Just refreshing this debate a little
I have just semi retired and will fully retire over the next 12 to 18 months. I am 55.
I would like to take a montly UFPLS of just over £1600 which would all be Tax free as I want be working.
To work into the mix I would like to transfer away from HL to probably either AJ Bell / III as HL are just too expensive. There are curretly some cashback deals to sweeten things a little. I'd be interested to hear from anyone who has made the move from HL to III/AJ.
Anyhow returning to monthly UFPLS given I am looking to transfer I wanted to check the withdrawl process.
From III
How to take UFPLS from your ii SIPP
There are no charges for taking a lump sum UFPLS payment with ii. It's all covered by your monthly SIPP fee.
<<You can now take a lump sum UFPLS payment using your online account.>> fact it says now makes me wonder whether things have recently changed?
You’ll need to follow the process every time you want to take a lump sum.
The process should take around 30 minutes. It usually takes no more than 10 working days after this to receive your payment.
Click here for a step-by-step guide on how to take an UFPLS lump sum payment online.
Link takes you here
https://www.ii.co.uk/ii-...s/sipp/ufpls/take-ufpls
Seems straight forward enough. 30mins a month for someone who is retired doesn't seem so onerous.
As someone already mentioned taking a UFPLS (keep the taxman at bay in terms of IHT). Also I like that in a rising market you are effectively able to take more money tax free.
One question if I take ufpls for a few years but then suddenly want to take a larger amount tax free then could I switch to flexible access drawdown so I can take the whole of my remaining pot 25% tax free?
Many thanks