Pension platform with least bureaucracy on UFPLS withdrawals

dealyboy

Oh Qyburn ... don't rule it out for that reason alone, maybe I worded it badly. Although when you go in to 'access pension' AJ Bell do state that it's a condition that a Pension Wise appointment is had, or has occurred, it is not necessary. You can declare that you do not want to have a Pension Wise appointment in a separate communication e.g. telephone call and that should stand for all further withdrawals from that platform.

I think it is ridiculous, but it is part of the government's 'strong nudge' policy on withdrawals from personal pensions introduced about a year ago. It is intended for the foolhardy to protect them from themselves, but applies to all.

Pat38493

Also Pensionwise appointments are free aren’t they and it would only be needed to activate the first withdrawal.

edit: also if it’s that easy to get around it I suspect it’s more intended to protect AJBell than foolhardy customers.

Simes122

Qyburn said:

Hi,
I've seen references to platforms/providers where to make a UFPLS withdrawals require you to jump through a few hoops. For example I think someone said that Hargreaves Lansdown requires you to apply by post each time.

Are there any that allow this as a simple online transaction? Also hopefully no fee either.

Thanks.

HL asks the questions online.  I’ve not needed to use postal methods.

dealyboy

Hi Pat,

Pat38493 said:

Also Pensionwise appointments are free aren’t they and it would only be needed to activate the first withdrawal.

edit: also if it’s that easy to get around it I suspect it’s more intended to protect AJBell than foolhardy customers.

Also Pensionwise appointments are free aren’t they and it would only be needed to activate the first withdrawal.

- Well it's not actually needed to get through the access/withdrawal as stated but I do think I would rather not waste my time (can be an hour). In 2021 the UFPLS process just asked if I had had an appointment and I stated yes, this time (2 months ago) it required it and I put the approx. date I'd spoken to them, to satisfy the question. I only found out afterwards that it wasn't actually necessary and that I could just inform AJ Bell or another SIPP provider that I would not have an interview. After I completed the UFPLS I got another nudge to inform me that my appointment with Pension Wise was some time ago and that I should consider another appointment.

edit: also if it’s that easy to get around it I suspect it’s more intended to protect AJBell than foolhardy customers.

- I think the intention is for it to be a 'strong nudge' (I was surprised to learn that this is the official term) rather than a compulsory step, it is intended that people can opt out although this is not made clear. I would baulk at it being obligatory and I don't like this interference in any case in what is supposed to be an execution only service. The impression that it is required though is deliberate and I believe AJ Bell are just following government guidelines and presumably the FCA. It is a government initiative to protect the unwary and dare I say it, part of the nanny state.

Albermarle

I believe AJ Bell are just following government guidelines and presumably the FCA. It is a government initiative to protect the unwary and dare I say it, part of the nanny state.

Or alternatively a sensible move to try and improve the very low understanding in the general public of how pensions work, and to hopefully avoid people making the wrong decisions when withdrawing the pension ( and later maybe having to claim benefits if it all ran out)

Notepad_Phil

Simes122 said:

Qyburn said:

Hi,
I've seen references to platforms/providers where to make a UFPLS withdrawals require you to jump through a few hoops. For example I think someone said that Hargreaves Lansdown requires you to apply by post each time.

Are there any that allow this as a simple online transaction? Also hopefully no fee either.

Thanks.

HL asks the questions online.  I’ve not needed to use postal methods.

Are you sure that will work for UFPLS withdrawals?

Mrs Notepad uses HL for her UFPLS withdrawals and although HL does have the option to answer the risk questions online they use the postal system to send out the relevant documentation and UFPLS form and she then has to mail it back again - so if there is a way to do everything online for UFPLS then she's never found out how to do it and would love to know how to.

colmel16

My OH recently withdrew an UFPLS with HL. it took approx 7 days from applying to getting cash in account,(funds were held in cash). This is her second withdrawal , the first she filled in the online questions but still had to phone to recieve postal application. The second was done by phone (15 mins), same questions and still required postal forecast and application. Only info the phone call supplied was that if the UFPLS are less than 6 months apart then the questions  can be bypassed.