Which SIPP providers offer regular withdrawals?

dunstonh

Albermarle said:

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 .

Its interesting as the intermediary platforms do it. And the major software suppliers all allow it.     A good number of the DIY providers use the same software.  So, if they are not allowing it, then it is in their configuration choices.

And there are no compliance issues with it being a transactional client or a servicing client.  So, the decision for DIY providers not to offer it has to be commercial risk or internal compliance opinion.

coyrls

It might be related to this requirement:

When a benefit crystallisation event (BCE) occurs you have to check whether a member’s pension savings have exceeded the lifetime allowance rate.

When you’ve carried out this check you must tell the member what percentage of the lifetime allowance they’ve used up by the BCEs occurring in the scheme.

https://www.gov.uk/guidance/pension-administrators-annual-and-lifetime-allowance-statements