Withdrawal from SIPP.

Linton

tilllymse said:

• 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.

A "Corporate Action"  covers things that the fund manager does - eg anounce a dividend.  It has nothing to do with individual transactions on your account.

You should be looking for "Transaction history" or "Transactions" ,  at least that is what my providers call it.  You may have to go to the specific account or portfolio section first.  There certainly should be a log.

Linton

tilllymse said:

Why would I keep being told that it should be typically completed within 10 days if there are issues with the platform/provider?

From my experience SIPP providers have a fixed schedule for processing taxable withdrawals:

A "payroll" is run once a month probably on the 1st though this year the 1st April was a bank holiday and so the payroll would be run earlier.   The cash needs to be in the account 1-2 weeks beforehand.  So in the worst case where you just missed the date it could take 6 weeks or so after putting in a request before you see the cash in your bqank account.

Some providers may be more flexibble.

dunstonh

I cannot find any documents on my Parmenion platform that suggest when the request was made, other than the  document dated 26/3/24 (which I have previously mentioned) that said hat my request had been received, but not giving an actual request date, unless it is the date of the letter? 

For the platform to acknowledge the request on the 26th March when you say the forms were completed two weeks earlier suggests an issue that is not necessarily tech related.   

Providers and platforms know the tax year end deadlines and will go out of their way to have the resources to cover the administration.    WIth their deadline being the 18th, why did they wait until 26th March?

It will be interesting to see what Parmenion's response is, but the more info you have provided, the more it leans to either the adviser not submitting it in time or Parmenion not acting on it in time (Royal Mail has been inefficient for some time - did the adviser post it rather than upload it or email it?)

This was his response:  'The correspondence you received regarding your Parmenion account is from Parmenion themselves and not from me, However, I understand it might be a bit confusing as it may appear as though I have sent it'.
On the bottom of the document dated 8/4/24 it gave a telephone no. and email address for 'Parmenion'.  I decided to ring 'Parmenion' to ask when the request was submitted and also to ask about a reversal payment.  Remembering of course that my own IFA had said these letters were from Parmenion.

Upon ringing the no. it was answered by a person who said they were called * and asking how could they help me today.  I was shocked as the name was the same as my IFA and it sounded like him too.  I said hello and there was a long pause when nothing further was said, I said hello twice more after which the call was disconnected?  It was a deliberate disconnection.

That is not unusual.  A lot of platforms will put the IFA contact details on the letters rather than their own.  That is because the IFAs are the contact point and the ones that input the transactions in the software (most of the time)

This is the tel for Parmenian and not the adviser:  

However, I desperately need to speak with somebody who knows what they are talking about and who can give me another perspective on the situation, (I am not asking for advice).  I need help!  As I have no way of knowing whether my comments are being read, I really don't want to put all my information on this platform at the moment.  Is there anybody I can approach (who is honest).

Stick with us on here.  There are three IFAs on this site and plenty of knowledgeable DIY investors who will provide support.

As things stand, my initial view that it could have been transactions stacking up causing a delay doesn't seem likely now.    I am now leaning towards either the adviser not sending/uploading the form in time or the platform not acting on the form.   If you contact Parmenion on the tel number above and ask them when they got the form and how they got it (i.e. was it emailed, uploaded to them or via the post) you will have a lot better idea of who is responsible.

tilllymse

Thank you so much Duns.  Just cutting to the telphone no....that was the no. I rang?

dunstonh

tilllymse said:

Thank you so much Duns.  Just cutting to the telphone no....that was the no. I rang?

I got that number from the Parmanion website.     So, unless they operate phone routing from known numbers (which some platforms do), it shouldn't be your adviser.   Phone routing is where their software sees the incoming telephone number and directs it to a specific individual or team.

Try again later and withhold your number (dial 141 before the number).  See if you get someone different.

tilllymse

Thanks Dun.  I did as you suggested (why didn't I think of that duh!).  I did get somebody different who was really nice.  The no. is not re-routed, I just happened to get a guy who had the same name as my IFA and is young and sounded like him too, (not a particularly common name).

Anyway, the request was made on 26/3/23 (the date of the letter) and he did go on to say what you said about funds needing to be realised (learning something), but I asked how long they needed to be able to do this and he said 10/12 days.  I asked how the request had been summitted to them and he said basically through the platform you mentioned. I said it was instant then and he agreed.  When I told him the date I had requested it, he seemed pretty confused.

The reversal will cost me 0.45% of the withdrawn funds but will be complicated in that we will have to wait for the tax to be repaid in which case it will have to be processed for a 2nd time as far as I could understand.  He also said I may need the permission of my IFA to which i said i could not be confident of them processing in time (it is a limited window).  He said he would get back to me.

dunstonh

Anyway, the request was made on 26/3/23 (the date of the letter) and he did go on to say what you said about funds needing to be realised (learning something), but I asked how long they needed to be able to do this and he said 10/12 days.  I asked how the request had been summitted to them and he said basically through the platform you mentioned. I said it was instant then and he agreed.  When I told him the date I had requested it, he seemed pretty confused.

So, as it currently stands, there is an anomaly between the date you requested it with the adviser and the date the platform got the request.   The next discussion is with the adviser  to ask them why the platform said it was submitted on the 26th March when the adviser had it two weeks earlier.

The reversal will cost me 0.45% of the withdrawn funds but will be complicated in that we will have to wait for the tax to be repaid in which case it will have to be processed for a 2nd time as far as I could understand.  He also said I may need the permission of my IFA to which i said i could not be confident of them processing in time (it is a limited window).  He said he would get back to me.

If you find the adviser is at fault for not submitting it in time, then I would be asking for the adviser to pay that.  Alternative, ask the adviser to pay you the tax difference.

tilllymse

Thanks Dun.  I have already asked my advisor why it was delayed and why he didn't keep me up to date.  This was answered by a letter from the company who seem to have upgraded it to a complaint and said they would reply within the next 6 weeks.  Am I not asking the same question, but phrased differently?

dunstonh

tilllymse said:

Thanks Dun.  I have already asked my advisor why it was delayed and why he didn't keep me up to date.  This was answered by a letter from the company who seem to have upgraded it to a complaint and said they would reply within the next 6 weeks.  Am I not asking the same question, but phrased differently?

By company, are you referring to the advice company?   If so, you wait for the outcome.     (when you mentioned it earlier, i thought you were referring to Parmenion)

tilllymse

Yes Dun, the company the advisor works for.  I only have approx 2 weeks left to request a reversal of the payment and I can't see them agreeing to cover surplus tax charges before I hear back about the 'complaint'. 

It also still doesn't change the fact that they have 'blocked' me from withdrawing any further funds for a full year.