Pension

[YorkshireT]

Originally Posted by tspill

Hi YT.
Was that just to draw funds or to initiate a pension into drawdown?

I contacted both Standard Life and Hargreaves Lansdown this morning (for mine and my wife's pensions).
Both told me the same thing - to put a pension into DD, would take a few weeks.
Maybe that's the difference here - initiating DD on a pension or drawing funds from a pension already in DD.
I have been talking about someone having to initiate a pension at this point in time when values have dropped and hence starting from a bad place (hence the need for derisking in preparation).
TBH, this was really a tangent to the points I was trying to make. It was derailed a bit. The point I was trying to get across was planning for retirement years in advance is important.

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Well I can shift the funds and shift it all into deposit, then not sure about how long it takes to get my hands on it. But I can effectively make it safe within a few days. There is a lag on the figures though- so timing it in this day and age with the market up and down is almost impossible.
I’m still kicking myself for not going ahead with it when I thought this might be coming.
Totally agree with everything you say about planning- you know more about it than I!