Withdrawal from SIPP.

Sarahspangles

tilllymse said:

I received a reply from the company today, headed Pension withdrawal complaint.  Slightly surprised as at this point, as I thought I was asking questions?  They basically said they were investigating my 'complaint' and would reply within 8 weeks..

It does sound like they know this hasn’t been handled correctly, to have progressed this to a complaint. 

moedeeb

dunstonh said:

Nutmeg insist on a pdf form followed by a phone call with one of their Advisors this happens every year as I only take a withdrawal annually. 

Nutmeg do not have advisers.  Its a non-advised service.

My mistake I think they call them pension experts or similar. It does get confusing as I need to tell them the exact same things once a year, basically a waste of time.

dunstonh

tilllymse said:

Just to clarify, the letters on my account are from the provider.  The request for the withdrawal was made 14th March and the forms were signed for it the same day.

Who is the provider?    There are not many that need forms.   The odd one may do on the first drawdown request but most see the adviser key it and as mentioned previously, 11th March was plenty of time.   If you name the provider, we can probably find their tax year end deadlines.

tilllymse

Thanks dunstonh, the provider is Parmenion.

tilllymse

And effectively it was my first drawdown.

tilllymse

I was not sure if the request could only be dated from the day I signed the forms?  Rather from when I verbally requested it?

dunstonh

tilllymse said:

Thanks dunstonh, the provider is Parmenion.

I don't use Parmenion. They used to offer only their own product/investment solutions, which I felt didn't sit well for an IFA.  It was more suited to an FA or tied wealth management model.  They only recently opened up to more external solutions but their charges are not competitive.  So, its not one I know much about when it comes to their processes.

Here is their tax year end doc:
https://communications.parmenion-im.co.uk/acton/attachment/19226/f-a30650af-1e72-4ca3-914b-5c2540e6fd98/1/-/-/-/-/Tax%20deadlines%20.pdf

and just in case the doc goes missing:


So, the key takeaways from this is 18th March was the deadline where you were still invested in funds.
Although the ^ note says  "We assume that at the start of the process all funds are settled and ready to be sold and there are no outstanding processes on the portfolio selected".

Now this can be a potential problem.   Some platforms cannot run concurrent transactions.  They run the consecutively instead, one after the other.    I don't know what the case is with Parmenian but that note suggests they cannot do things concurrently.    

For example, if a fund switch is keyed by the adviser (or with Parmenian, its more likely the DFM was switching funds) or a sale to fund charges, any transaction keyed in after that will be stacked up until after the first transaction completes and the funds are settled.  This can be extremely annoying and inconvenient and could be behind your problem, seeing as you mentioned it was before 18 March.

Advisers never used to need to think much about concurrent or consecutive transactions, but they are now discussing them more and more.    I don't ever recall it being discussed before last year but several advisers I know have become frustrated with it and are looking at alternative platforms because of it.     Its a guess. It may not be this but one of those advisers I mentioned getting frustrated found his clients had two transactions generating fund sales each month that each had to wait for settlement and that resulted in 2 weeks in 4 not being able to transact anything else.   There was a workaround for that (have a sufficient cash float or use a different platform).     

Hopefully you will get your answer soon enough but you may want to log onto the platform and check your transaction history to see what transactions were going through around the time you completed the form.    Was there a fund sale going through to meet charges?  did a fund switch occur just before the withdrawal?    Most adviser platforms also show you the document history.  So, you can see when the adviser uploaded the form to the platform. 

tilllymse

Thank you dunstonh.  I will look at it, but if I am honest I have to say I am not very clued up about any of this and some of what you have said is Double Dutch to me.

Can I ask you if you can give me any information on the below two questions: 

What I would really like to know now is, in the letter of the 5/4/24, they said that I could cancel the income payment.  Is this normal and is there a charge for doing it please?

Also, I would like a comprehensive explanation of what constitutes a 'review' please?

Thank you.

dunstonh

Also, I would like a comprehensive explanation of what constitutes a 'review' please?

A review can mean different things to different people.  Often, you decide what you feel is important to you, and the adviser will do that.   However, as a minimum, it should include ongoing suitability & due diligence.  

What I would really like to know now is, in the letter of the 5/4/24, they said that I could cancel the income payment.  Is this normal and is there a charge for doing it please?

Never done it and never had a need to do it.    However, it is possible as it is just a payroll reversal.    I don't know if they would charge.

tilllymse

• Thanks dunstonh.  I was wondering if I could cancel the income payment and by doing so, negate the extra tax charges.  All said I have nothing to lose as it has come out of this year anyway so I assume I could just do another withdrawal on this years tax figures?  Just a thought.  However, not sure who to ask now as I don't seem to be getting answers to my questions and I cannot afford to wait 6 weeks, as it will be too late to do it then.

I have logged onto the platform and have clicked every available option but cannot find a transaction history and any indication at all of when the withdrawal was requested.  I found the following comments, but they may well mean nothing:-

Corporate actions between

18/10/2023

 and

18/04/2024

A corporate action is any event which results in changes to the stock held in your funds. Generally this is anything that affects the number of shares in issue, including events such as takeovers, bonus issues, rights issues and consolidations.

There were no corporate actions for this investment during this period. 

Performance details

The investment portfolio was closed or dropped below the £100 minimum threshold during the 3 months prior to 18/04/2024, which prevents the performance figures from being calculated. The performance figures will be available when a portfolio has been open for 3 months.

Performance summary

There is no performance data for this investment during this period.

Sadly, as I say dunstonh, I have no knowledge at all about financial matters other than taxes, which is probably no help at all.

Is it possible to PM you please?  Thank you.