Draw SIPP without phone call?

confusedfreelancer

I currently have a Nutmeg SIPP*. I've just found out that when I come to draw my pension (probably around 2045) they "require a call with a member of our advice team before we can sell down funds." Phone calls aren't something I can manage due to disability. I spoke to a Nutmeg employee via webchat who seemed to think they might be able to accommodate my needs but wasn't sure, and couldn't say how (although she ruled out email or letter as alternatives). I know I should have more money invested in my pension (I currently have a lot of cash savings) but can't bring myself to invest it in a provider that might not let me have access to it later.

I have tried Relay UK but it's not very reliable. Part of my problem is that I can't translate sound into words, so being able to read what someone is saying is helpful, but I also struggle with real-time communication in general. I like to read something multiple times and spend a few hours digesting it before replying, which a phone call doesn't allow.

Are there any pension providers I could move to that do not require a phone call before drawing the pension?

I'm autistic but not yet officially diagnosed (on waiting list). I have no family. My ex helps me communicate with landlord, utilities, etc but I suspect this support will reduce over time.

*Apparently it's not a sipp but a personal pension. I don't know if that changes anything. I'm so confused. I wish I'd never started a pension and had stuck with cash ISAs.

molerat

With HL you can complete the questionnaire on line.

But who knows what the requirements will be that far into the future.  If you are happy with the rest of the service and charges etc then you may as well leave it where it is for now.

tacpot12

Nutmeg really should make reasonable adjustments for you. I would suggest that it will be easier (and safer) to apply pressure to Nutmeg rather than move your pension. 

I don't think you will have trouble, and there is certainly time for them to improve their services for people who need the extra help. Using a video phone service like Zoom, which has a Chat facility, would allow them to see you and any form of ID they need to see, and to converse with you using text. 

I would write to them to make sure they are aware of your problem with understanding speech.

You say you don't have any family, but do you have any friends that could help you? 

Based on current pension regulations, Nutmeg will need to check that you understand the implications of any decision to drawdown or buy an annuity with your SIPP funds, so you and they will have to find a way to do this at the time. You can always more your funds closer to the time if you are still not getting on with Nutmeg when you need to talk to them. 

Simon11

With over 20 years to go, I wouldn't worry about that call.

With lots of progress in AI technology/ general technology, I would expect that you could get a bot to do the call for you!

confusedfreelancer

molerat said:

With HL you can complete the questionnaire on line.

Oh fantastic. I will look into switching.

confusedfreelancer

Simon11 said:

With over 20 years to go, I wouldn't worry about that call.

With lots of progress in AI technology/ general technology, I would expect that you could get a bot to do the call for you!

I know a lot might change, but it feels like too big a risk to invest in something where I might hit a brick wall and have to write the money off. I've had a lot of bad experiences with the NHS and other services where I've had to give up and go without whatever it was I wanted from them due to this barrier.

Pat38493

confusedfreelancer said:

I currently have a Nutmeg SIPP. I've just found out that when I come to draw my pension (probably around 2045) they "require a call with a member of our advice team before we can sell down funds." Phone calls aren't something I can manage due to disability. I spoke to a Nutmeg employee via webchat who seemed to think they might be able to accommodate my needs but wasn't sure, and couldn't say how (although she ruled out email or letter as alternatives). I know I should have more money invested in my pension (I currently have a lot of cash savings) but can't bring myself to invest it in a provider that might not let me have access to it later.

I have tried Relay UK but it's not very reliable. Part of my problem is that I can't translate sound into words, so being able to read what someone is saying is helpful, but I also struggle with real-time communication in general. I like to read something multiple times and spend a few hours digesting it before replying, which a phone call doesn't allow.

Are there any pension providers I could move to that do not require a phone call before drawing the pension?

I'm autistic but not yet officially diagnosed (on waiting list). I have no family.

I guess the first thing to say is that you have plenty of time to resolve this so that is already a good start (unless 2045 is a typo?).

I am pretty sure that Nutmeg will have to provide an effective means to communicate with you if you are unable to make phone calls for whatever reason, if nothing else because they must be able to comply with disability discrimination laws.

Further - I believe that there are indeed other providers that have procedures that would, in normal circumstances, allow you to make withdrawals without making a phone call.  Interactive Investor for example but I'm sure there are others.  Further, in normal circumstances you should be able to transfer your pension to another provider without making phone calls, but when I look at Nutmeg's website, it seems to imply that they charge exit fees for you to transfer out, which is unusual these days, so you would have to check that also.

This also assumes that you haven't invested in some kind of niche investments within the pension  that requires phone calls - with some providers, certain investments required a phone call.

molerat

confusedfreelancer said:

molerat said:

With HL you can complete the questionnaire on line.

Oh fantastic. I will look into switching.

As others have said, a bit of a rash move.

confusedfreelancer

Pat38493 said:

confusedfreelancer said:

I currently have a Nutmeg SIPP. I've just found out that when I come to draw my pension (probably around 2045) they "require a call with a member of our advice team before we can sell down funds." Phone calls aren't something I can manage due to disability. I spoke to a Nutmeg employee via webchat who seemed to think they might be able to accommodate my needs but wasn't sure, and couldn't say how (although she ruled out email or letter as alternatives). I know I should have more money invested in my pension (I currently have a lot of cash savings) but can't bring myself to invest it in a provider that might not let me have access to it later.

I have tried Relay UK but it's not very reliable. Part of my problem is that I can't translate sound into words, so being able to read what someone is saying is helpful, but I also struggle with real-time communication in general. I like to read something multiple times and spend a few hours digesting it before replying, which a phone call doesn't allow.

Are there any pension providers I could move to that do not require a phone call before drawing the pension?

I'm autistic but not yet officially diagnosed (on waiting list). I have no family.

I guess the first thing to say is that you have plenty of time to resolve this so that is already a good start (unless 2045 is a typo?).

I am pretty sure that Nutmeg will have to provide an effective means to communicate with you if you are unable to make phone calls for whatever reason, if nothing else because they must be able to comply with disability discrimination laws.

Further - I believe that there are indeed other providers that have procedures that would, in normal circumstances, allow you to make withdrawals without making a phone call.  Interactive Investor for example but I'm sure there are others.  Further, in normal circumstances you should be able to transfer your pension to another provider without making phone calls, but when I look at Nutmeg's website, it seems to imply that they charge exit fees for you to transfer out, which is unusual these days, so you would have to check that also.

This also assumes that you haven't invested in some kind of niche investments within the pension  that requires phone calls - with some providers, certain investments required a phone call.

No, 2045 isn't a typo.

I don't mind paying fees. I've no idea what the pension is invested in to be honest. I chose "socially responsible, medium risk." I didn't realise I might not be able to transfer without a call! I will stop putting money into my SIPP right away until I get all this figured out.

Thank you for the suggests of Interactive Investor. I'll look into that.

The problem with disability discrimination laws is that organisations (NHS especially) usually tell me that I'm not disabled and that I can do phone calls, which isn't very helpful. As I haven't yet managed to get a diagnosis I'm not able to dispute that.

Pat38493

confusedfreelancer said:

Pat38493 said:

confusedfreelancer said:

I currently have a Nutmeg SIPP. I've just found out that when I come to draw my pension (probably around 2045) they "require a call with a member of our advice team before we can sell down funds." Phone calls aren't something I can manage due to disability. I spoke to a Nutmeg employee via webchat who seemed to think they might be able to accommodate my needs but wasn't sure, and couldn't say how (although she ruled out email or letter as alternatives). I know I should have more money invested in my pension (I currently have a lot of cash savings) but can't bring myself to invest it in a provider that might not let me have access to it later.

I have tried Relay UK but it's not very reliable. Part of my problem is that I can't translate sound into words, so being able to read what someone is saying is helpful, but I also struggle with real-time communication in general. I like to read something multiple times and spend a few hours digesting it before replying, which a phone call doesn't allow.

Are there any pension providers I could move to that do not require a phone call before drawing the pension?

I'm autistic but not yet officially diagnosed (on waiting list). I have no family.

I guess the first thing to say is that you have plenty of time to resolve this so that is already a good start (unless 2045 is a typo?).

I am pretty sure that Nutmeg will have to provide an effective means to communicate with you if you are unable to make phone calls for whatever reason, if nothing else because they must be able to comply with disability discrimination laws.

Further - I believe that there are indeed other providers that have procedures that would, in normal circumstances, allow you to make withdrawals without making a phone call.  Interactive Investor for example but I'm sure there are others.  Further, in normal circumstances you should be able to transfer your pension to another provider without making phone calls, but when I look at Nutmeg's website, it seems to imply that they charge exit fees for you to transfer out, which is unusual these days, so you would have to check that also.

This also assumes that you haven't invested in some kind of niche investments within the pension  that requires phone calls - with some providers, certain investments required a phone call.

No, 2045 isn't a typo.

I don't mind paying fees. I've no idea what the pension is invested in to be honest. I chose "socially responsible, medium risk." I didn't realise I might not be able to transfer without a call! I will stop putting money into my SIPP right away until I get all this figured out.

Thank you for the suggests of Interactive Investor. I'll look into that.

The problem with disability discrimination laws is that organisations (NHS especially) usually tell me that I'm not disabled and that I can do phone calls, which isn't very helpful. As I haven't yet managed to get a diagnosis I'm not able to dispute that.

Well just to re-assure you, I am not saying that Nutmeg definitely requires phone calls to transfer out - I am not with Nutmeg so I don't know for sure.  Normally if you want to transfer your pension, you would simply request it via the receiving provider like HL or Interactive Investor.  They would then take care of it all on your behalf.  However if nutmeg have set to you that they require a phone call to "sell down funds", this might imply that they won't sell the funds to cash without a call.  In that case, I would suggest you put pressure on them by email or text chat, and keep posting here if you are having issues as there are posters here who can probably give further advice.

Maybe someone will come along to this thread who has some experience with Nutmeg who can advise further.

This probably doesn't help in the moment now that you are very concerned about this one issue, but given that the nutmeg web chat operator said that they would be able to sort it out, I am pretty sure they will find a way to allow you to withdraw the money when the time comes, or to transfer it out if that's what you want to do.  However as you stated in your first post I would suggest that you take plenty of time to consider the options, and even post your plans here it if helps where you can get comments, before actioning them.

Also this is completely away from your question, but since you mentioned that you have a lot of cash savings, and if your lack of autism diagnosis is causing you a lot of issues, you could consider paying privately to get a diagnosis - most probably you know that already but I mention it just in case.

HeyYeah

confusedfreelancer said:

Simon11 said:

With over 20 years to go, I wouldn't worry about that call.

With lots of progress in AI technology/ general technology, I would expect that you could get a bot to do the call for you!

I know a lot might change, but it feels like too big a risk to invest in something where I might hit a brick wall and have to write the money off. I've had a lot of bad experiences with the NHS and other services where I've had to give up and go without whatever it was I wanted from them due to this barrier.

You would definitely never have to write the money off. 

They say you have to have a call before you can draw-down the money. However this means you could still transfer the money at that point to another service provider. There might be some really fabulous ones by 2045!

It really isn't something to worry about until at least 2040, and then you will be able to move foreword or ask questions in this forum (or a similar forum).

I think stopping paying into this pension would be a shame, as you'll need some money to have a happy retirement.