Anyone using Vanguard in UK and drawing a pension

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Anyone using Vanguard in UK and drawing a pension

Post by NearlyRetired »


I am thinking of moving my pension from my current provider to Vanguard in the UK. I wondered if anyone on this site has used this platform when they are drawing a pension (as this is a fairly new offering here).

I usually withdraw a portion of funds from investments to last a period of time - typically 6 - 12 months and then draw a monthly "salary" on the taxable part (phased drawdown apparently). Currently, my current provider will effectively pay me an income out of the taxable portion and withhold/pay tax on my behalf to HMRC, but this seems to only be applicable with the individual lump sums process in Vanguard.

I would prefer to continue to operate like I currently do going forward. Looking at the Vanguard site, this would be the "Flexible Income" offering (as opposed to individual lump sums).

Is anyone using Vanguard withdrawing monies as Flexible Income? From a conversation with Vanguard today, it sounds like I would be responsible for accounting for the tax and settling up with HMRC via the self assessment mechanism at the end of each tax year. If so, what tools do Vanguard provide to help me determine the tax position at the end of a tax year?
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Re: Anyone using Vanguard in UK and drawing a pension

Post by LadyGeek »

This thread is now in the Non-US Investing forum (UK).
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Re: Anyone using Vanguard in UK and drawing a pension

Post by steveyg50 »

Have a Vanguard SIPP for about a year or so.. and I like it... Transferred some small works pensions into it, all went smoothly.. Have set up a monthly payment into it, all working smoothly. All good so far.

However I am 15 years away from retirement and so can't answer your actual question!
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