Royal Mail Collective Plan

[RobertT]

From what I can see, NEST allows drawdown of your workplace one but NOT any other pensions you transfer into it.
So if you transfer your RMCPP into it you're probably stuck with an annuity as the only way to access it unless you take the lot and pay any tax due.
RobertT may well have a better interpretation.

You can do drawdown via Nest with all of your cash, whether you've transferred it in or not.

Nest don't provide annuities, so if you want one you'll have to transfer to a provider that does.

https://www.nestpensions.org.uk/schemew ... tions.html

[Dexydog]

The following is lifted directly from the page linked-
"At Nest we don’t offer flexi access drawdown, but you have the option to transfer your pension pot to a drawdown provider."
I posted as I had looked at the option of keeping then transferring RMCPP into NEST before leaving.
So it's not an option unless I've confused myself- again!

[Dexydog]

...or maybe it is, buggered if I know- contradictory text lifted from same link under self managing funds-

"If you’re 55 or over and have more than £3,000 in your pot, you can withdraw some of it each month and leave the rest with Nest.

You'll need to take at least £200 each time, and your pot should always be left with a minimum of £2,000 in it.

If you have less than £2,000 in your pot and would like to make a withdrawal, you'll have to take your total savings out of your pension pot.

We won’t charge you for taking lump sums. You’ll just pay the annual management charge for whatever remains in your pot, and you can continue making contributions to it if you choose".

I read that as drawdown being an option.
The part I thought was available before posting, then further along the text on my previous post.
What an I misunderstand here?????

[RobertT]

The following is lifted directly from the page linked-
"At Nest we don’t offer flexi access drawdown, but you have the option to transfer your pension pot to a drawdown provider."
I posted as I had looked at the option of keeping then transferring RMCPP into NEST before leaving.
It's not an option unless I've confused myself- again!

It actually says this:

"At Nest we don’t offer annuities, but you do have the option to use your pension pot to buy an annuity from an annuity provider. This can be done any time after you’ve turned 55, and once you’ve stopped contributing to your pot. We won’t charge you for doing so. "

https://www.nestpensions.org.uk/schemew ... iders.html

[Dexydog]

My quotes are directly from your link and refer to drawdown.
They seem to be contradictory.

[RobertT]

My quote is from the link I provided.

They do drawdown, or at least a slight variation of it. But they don't do annuities.

[Dexydog]

I'm talking specifically about drawdown.
My two posts above quote contradictory text lifted from the same link.
One of them specifically states Nest doesn't offer drawdown.
Then the lengthier quote suggests they do.
The lengthier quote was the part I read before posting initially; so naturally thought they did.
I mean, either they do, or they don't.
The lengthier quote sure sounds like drawdown to me, unless I'm misunderstanding.

[Dexydog]

Here.

The following is lifted directly from the page linked-
"At Nest we don’t offer flexi access drawdown, but you have the option to transfer your pension pot to a drawdown provider."
I posted as I had looked at the option of keeping then transferring RMCPP into NEST before leaving.
So it's not an option unless I've confused myself- again!

That sounds unoquivacable.
Then their contradiction in my post directly below that post.

I'm not trying to prove a point or being an arse- I'm trying to understand what NEST actually offer one way or the other- as you know I've fallen out with RMCPP and wondering if to keep it going then transferring to NEST before I leave in order to access drawdown- their fees are 0.3% which seems fair to me.

[RobertT]

I'm talking specifically about drawdown.
My two posts above quote contradictory text lifted from the same link.
One of them specifically states Nest doesn't offer drawdown.

I can't find anywhere on the Nest website that says they don't do drawdown. But they do say they don't do annuities.

Your quote is very similar to mine, except mine says they don't do annuities and you think they don't do drawdown.
Did you mis-read it?

Here's the link again: https://www.nestpensions.org.uk/schemew ... iders.html

Then the lengthier quote suggests they do.
The lengthier quote was the part I read before posting initially; so naturally thought they did.
I mean, either they do, or they don't.
The lengthier quote sure sounds like drawdown to me, unless I'm misunderstanding.

They do offer drawdown!

Here's the link that says so: https://www.nestpensions.org.uk/schemew ... naged.html

[Dexydog]

Look under "different options for a regular income"
It's underneath the bit where they say they don't offer annuities.
That's the text I lifted that specifically states they don't offer Flexi drawdown.
I copied and pasted directly from there, above.

[RobertT]

Look under "different options for a regular income"
It's underneath the bit where they say they don't offer annuities.
That's the text I lifted.

So they do their version of drawdown as detailed in the link, but they don't do a fully flexible drawdown which is available from other providers.

[Dexydog]

If I can take at least 200 a month and only have to leave 2k in there then happy days; I'll carry on getting 13.4% from RM in the RMCPP and transfer it to Nest before I leave and take it that way.
It's very, very confusing.
I just don't want to do something now, only to find out later it's not what was buying into.
If I see something written, I tend to like to believe what it says.
"At Nest we don't offer flexi drawdown".

[RobertT]

There's not a massive difference. Just flexi gives more options.

Here's some flexi info: https://www.moneyhelper.org.uk/en/pensi ... n-drawdown.

What I've noticed is there doesn't seem to be any info on where the money is invested with drawdown via Nest, whereas with a SIPP(or similar) you have many choices.

[Dexydog]

I think that's maybe the problem.
You have to leave 2k in so I'd have to transfer in my serps pension (which doesn't offer drawdown).
SIPP may be the way to go and stay in RMCPP and transfer it out along with my serps pot.
I'm aware the investment products are limited with Nest, but 0.3% charges don't seem too bad to me, and I wouldn't want to be too hands on.
I'll do some homework on SIPPS and hopefully that will all seem clearer.

[Dexydog]

I'm reading UFPLS is better if accessing over the short term and with smaller amounts.
Given I'm taking my personal allowance limit out for 7 years, at which point it's all spent, my state pension kicks in and I'll downsize the house, would UFPLS be better, or drawdown?