Taking initial TFLS from Standard Life

ischofie1

Hi all,

Has anyone had experience of how long and drawn out the process is of taking an initial TFLS from S/L. 
I’m 55 in February & ideally would want to receive funds as close to my birthday as possible. 

I’ve not been overly impressed with some of the service I’ve received recently, despite being classed as a premium client due to the value of my pension. 

Nothing major but I wouldn’t want any repeat causing a prolonged delay. 

I was thinking of contacting them 4 weeks before my birthday to get the ball rolling. Does this seem reasonable?
Any idea of what information I may need to provide other than the amount I wish to withdraw?

Thanks in advance. 

MK62

Probably best to call them and ask......the lead time could change weekly, especially in the current environment.

xylophone

If I were you, I'd be contacting them immediately with a view to getting what they'll probably term a "Retirement Pack".

ischofie1

xylophone said:

If I were you, I'd be contacting them immediately with a view to getting what they'll probably term a "Retirement Pack".

I have recently received information & a booklet regarding my options, Just the usual generic stuff and nothing that I have to fill in to specify what I want. 

Is this the retirement pack or is it something different I need. 

Thanks again. 

xylophone

I have recently received information & a booklet regarding my options, Just the usual generic stuff and nothing that I have to fill in to specify what I want. Is this the retirement pack or is it something different I need. 

I would imagine that you will need the forms to complete regarding how you intend to draw your pension.

Is there nothing in the booklet on the lines of When you have considered your options, please contact.......?

ischofie1

xylophone said:

I have recently received information & a booklet regarding my options, Just the usual generic stuff and nothing that I have to fill in to specify what I want. Is this the retirement pack or is it something different I need. 

I would imagine that you will need the forms to complete regarding how you intend to draw your pension.

Is there nothing in the booklet on the lines of When you have considered your options, please contact.......?

No there is nothing in the booklet to that effect so I’ll contact them and ask for the retirement pack. 

Thanks 

Albermarle

ischofie1 said:

Hi all,

Has anyone had experience of how long and drawn out the process is of taking an initial TFLS from S/L. 
I’m 55 in February & ideally would want to receive funds as close to my birthday as possible. 

I’ve not been overly impressed with some of the service I’ve received recently, despite being classed as a premium client due to the value of my pension. 

Nothing major but I wouldn’t want any repeat causing a prolonged delay. 

I was thinking of contacting them 4 weeks before my birthday to get the ball rolling. Does this seem reasonable?
Any idea of what information I may need to provide other than the amount I wish to withdraw?

Thanks in advance. 

It is a lot easier putting money into pensions, than taking it out again. Not an issue just with Standard Life.
One point is that they have to make sure you know what you are doing and not going to take the money too quickly for example. It also covers their backside in case you come back at a later stage complaining .

ischofie1

Albermarle said:

ischofie1 said:

Hi all,

Has anyone had experience of how long and drawn out the process is of taking an initial TFLS from S/L. 
I’m 55 in February & ideally would want to receive funds as close to my birthday as possible. 

I’ve not been overly impressed with some of the service I’ve received recently, despite being classed as a premium client due to the value of my pension. 

Nothing major but I wouldn’t want any repeat causing a prolonged delay. 

I was thinking of contacting them 4 weeks before my birthday to get the ball rolling. Does this seem reasonable?
Any idea of what information I may need to provide other than the amount I wish to withdraw?

Thanks in advance. 

It is a lot easier putting money into pensions, than taking it out again. Not an issue just with Standard Life.
One point is that they have to make sure you know what you are doing and not going to take the money too quickly for example. It also covers their backside in case you come back at a later stage complaining .

This is what worries me. 😳