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HL process for moving funds into drawdown

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. 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
0
Comments
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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.0
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Did one with II recently, much the same. I think it's governed by legislation.0
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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.0 -
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 ?0 -
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.0 -
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 painless0
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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.0 -
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.0 -
The most difficult bit with HL is needing an "in the post" bank statement to set up the account to pay into. :mad:0
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