Drawdown withdrawals

suemcgorrigan

Has anyone experienced making an ad-hoc withdrawal from a drawdown pension. Wondering how quick its likely to be between applying for the sum to it appearing in your bank account.

Thrugelmir

Have you enquired as to the cost of making ad-hoc requests?

pip895

May vary from provider to provider. Is the money sitting in cash? I haven't made a sipp withdrawal but withdrawals from other wrappers can be held up if the funds haven't cleared.

kidmugsy

From memory: Hargreaves Lansdown have a date early in the month by which you make the request, and a date late in the month when they pay out. You could check their T&Cs online.

mgdavid

kidmugsy wrote: »

From memory: Hargreaves Lansdown have a date early in the month by which you make the request, and a date late in the month when they pay out. You could check their T&Cs online.

^^ is similar to my provider (CSD), there's just one pay-out date per month, and an earlier cutoff date for the requests.

suemcgorrigan

Thanks for the helpful responses. It's a Sipp flexi-access drawdown fund with Prudential. I think you can make 4 ad-hoc withdrawals per year without being charged. There should be no delay for funds to clear as the money has been in the pot for years. I'm wondering whether it's as convenient as taking only a few days from application, or whether it will be a laborious drawn-out wait!