Which SIPP providers offer regular withdrawals?

bmc01

I have a SIpp, in drawdown, with Interactive Investor. Having now realised the hassle involved in making a withdrawal I'm trying to find out which providers offer this facility eg monthly or on a quarterly basis? Any input welcome and appreciated!

Thrugelmir

Surely they offer a monthly facility? 

TadleyBaggie

Regular drawdown is the norm I suspect, I have a monthly drawdown with Fidelity.

dunstonh

Are you referring to Flexi-drawdown with a monthly income or phased drawdown (which is effectively a monthly (or other frequency) UFPLS)?

The former should be supported by all that do drawdown.  The latter should be supported by most.  Although some budget providers dont appear to have it.

bmc01

Apologies, I used the wrong terminology. My approach is to use UFPLS withdrawals and what I'm looking for is a provider that allows these to be set up on a recurring basis.

Albermarle

bmc01 said:

Apologies, I used the wrong terminology. My approach is to use UFPLS withdrawals and what I'm looking for is a provider that allows these to be set up on a recurring basis.

Some ( most?) of the retail SIPP providers , seem to see  UFPLS withdrawals as one offs, and therefore there is admin involved with each withdrawal. Probably easier to make an annual withdrawal and use it up month by month .

Notepad_Phil

As per Albermarle, this does not seem to be a feature of many (any) of the retail providers. It's certainly never been available on any platform I've seen or used.

Even if you do find one, you'll need to consider the running costs of moving from a fixed price platform to a possible percentage based platform - especially if you've got a SIPP running into 6 figures.

Thrugelmir

bmc01 said:

Apologies, I used the wrong terminology. My approach is to use UFPLS withdrawals and what I'm looking for is a provider that allows these to be set up on a recurring basis.

That's what drawdown is. Lump sums are infrequent not regular. 

gm0

@bmc01 they don't tend to tell you in the marketing about this.

There was a thread the other day about how Vanguard reportedly generate the funds to pay out income (smear a sale across funds) which may not suit a strategy with a cash buffer depletion model between rebalancing events.  And I asked about Fidelity behaviour around this the other day but very few had much to say about it. 

It's disappointing you can't do your 12x UFPLS monthly but the deal generally seems to be that what's legally posssible > what is actually supported by any given scheme.  There will be something you can do to work around it. 

But you will likely be stuck getting flexibility on this.  Their compliance people will be very clear that when benefits are taken and crystallisation occurs that the requisite !!!!!! covering documentation exchange cycle goes on *at the time*.  Code of Practice. And no risk of a missed contact from you saying "stop" and then a complaint that a crystallisation was done with quel horreur - no regulated paperwork.

The more "retail" the provider the less likely they are to have a "don't worry we'll just use the forms on file - however reasonable that might seem to you or I.

Albermarle

I have the impression that the pension platforms that work more via financial advisors , offer this facility more readily , as presumably the compliance issue is solved by having a regulated advisor in the loop. 

coyrls

Albermarle said:

I have the impression that the pension platforms that work more via financial advisors , offer this facility more readily , as presumably the compliance issue is solved by having a regulated advisor in the loop. 

I think that's right, every UFPLS is a crystallisation event and I think that is what drives compliance.  Monthly flexi access drawdown from an already crystallised pot doesn't have the same compliance implications.