how long for cash lump sum to process

roytheboy1957

Hello,
I qualify for and have applied for My 25% lump sum on my SIPP, anyone know how long they usually take to process?

dunstonh

Varies with the providers. Anything from same day to 6 months. Usually closer to a week although it depends on whether you have sent them everything they need up front or are providing it later (like certified copy of passport or birth certificate and the benefit crystallisation form)

roytheboy1957

Thanks for reply, am using an IFA but struggling to get info, only paperwork he asked for was a signed pension withdrawal form from provider but that was a month ago.

dunstonh

Find out from the IFA. Something like this is fairly straightforward. Evidence of age required (typically passport or birth cert) and the benefit crystallisation form. If its a platform, then service standards tend to be quicker than many insurance companies. Although we are typically talking days difference rather than weeks. If everything is in place up front, then you are probably talking about 7-15 days.