Where to get Drawdown?

Drawdown is not available from all pension providers. If your pension provider does not offer a drawdown option then you would need to transfer your pension to a provider that does offer it. The same is true of flexible drawdown contracts.

Transferring a pension is relatively easy but it will involve costs. Your existing pension may have penalties if you transfer it away - obtain a transfer value and if there are any penalties find out when these might end. The new pension provider will also make a charge to accept the transfer in, this may include an allowance for paying commission to a financial adviser but this could work to your benefit...

If you choose the services of an Independent Financial Adviser then they should offer you the choice to pay by fee or take some of the commission available from the pension provider. An IFA could choose to give up some of this commission and make it cheaper for you to transfer. At the same time, you benefit from advice and research which will help you choose the best home for your pension - this is very important, get it wrong and it could cost you much more than the cost to transfer.

When transferring a pension you should take into account the new pension provider's charges, pension providers charge in different ways and at varying levels. The funds that you choose may also have a bearing on the pension provider that is finally chosen; you may have to pay more for a wider fund choice but this may benefit you by way of greater investment returns. You may decide that greater choice is not for you in which case you might find a cheaper pension provider by forgoing certain options. An independent Financial Adviser can fully appraise your circumstances and compare all pension providers' contracts to find you the most suitable plan.