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SIPP pensions statement question
caveat_emptor
Posts: 768 Forumite
Have just received my SIPP Annual Review, the first from my new provider.
It sates that part of my SIPP is a Non-Income Withdrawal fund (funds not providing pension benefits) which is a surprise as I have held a the SIPP for 20 years and have never seen this stated before.
I had assumed, wrongly it seems, that all SIPP funds provided pension benefits.
If they don't, what benefits does a Non-Income Withdrawal fund provide?
It sates that part of my SIPP is a Non-Income Withdrawal fund (funds not providing pension benefits) which is a surprise as I have held a the SIPP for 20 years and have never seen this stated before.
I had assumed, wrongly it seems, that all SIPP funds provided pension benefits.
If they don't, what benefits does a Non-Income Withdrawal fund provide?
Named after my cat, picture coming shortly
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Comments
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Who is the provider - and have you asked them for an explanation?0
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Not yet, that's my next move Thought might be a simple explanation.Named after my cat, picture coming shortly0
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It sates that part of my SIPP is a Non-Income Withdrawal fund (funds not providing pension benefits) which is a surprise as I have held a the SIPP for 20 years and have never seen this stated before.
Its not a generic term either. It is their own in-house name.
Technically, you have non-protected rights (or ordinary rights as they would have been known before that).
The terminology you are seeing, despite being non-standard, is to differentiate between uncyrstallised funds and crystallised funds.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Thanks for your reply but am further confused (not difficult).
The whole fund has been crystallised.
I'll get back to my SIPP provider for explanation.Named after my cat, picture coming shortly0 -
Please come back and update this thread - it would be so interesting to know!0
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The whole fund has been crystallised.
Strange as I would have guessed it meant uncrystallised. Perhaps this provider has multiple internal classifications. i.e. drawdown but no income taken = Non-Income Withdrawal fund. Just guessing as its not a standard term.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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