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u/Fit-Poem5520

▲ 4

Hi everyone,

My partner passed away recently (under age 75), and his pension with Standard Life has now been recognised as a beneficiary/dependent drawdown arrangement in my name. I have an option to move into a beneficiary (nominee) drawdown plan and keep the funds invested tax-free.

I don’t need the money right now and would like to keep it fully invested in a tax-free environment until I need it. However, I’m very concerned about the high fees at Standard Life:

  • Their funds have a ~1% annual fund charge (actively managed)
  • The fund's performance has been very, very poor

 

I want to transfer to another provider with:

  • Lower administration/platform fees (ideally, a very low percentage)
  • Ability for me to self-select investments (e.g. low-cost index funds like Vanguard)
  • Confirmed acceptance of beneficiary/nominee drawdown transfers
  • Preservation of the tax-free status (since they died under 75, all withdrawals should remain tax-free)

My situation:

  • I contacted a financial adviser hoping they could help open an account in the same company where I already have a pension (with much better fees, 0.24%), but:
    • They said I cannot open it myself — it must be done through an adviser
    • They refused to just "open the account" without first doing a full consultation
    • Their fee for this would be over £2,000, which feels excessive for just account setup and transfer

My questions:

  1. Which providers accept beneficiary/nominee drawdown transfers from Standard Life and allow DIY online setup (no adviser required)?
    • Inherited drawdown transfers
    • Allow me to choose my own low-cost index funds
    • Have transparent, low ongoing fees (fixed or low %)
  2. Or can anyone recommend a financial adviser who offers:
    • A fixed one-off fee (not % AUM) just for:
      • Opening the beneficiary/nominee drawdown account with my pension provider
      • Requesting the transfer from Standard Life
      • Setting up the same low-cost investment lineup as my existing pension
    • No ongoing percentage-based commission or annual adviser fee
    • Just a simple "set and forget" setup
  3. Any tips on avoiding high adviser fees while ensuring:
    • The transfer is done as a recognised transfer (to keep tax-free status intact)
    • No accidental triggering of tax due to incorrect handling

I'd really appreciate any personal experiences, provider recommendations, or adviser names/links (especially those offering fixed-fee, one-off setup only).

Thanks in advance for any help!

reddit.com
u/Fit-Poem5520 — 17 days ago
▲ 6

Hi everyone,

My partner passed away recently (under age 75), and his pension with Standard Life has now been recognised as a beneficiary/dependent drawdown arrangement in my name. I have an option to move into a beneficiary (nominee) drawdown plan and keep the funds invested tax-free.

I don’t need the money right now and would like to keep it fully invested in a tax-free environment until I need it. However, I’m very concerned about the high fees at Standard Life:

  • Their funds have a ~1% annual fund charge (actively managed)
  • The fund's performance has been very, very poor

 

I want to transfer to another provider with:

  • Lower administration/platform fees (ideally, a very low percentage)
  • Ability for me to self-select investments (e.g. low-cost index funds like Vanguard)
  • Confirmed acceptance of beneficiary/nominee drawdown transfers
  • Preservation of the tax-free status (since they died under 75, all withdrawals should remain tax-free)

My situation:

  • I contacted a financial adviser hoping they could help open an account in the same company where I already have a pension (with much better fees, 0.24%), but:
    • They said I cannot open it myself — it must be done through an adviser
    • They refused to just "open the account" without first doing a full consultation
    • Their fee for this would be over £2,000, which feels excessive for just account setup and transfer

My questions:

  1. Which providers accept beneficiary/nominee drawdown transfers from Standard Life and allow DIY online setup (no adviser required)?
    • Inherited drawdown transfers
    • Allow me to choose my own low-cost index funds
    • Have transparent, low ongoing fees (fixed or low %)
  2. Or can anyone recommend a financial adviser who offers:
    • A fixed one-off fee (not % AUM) just for:
      • Opening the beneficiary/nominee drawdown account with my pension provider
      • Requesting the transfer from Standard Life
      • Setting up the same low-cost investment lineup as my existing pension
    • No ongoing percentage-based commission or annual adviser fee
    • Just a simple "set and forget" setup
  3. Any tips on avoiding high adviser fees while ensuring:
    • The transfer is done as a recognised transfer (to keep tax-free status intact)
    • No accidental triggering of tax due to incorrect handling

I'd really appreciate any personal experiences, provider recommendations, or adviser names/links (especially those offering fixed-fee, one-off setup only).

Thanks in advance for any help!

reddit.com
u/Fit-Poem5520 — 17 days ago