HL process for moving funds into drawdown

DairyQueen

Posted forms to AJ Bell Monday 22nd July. Cash paid Friday 2nd August. Not quite as fast as HL but pretty good. In both cases, OH had to complete the due diligence over the phone and fill in forms. Nothing onerous.

AnotherJoe

The q&a is a PITA but they are just CTA due to nanny state regulations "protecting" the terminally stupid yet the same regs seemingly allow scammers such as LC&F and similar to operate for years with new scams along the same lines coming up all the time.
It's annoying when you have 100x the £3600 with them, have answered the q's several times before and have to jump through the hoops and answer inane q's such as danger of running out of money when you withdraw from the £3600.

green_man

tacpot12 wrote: »

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.

If you dont mind me asking, what charges are you incuring with AJBell for regular UFPLS payments. This is the approach I want to take but the charging for such seems a bit varied and unclear (i.e is it a charge per event or charge per year for multiple events)

molerat

lvader wrote: »

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

Did you just completely ignore it or give an on line print out ?

Linton

green_man wrote: »

If you dont mind me asking, what charges are you incuring with AJBell for regular UFPLS payments. This is the approach I want to take but the charging for such seems a bit varied and unclear (i.e is it a charge per event or charge per year for multiple events)

For AJBell it is £100+VAT for regular payments OR £25+VAT for one-off. Mrs L draws down a single payment each year. Initially I foolishly put it as regular once per year. This was charged at £120. Subsequent years have been a single one-off payment charged at £30.

ffacoffipawb

Linton wrote: »

For AJBell it is £100+VAT for regular payments OR £25+VAT for one-off. Mrs L draws down a single payment each year. Initially I foolishly put it as regular once per year. This was charged at £120. Subsequent years have been a single one-off payment charged at £30.

Presumably as it is a once per year payout HMRC give you a ridiculous and unnecessary tax code because they think it is a monthly payment. This bu99ers up PAYE elsewhere if you dont correct it in time.

That is what happened to me when I got a small pot encashment. Managed to correct it before my salary run otherwise I would have got almost a zero salary that month.

Linton

ffacoffipawb wrote: »

Presumably as it is a once per year payout HMRC give you a ridiculous and unnecessary tax code because they think it is a monthly payment. This bu99ers up PAYE elsewhere if you dont correct it in time.

That is what happened to me when I got a small pot encashment. Managed to correct it before my salary run otherwise I would have got almost a zero salary that month.

Both I and Mrs have one off annual payments from our SIPPs. The tax code is permanently set to BR, all the tax allowance is given to the annuities. So there arent any tax hassles.

ffacoffipawb

Linton wrote: »

Both I and Mrs have one off annual payments from our SIPPs. The tax code is permanently set to BR, all the tax allowance is given to the annuities. So there arent any tax hassles.

Was a first small pot £10k cash in for me.

Maybe any others will be fine as HL have a BR code for me now, per my personal tax account.