PCLS Timescale

k0349634

Just a quick question
I'm 55 this coming week :beer:
I intend taking the full 25% PCLS to enable a cash house purchase. I have already met with my IFA a few weeks ago and completed the PCLS request forms in advance, and the investments in my Royal London SIPP have all been transferred to cash at present.

IFA is a little vague on when I will actually receive the 25% into my bank account - saying it could be 3-4 weeks ? From peoples experience how long is it likely to take please ??

xylophone

IFA is a little vague on when I will actually receive the 25% into my bank account - saying it could be 3-4 weeks ? From peoples experience how long is it likely to take please ??

Have you checked with Royal London?

Brynsam

k0349634 wrote: »

IFA is a little vague on when I will actually receive the 25% into my bank account - saying it could be 3-4 weeks ? From peoples experience how long is it likely to take please ??

The IFA isn't being 'a little vague' - they are being honest. Much depends on whether you have supplied all the necessary paperwork in good time and how many others are in the queue in front of you for Royal London to deal with. About 3-4 weeks sounds perfectly reasonable, but be prepared for it to be quicker or slower!

wjr4

If the money is in cash within the SIPP they should be able to do it within a day or two. I don’t have much experience with Royal London though but other providers do it quickly if they have everything they require.

ProDave

Why stick with an account you have to access through an IFA.?

3 months before my 55th birthday I instigated opening a SIPP with HL and transferring the fund into that SIPP. then on the day of my 55th birthday it transferred to a drawdown fund, and I received the 25% PCLS in my bank account the next day.

Advantages are it is now in an account I can access on line and draw as I need it without contact with an IFA.

Although I did have an informal discussion with an IFA about my plans, it did not involve any input from the IFA to transfer the fund, that was all taken care of by HL.

dunstonh

Royal London - anything from a week to 4 weeks. Mainly depends on which contract you are in with RL and whether it needs to be changed. RL service is not quite what it was.

That said, I have no experience with an RL SIPP. Indeed, I didn't think they offered a SIPP and only offered a PPP under the RL brand).

xylophone

That said, I have no experience with an RL SIPP. Indeed, I didn't think they offered a SIPP and only offered a PPP under the RL brand).

https://adviser.royallondon.com/globalassets/docs/adviser/key-features/65kf2-self-investments-key-features.pdf

dunstonh

xylophone wrote: »

https://adviser.royallondon.com/globalassets/docs/adviser/key-features/65kf2-self-investments-key-features.pdf

That is a PPP with self-investment functionality possible as a bolt on.

Its a bit of a marketing bolt on and I cannot recall ever seeing it used (hence why I forgot they offered that bolt on). It must be used by some or they wouldnt offer it but its rare. You have to have the core element (within the PPP internal fund range). For me, I can see the merit in the PPP element but could never see why someone would use the SIPP element.

Yes, it has SIPP functionality but its not really a SIPP in the way most posters here would think of it. I imagine most here think of SIPPs as they are on platforms. This is not coded in the same smooth way.

if the assets are in the SIPP element and not the PPP element then I would guess that it takes longer. Only a guess based on the software they have.

xylophone

Clearly some customers took up the plan - oddly enough, there was this post back in March

https://forums.moneysavingexpert.com/discussion/5984364/somewhere-to-turn-to

Am 54 and 55 in 10 weeks time, so have access to my pension fund - currently in a SIPP with Royal London.

Yes, it has SIPP functionality but its not really a SIPP in the way most posters here would think of it.

Possibly but it doesn't make the SIPP element less of a SIPP?

ffacoffipawb

ProDave wrote: »

Why stick with an account you have to access through an IFA.?

3 months before my 55th birthday I instigated opening a SIPP with HL and transferring the fund into that SIPP. then on the day of my 55th birthday it transferred to a drawdown fund, and I received the 25% PCLS in my bank account the next day.

Advantages are it is now in an account I can access on line and draw as I need it without contact with an IFA.

Although I did have an informal discussion with an IFA about my plans, it did not involve any input from the IFA to transfer the fund, that was all taken care of by HL.

My SIPP with AJ Bell Youinvest is invested in shares no funds. I have 35% cash more than enough for the PCLS. They have quoted me 5-10 working days to pay out the PCLS (full crystallisation) as it is a "complicated calculation" (sic) even though no funds are held. How complicated are LSE shares (FT350 constituents) to value I do not know.

Considering transferring elsewhere as service seems poor / slow.

dunstonh

Possibly but it doesn't make the SIPP element less of a SIPP?

True but it is so rare to see anyone using it with SIPP functionality. Plus, we see so many posts where people use the term SIPP when they actually just mean pension.

If the OP is using SIPP functionality, then chances are that there are plenty better. If they are only using PPP functionality, then Royal London is one of the better ones in that respsect and the PPP side would be expected to be quicker.

The quickest SIPPs pay out within 20 minutes (using CHAPS). Most wait until settlement, so about a week. RL PPP is about a week (providing no plan change required).