2 SIPPs in drawdown?

kerrick

Can you have SIPPs on 2 platforms, eg HL and Vanguard? If so, when you are in drawdown, who, how or what keeps track of the proportion crystallised, and the LTA etc. Is it down to the client to do the calculations across both platforms?

NoMore

Yes you can have as many pensions as you want in drawdown, and yes its up to you to track your crystallisation, they will  ask at every crystallisation event if you have other pensions and what percentage of LTA have they used.

The calculation isn't hard, its just adding up all the '% used LTA' reported by each pension.

kerrick

Do the online SIPP platforms display statistics on the account like % LTA used, % SIPP crystallised etc? What do they show?

dunstonh

Can you have SIPPs on 2 platforms, eg HL and Vanguard?

You can have as many as you like

If so, when you are in drawdown, who, how or what keeps track of the proportion crystallised, and the LTA etc

Each provider keeps track of their own but you are required to tell each provider what your LTA use is apart from theirs each and every time you create a BCE.

Is it down to the client to do the calculations across both platforms?

Ultimately yes

Do the online SIPP platforms display statistics on the account like % LTA used, % SIPP crystallised etc? What do they show?

The quality of data display varies but most will show LTA used with them to date.

Your main problem is going to be income tax.   each platform using their own payroll system and tax office with only one getting your tax code.

Dazed_and_C0nfused

The income tax side isn't too difficult.

There can be a little bit of catch up each time you start a new pension as the pension company will usually operate the emergency tax code of 1257L.

This means you can owe some tax from the first payment (when your tax code allowance are used by existing income) but it usually settles down by the second or third payment.

Albermarle

kerrick said:

Do the online SIPP platforms display statistics on the account like % LTA used, % SIPP crystallised etc? What do they show?

Fidelity and HL, have two distinct separate pots, crystallised and uncrystallised.
The others mainly seem to have one pot with a % figure.
Not sure about the traditional providers, like Aviva, Standard Life , Royal London etc