they would handle it.

Thanks for that information, will get the forms off.