Platforms with SIPP drawdown done 100% online

A_T

Hi does anyone know which SIPP platforms allow you to go into drawdown with the whole process being done online? I mean not having to phone the platform or fill in paper forms.

gm0

Bit optimistic. This is unlikely to work out for intial setup and crystallisation.  Should be fine once running with most.  This last aspect is worth checking.

All providers I shortlisted were a mixture of online, phone, separate secure email and old school letters sent to you to confirm things during initial transfer in, setup and crystallisation. The bit while they do their FCA mandated tracked things. 

So up front - I think this quest is likely to disappoint.  All (on my list) claimed you could make income and investment changes online once setup in drawdown

Here are my platform criteria

1 is a robust/not dodgy outfit
2 does the investment range I need plus any nice to haves
3 has for 1,2 the lowest annual costs to run (platform fees and fund discounts, transfer cashback) as drag on my investments
4 supports preferred web channel in operation of income, rebalancing - i.e digital enough once setup
5 customer service exists and has OK reputation - via email+phone in case things do go wrong
6 preferred channels at setup and crystallisation events

IMHO - it's hard enough to get past the top 4. Item 5 is a shocker.  Item 6 is frankly "optimistic"

You prioritise as you choose. Just be prepared for mild disappointment even if a provider starts the process online but then takes an off ramp for one criteria or another.

Good luck choosing and with your transfers and setup.

mat1964

I've done everything with II online. No paper forms or phone calls required- everything worked fine.

hyperhypo

I use Fidelity via app for all drawdow
n transactions. My sipp is 75% crystallised ... couple of years back when with Aegon... when I did need a form and phone call to crystallise.  Regarding process for me crystallising remaining pension on Fidelity... I've just checked...it appears I need to call them to action this phase... ie not via app.

Albermarle

From other threads it seems some providers are moving more towards a shorter online process as they upgrade IT systems and office processes. As mentioned above II is one, and Pension Bee I think have also been mentioned.
Fidelity and Vanguard seem keen to cover all angles, which may stem from them both having US parents, who are sensitive about any future litigation from clients claiming they were not warned about this or that.

Going to a simpler system, like II, is also at odds with the FCA, who are pushing for retirees to get more advice about drawdown, rather than just pushing a few buttons when they may, or may not know what they are doing.

NannaH

Hargreaves Landsdown.  They also helpfully show separate crystallised and uncrystallised funds, which not many companies do. 

coyrls

mat1964 said:

I've done everything with II online. No paper forms or phone calls required- everything worked fine.

Really?  You can fill in the form online but then you need to print it, sign in, scan it and then send it back (online).  I tried without a "wet" signature and they didn't accept it.

mat1964

coyrls said:

mat1964 said:

I've done everything with II online. No paper forms or phone calls required- everything worked fine.

Really?  You can fill in the form online but then you need to print it, sign in, scan it and then send it back (online).  I tried without a "wet" signature and they didn't accept it.

Nope - I did everything on-line.  Didn't have to print/scan anything.

Notepad_Phil

coyrls said:

mat1964 said:

I've done everything with II online. No paper forms or phone calls required- everything worked fine.

Really?  You can fill in the form online but then you need to print it, sign in, scan it and then send it back (online).  I tried without a "wet" signature and they didn't accept it.

I'm with ii and my UFPLS request used to be like that, but when I did one last month everything had changed and I was able to do the complete request from one online session and 5 working days later the money was in my bank account.

coyrls

Notepad_Phil said:

coyrls said:

mat1964 said:

I've done everything with II online. No paper forms or phone calls required- everything worked fine.

Really?  You can fill in the form online but then you need to print it, sign in, scan it and then send it back (online).  I tried without a "wet" signature and they didn't accept it.

I'm with ii and my UFPLS request used to be like that, but when I did one last month everything had changed and I was able to do the complete request from one online session and 5 working days later the money was in my bank account.

Ok, must be a recent change, a signature was still required for a non-UFPLS withdrawal in March this year.

DairyQueen

AJ Bell.

First accessed in April -  part-crystallisation and drawdown entirely online.