Which pension company provides the easiest & quickest ufpls withdrawls?

Linton

bownyboy said:

Well I can tell you it is definately NOT Hargreaves Lansdown! Its paper based and all manual and took a month from requesting the forms to the money being in my wifes account.

The taxable part of any pension drawdown including UFPLS has to be paid through the PAYE system.  In my experience platforms generally only run PAYE once a month and need 2 weeks notice to do so. Also, the cash needs to be available in the account a week or two before payment is to be paid. That neans that any ad hoc drawdown payment request will on average take around 1 month to be actioned.

Also some form of manual requesting is generally required - eg Bestinvest require an individual email.  Others may have a form to complete.  Perhas the request needs to be legally documented.

For these reasons may people including myself only make one drawdown request once per year with the money stored in a cash account.

zagfles

Pat38493 said:

tacpot12 said:

I only have experience of AJ Bell, but their app is good.

I have a regular monthly UFPLS withdrawal setup. Cash is taken out of the SIPP around the 9th of the Month and arrives as a payment into my bank account around the 18th of the month (so 9 days in limbo which I have always felt was a little excessive). The app says one off withdrawals take 1-3 days, and this has been my experience when requesting cash withdrawals from my Stocks and Shares ISA that I also have with AJ Bell.  

I've found the customer service to be very good; I've had very few problems, but any I have had have been sorted promptly after sending a secure message using the app.  

So AJ Bell allows you to set up a monthly automated UFPLS?  I thought that is was just IFA only providers that offered this option, although I was guessing that sooner or later DIY providers would start to offer it as well.

No, my workplace provider offers monthly UFPLS as well. 

But there's give and take with all providers, those which offer monthly UFPLS often don't offer phased drawdown, or make it hard for instance creating different accounts. The new flexibilities are a bit too flexible and you can achieve the same thing in different ways, so it might be easier to just go with whatever is easiest with your particular provider.

I wouldn't even consider a UFPLS with HL for instance as it seems to be very complicated with them, when I can use phased drawdown to achieve the same thing and it's easy.  

Notepad_Phil

zagfles said:

Pat38493 said:

tacpot12 said:

I only have experience of AJ Bell, but their app is good.

I have a regular monthly UFPLS withdrawal setup. Cash is taken out of the SIPP around the 9th of the Month and arrives as a payment into my bank account around the 18th of the month (so 9 days in limbo which I have always felt was a little excessive). The app says one off withdrawals take 1-3 days, and this has been my experience when requesting cash withdrawals from my Stocks and Shares ISA that I also have with AJ Bell.  

I've found the customer service to be very good; I've had very few problems, but any I have had have been sorted promptly after sending a secure message using the app.  

So AJ Bell allows you to set up a monthly automated UFPLS?  I thought that is was just IFA only providers that offered this option, although I was guessing that sooner or later DIY providers would start to offer it as well.

...
I wouldn't even consider a UFPLS with HL for instance as it seems to be very complicated with them, when I can use phased drawdown to achieve the same thing and it's easy.  

Sorry to disagree, but HL UFPLS is quite simple from Mrs Notepad's experience. You can start the process online and within a few days you'll receive a form in the post which just needs signing and returning via the postal system, the money then gets sent to your bank account a few days after they receive the form.

Not as simple or as quick as ii, which from my experience can all be done online, but it wouldn't put me off from using HL if they were as cheap for me as ii is.

eskbanker

westv said:

Hoenir said:

tacpot12 said:

so 9 days in limbo which I have always felt was a little excessive

Knock off 2 days for a weekend. 2 days for BACS processing transmission time. That's a 5 day turnaround including the day it' s requested. Payroll's may also only be run once a week. 

Why is that? This week I transferred £10k from my current account to Virgin Money and it was there almost instantly.

Different payment methods - BACS is the more traditional one, still used by most companies for highly-automated payment runs from payroll systems, and operates on a fixed three day cycle of submitting on day one, transmitting on day two and arriving on (working) day three.  The Faster Payments system accessible to consumers is, as its name suggests, usually faster but is rarely used in the corporate world such as for pension payments....

zagfles

Notepad_Phil said:

zagfles said:

Pat38493 said:

tacpot12 said:

I only have experience of AJ Bell, but their app is good.

I have a regular monthly UFPLS withdrawal setup. Cash is taken out of the SIPP around the 9th of the Month and arrives as a payment into my bank account around the 18th of the month (so 9 days in limbo which I have always felt was a little excessive). The app says one off withdrawals take 1-3 days, and this has been my experience when requesting cash withdrawals from my Stocks and Shares ISA that I also have with AJ Bell.  

I've found the customer service to be very good; I've had very few problems, but any I have had have been sorted promptly after sending a secure message using the app.  

So AJ Bell allows you to set up a monthly automated UFPLS?  I thought that is was just IFA only providers that offered this option, although I was guessing that sooner or later DIY providers would start to offer it as well.

...
I wouldn't even consider a UFPLS with HL for instance as it seems to be very complicated with them, when I can use phased drawdown to achieve the same thing and it's easy.  

Sorry to disagree, but HL UFPLS is quite simple from Mrs Notepad's experience. You can start the process online and within a few days you'll receive a form in the post which just needs signing and returning via the postal system, the money then gets sent to your bank account a few days after they receive the form.

Not as simple or as quick as ii, which from my experience can all be done online, but it wouldn't put me off from using HL if they were as cheap for me as ii is.

I've never tried it myself but read a few threads on here where people have had problems. But phased drawdown is easy with HL all online after the first, so I'll stick with that. 

Easyjet77

dunstonh said:

Aviva (my current pension company)

Which version product?   Service varies depending on product and legacy company

L&G   (they have always quoted the highest if I took an annuity)

projections are just a range of assumptions and not based on fact.    If they use higher assumptions than the others are using then it would be higher on a synthetic calculation.    It doesn't mean theirs is better.

Vanguard  (because of the fees)

Lots of forum posts of late suggesting they have service issues currently.

Hello,  Vanguard pension withdrawal  has been a simple and trouble free process for both myself and spouse. No problems or issues whatsoever. The latest was this week, no issues and quick service.

Pat38493

zagfles said:

Notepad_Phil said:

zagfles said:

Pat38493 said:

tacpot12 said:

I only have experience of AJ Bell, but their app is good.

I have a regular monthly UFPLS withdrawal setup. Cash is taken out of the SIPP around the 9th of the Month and arrives as a payment into my bank account around the 18th of the month (so 9 days in limbo which I have always felt was a little excessive). The app says one off withdrawals take 1-3 days, and this has been my experience when requesting cash withdrawals from my Stocks and Shares ISA that I also have with AJ Bell.  

I've found the customer service to be very good; I've had very few problems, but any I have had have been sorted promptly after sending a secure message using the app.  

So AJ Bell allows you to set up a monthly automated UFPLS?  I thought that is was just IFA only providers that offered this option, although I was guessing that sooner or later DIY providers would start to offer it as well.

...
I wouldn't even consider a UFPLS with HL for instance as it seems to be very complicated with them, when I can use phased drawdown to achieve the same thing and it's easy.  

Sorry to disagree, but HL UFPLS is quite simple from Mrs Notepad's experience. You can start the process online and within a few days you'll receive a form in the post which just needs signing and returning via the postal system, the money then gets sent to your bank account a few days after they receive the form.

Not as simple or as quick as ii, which from my experience can all be done online, but it wouldn't put me off from using HL if they were as cheap for me as ii is.

I've never tried it myself but read a few threads on here where people have had problems. But phased drawdown is easy with HL all online after the first, so I'll stick with that. 

Can you please explain what you mean by "phased drawdown" in this context as when I look it up, it just seems to mean taking different amounts at different times.

dunstonh

Pat38493 said:

zagfles said:

Notepad_Phil said:

zagfles said:

Pat38493 said:

tacpot12 said:

I only have experience of AJ Bell, but their app is good.

I have a regular monthly UFPLS withdrawal setup. Cash is taken out of the SIPP around the 9th of the Month and arrives as a payment into my bank account around the 18th of the month (so 9 days in limbo which I have always felt was a little excessive). The app says one off withdrawals take 1-3 days, and this has been my experience when requesting cash withdrawals from my Stocks and Shares ISA that I also have with AJ Bell.  

I've found the customer service to be very good; I've had very few problems, but any I have had have been sorted promptly after sending a secure message using the app.  

So AJ Bell allows you to set up a monthly automated UFPLS?  I thought that is was just IFA only providers that offered this option, although I was guessing that sooner or later DIY providers would start to offer it as well.

...
I wouldn't even consider a UFPLS with HL for instance as it seems to be very complicated with them, when I can use phased drawdown to achieve the same thing and it's easy.  

Sorry to disagree, but HL UFPLS is quite simple from Mrs Notepad's experience. You can start the process online and within a few days you'll receive a form in the post which just needs signing and returning via the postal system, the money then gets sent to your bank account a few days after they receive the form.

Not as simple or as quick as ii, which from my experience can all be done online, but it wouldn't put me off from using HL if they were as cheap for me as ii is.

I've never tried it myself but read a few threads on here where people have had problems. But phased drawdown is easy with HL all online after the first, so I'll stick with that. 

Can you please explain what you mean by "phased drawdown" in this context as when I look it up, it just seems to mean taking different amounts at different times.

Taking different amounts at different times in the case of drawdown only using the 75% element OR taking phased UFPLS (e.g. monthly UFPLS or a one a year draw of UFPLS of varying amounts) OR pretty much a catchall for anything where amounts are different.

zagfles

Pat38493 said:

zagfles said:

Notepad_Phil said:

zagfles said:

Pat38493 said:

tacpot12 said:

I only have experience of AJ Bell, but their app is good.

I have a regular monthly UFPLS withdrawal setup. Cash is taken out of the SIPP around the 9th of the Month and arrives as a payment into my bank account around the 18th of the month (so 9 days in limbo which I have always felt was a little excessive). The app says one off withdrawals take 1-3 days, and this has been my experience when requesting cash withdrawals from my Stocks and Shares ISA that I also have with AJ Bell.  

I've found the customer service to be very good; I've had very few problems, but any I have had have been sorted promptly after sending a secure message using the app.  

So AJ Bell allows you to set up a monthly automated UFPLS?  I thought that is was just IFA only providers that offered this option, although I was guessing that sooner or later DIY providers would start to offer it as well.

...
I wouldn't even consider a UFPLS with HL for instance as it seems to be very complicated with them, when I can use phased drawdown to achieve the same thing and it's easy.  

Sorry to disagree, but HL UFPLS is quite simple from Mrs Notepad's experience. You can start the process online and within a few days you'll receive a form in the post which just needs signing and returning via the postal system, the money then gets sent to your bank account a few days after they receive the form.

Not as simple or as quick as ii, which from my experience can all be done online, but it wouldn't put me off from using HL if they were as cheap for me as ii is.

I've never tried it myself but read a few threads on here where people have had problems. But phased drawdown is easy with HL all online after the first, so I'll stick with that. 

Can you please explain what you mean by "phased drawdown" in this context as when I look it up, it just seems to mean taking different amounts at different times.

Crystallising part of the pot and taking 25% of that part as PCLS, moving the other 75% to drawdown. 

Eg you have £200k in a SIPP, uncrystallised. You want to take £40k of it this year. Three options:

1) You could take a £40k UFPLS, so £10k tax free and £30k taxable, in a lump sum.

2) You could use phased drawdown and crystallise £40k, take £10k PCLS now and move £30k into drawdown. Then draw the £30k over the year as required. 

3) You could take monthly UFPLS - take £3333 each month of which £833 is tax free and £2500 taxable. 

Not all options will be available/easy to do with some providers. But they all achieve virtually the same end result, so the choice may come down to what's easiest with your provider. Also tax, for instance a one off UFPLS can result in a massive tax hit due to the way PAYE works, which you may have to reclaim. 

For instance 2) seems to be the easiest with HL, but hard with my workplace provider. 3) is hard with HL but easy with my workplace pension - although, like most "traditional" providers used by workplace pensions and IFAs, they insist you move your funds to a separate account before taking anything from them, even UFPLS, which is a a bit of a pain. I think all DIY providers allow you to take UFPLS straight out of the SIPP with no messing around transferring to a separate account first. 

sgx2000

dunstonh said:

Aviva (my current pension company)

Which version product?   Service varies depending on product and legacy company

L&G   (they have always quoted the highest if I took an annuity)

projections are just a range of assumptions and not based on fact.    If they use higher assumptions than the others are using then it would be higher on a synthetic calculation.    It doesn't mean theirs is better.

Vanguard  (because of the fees)

Lots of forum posts of late suggesting they have service issues currently.

Thanks for the reply Dunstonh

Aviva workplace pension.  A custom workplace TK plan.... (lifestyled)grr
currently
Series6 Av Corporate Bond S6 £1,597.07
Series6 Av BR EuropnEqty IndTrS6 £1,248.65
Series6 Av BR 50:50 GloEqIndTrS6 £18,653.96
Series6 Av UK Equity Income S6 £5,043.68
Series6 Av StwtInvAsiaPacLdSustS6 £2,642.09
Series6 Av AXA Fram Ameri Grth S6 £7,072.81
Series6 Av JPM Emerging Market S6 £2,391.40
Series6 Av BlackRock ContEuropnS6 £1,511.12
Series6 Av BlackRock Corpo BndS6 £2,998.77
Series6 Av BNY Global Income S6 £5,577.14
Series6 Av MFFocCons Pre 2024 S6 £63,600.95 Series6 Av M&G Optimal Inc S6 £4,746.94
Total fund value £117,084.58


I am currently undecided as to drawdown (ufpls)
or
Drawdown / annuity split...

Every time I get close to making my mind up something else happens to change things.

I am 64 so 2 years from state age, and suddenly redundancy seems possible....

So spreadsheet changes and options change....
Probably wont be able to get near to making a decision until the redundancy happens or not...