Comments on: My Experience of Putting My Pension into Drawdown https://www.poundsandsense.com/my-experience-of-putting-my-pension-into-drawdown/?utm_source=rss&utm_medium=rss&utm_campaign=my-experience-of-putting-my-pension-into-drawdown A UK blog covering personal finance and much more from an over-60 perspective Sat, 08 Apr 2023 15:43:16 +0000 hourly 1 https://wordpress.org/?v=6.9.1 By: Steve https://www.poundsandsense.com/my-experience-of-putting-my-pension-into-drawdown/#comment-3009 Thu, 25 Feb 2021 09:56:24 +0000 http://www.poundsandsense.com/?p=1776#comment-3009 In reply to Nick.

I agree, it is a valuable way of maintaining control of which investments to liquidate, but the fact they didn’t explain that to you as part of the process of signing up to the drawdown option and, as you said, you simply discovered this and had to have it explained to you after you had already selected the drawdown option, does make me wonder what less experienced pensioners would do and how the SIPP and other providers help them achieve their goals. When explaining the options to people, I try to cover as many of the things someone needs to consider when looking into and comparing different providers but without overloading them in the limited time we have to discuss the subject with them. That’s why I appreciate you explaining your own experience, Thank you.

]]> By: Nick https://www.poundsandsense.com/my-experience-of-putting-my-pension-into-drawdown/#comment-3000 Wed, 24 Feb 2021 22:43:10 +0000 http://www.poundsandsense.com/?p=1776#comment-3000 In reply to Steve.

No problem, Steve. Yes, that’s how it worked for me. Obviously with the SIPP that I have, I choose which funds I want to invest in. So it’s not unreasonable to expect that I can choose which funds to sell to cover my withdrawals.

]]> By: Steve https://www.poundsandsense.com/my-experience-of-putting-my-pension-into-drawdown/#comment-2999 Wed, 24 Feb 2021 22:26:27 +0000 http://www.poundsandsense.com/?p=1776#comment-2999 Thanks Nick on the details of your experience going into drawdown. I am a Pension Wise guider and am always interested in people’s actual experience as opposed the ‘theory’ of what should happen and I learned from your blog a couple of things I didn’t expect, including your ‘requirement’ to sell your own investments to release money. Maybe it’s only with SIPPs this is required and, who knows, maybe not all SIPP providers. I would imagine another pension provider may look at you strange if you said to them to sell so many of your investments so that, down the line, you will take it as a tax-free lump sum and a regular income. Anyway, thanks again for writing about your experience.

]]> By: Nick https://www.poundsandsense.com/my-experience-of-putting-my-pension-into-drawdown/#comment-396 Sat, 04 Aug 2018 19:15:47 +0000 http://www.poundsandsense.com/?p=1776#comment-396 In reply to Invisibly Me.

Thanks, Caz. Yes, anyone who has a defined contribution pension (as opposed to a final salary one) will need to decide when the time comes whether to choose drawdown or another option such as buying an annuity. Nowadays drawdown is by far the most popular option, though.

]]> By: Invisibly Me https://www.poundsandsense.com/my-experience-of-putting-my-pension-into-drawdown/#comment-395 Sat, 04 Aug 2018 15:24:56 +0000 http://www.poundsandsense.com/?p=1776#comment-395 Definitely something worth considering, and I imagine a lot of people don’t know much (or anything) about a pension drawdown (I certainly didn’t before your blog, Nick). Very helpful information shared, and it’s positive to hear your provider was helpful on the phone to go through all of this with you, not to mention a PDF you could complete on the computer to save a little time.
Caz

]]> By: Nick https://www.poundsandsense.com/my-experience-of-putting-my-pension-into-drawdown/#comment-394 Fri, 03 Aug 2018 21:18:39 +0000 http://www.poundsandsense.com/?p=1776#comment-394 In reply to Firethe9to5.

Thank you for the comment, and the congratulations! Yes, it was an eye-opening experience for me, and I like to think I’m reasonably knowledgeable about pensions. It does surprise me that detailed information about how the drawdown process works isn’t more widely available.

]]> By: Firethe9to5 https://www.poundsandsense.com/my-experience-of-putting-my-pension-into-drawdown/#comment-393 Fri, 03 Aug 2018 18:16:18 +0000 http://www.poundsandsense.com/?p=1776#comment-393 Really helpful, thank you. I have no idea how all this works. I’m sure most people don’t until they have to action it. Congratulations on becoming a pensioner!

]]>