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.
If you choose the services of an Independent Financial Adviser then you will have to pay a fee for their advice.
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.