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HL process for moving funds into drawdown

cullums56
cullums56 Posts: 1 Newbie
I'm currently managing my SIPP with Hargreaves Lansdown and am finding their processing for managing crystalization events frustrating
1. A 'twenty questions' phone conversation with HL (or send in a completed form for same)
2. A form sent to be completed and posted back describing details of request
3. email received describing 5-10 working days to action my request (12 working days in my recent experience)

I'm interested in the experiences of others with different providers
Is my experience typical?
Are other SIPP providers better at this?
I had optimistically hoped for a slick online process.....
Thanks
Steve
«1

Comments

  • Crabby
    Crabby Posts: 858 Forumite
    Part of the Furniture 500 Posts Name Dropper
    It's what I've had to do for the last 2 years, I'm just about to give them a call for this years (£2880) sipp.
    Winner winner, Chicken dinner.
  • shinytop
    shinytop Posts: 2,170 Forumite
    Ninth Anniversary 1,000 Posts Name Dropper Photogenic
    Did one with II recently, much the same. I think it's governed by legislation.
  • squirrelpie
    squirrelpie Posts: 1,470 Forumite
    Eighth Anniversary 1,000 Posts Name Dropper
    I just started the process. It seems I can do it all online, though I wouldn't call it slick.


    I've just asked them whether there's an easier way to make regular payments.
  • Albermarle
    Albermarle Posts: 28,961 Forumite
    10,000 Posts Seventh Anniversary Name Dropper
    I have not crystallised any funds yet and it is interesting to hear the process can be a bit clunky ,even with the supposed 'super slick' HL .
    If you took irregular payments , like UFPLS for example , would you have to go through all this process every time ?? Or just the first time ?
  • tacpot12
    tacpot12 Posts: 9,392 Forumite
    Ninth Anniversary 1,000 Posts Name Dropper
    I'm taking regular UFPLS payments from an AJ Bell SIPP and found the process straightforward. I completed a form on the YouInvest Website, which resulted in a phone call from AJ Bell. Of the back of this they generated a KFI document. I then called the AJ Bell Benefits team to confirm I wanted to go ahead. They emailed me a form, which I filled in and returned and then they started making payments.

    I don't know what will be involved in making changes in future years, when I need to increase the monthly amounts for inflation. They might be obliged to issue a new KFI, and I might need to issue a new form.
    The comments I post are my personal opinion. While I try to check everything is correct before posting, I can and do make mistakes, so always try to check official information sources before relying on my posts.
  • ColdIron
    ColdIron Posts: 10,013 Forumite
    Part of the Furniture 1,000 Posts Hung up my suit! Name Dropper
    I've done it twice, about to do it a third time. You can do most of it on the phone (the 20 questions), they post you a form, you fill it in and send it back, job done. All pretty painless
  • DairyQueen
    DairyQueen Posts: 1,858 Forumite
    Ninth Anniversary 1,000 Posts Name Dropper
    HL and AJB appear to follow similar procedures. Partly due diligence (i.e. warning those who may be about to commit pensions suicide), partly regulatory (i.e. checking against LTA at each crystallisation event).

    HL paid OH's TFC 10 days after receiving his forms. He has just returned the forms to AJB. Will be interesting to see how quickly they pay. Note that OH has LTA protection, plus various pensions (DB/S32/DC and SIPP), so that adds an extra overhead.
  • parcival
    parcival Posts: 949 Forumite
    Part of the Furniture 500 Posts Name Dropper
    Have done it twice with HL. Process is straightforward although HL obviously have to tick a few boxes so it does involve a phone call and a form to fill in.
    Overall I think the admin is pretty good and the TFLS did arrive within a few days of sending the form back.
  • molerat
    molerat Posts: 35,013 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    edited 3 August 2019 at 2:55PM
    The most difficult bit with HL is needing an "in the post" bank statement to set up the account to pay into. :mad:
  • lvader
    lvader Posts: 2,579 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    molerat wrote: »
    The most difficult bit with HL is needing an "in the post" bank statement to set up the account to pay into. :mad:

    I ignored that bit and they paid the money into the account anyway.
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