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My wife and I are planning to retire early shortly, so am doing some forecasting of income, tax, expenses etc. along with research on options. We both have some DC pensions we plan to take to see us through to state pension / DB pensions.
UFPLS seemed most appropriate for our circumstances as we have no requirement to draw anything other than our annual income needs each year (ie no mortgage or credit cards to pay off). No LTA issues and no plans to continue working. We are happy to manage our investments (ie do not feel the need for a financial advisor to manage on an ongoing basis) plus manage the initial tax issues with HMRC around any withdrawals. We have been managing our current pension investments and once not tied to where our employers pay our DC pensions, would probably look to move them to a SIPP to reduce costs (especially with regard to withdrawal costs).
From reading these boards and various other resources such as youtube etc. the impression is given that far more people are using drawdown than UFPLS. Which leads me to wonder if there is something else I am missing?
The cynic in me suspects that there is a louder voice for drawdown owing to the financial services industry (ie financial advisors).
If you have no large lump sum needs and are happy to manage your own SIPP - what are the drawbacks of UFPLS? pun intended
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Is it accurate to say more people use drawdown than UFPLS as is the impression given?
Thanks