iWeb SIPP PCLS

Albermarle

DavidT67 said:

dunstonh said:

Providers are suffering on two fronts at the moment.  A deluge of people trying to get their 25% out before the budget created workflow issues and now many of those same people are now using their cancellation rights to put it back.

The big providers are not suffering as much on this as they have the resources to move around but the smaller providers with limited resources have seen their wait times increase significantly.

I knew that moving crystallised funds was less straightforward, but was not aware that that the choice of providers was really that severely restricted ?

Some of the robos and legacy plans won't take crystallised funds but all modern SIPPs will.

HL which normally take less than two weeks is now quoting eight weeks for FAD & UFPLS, so big providers seem to be suffering the same as smaller ones.

I gave examples of new entrants to SIPP market who don't accept drawdown pots, or even offer drawdown, so a stretch to say all modern SIPPs do.

I am not sure how big HL are in pension terms, when compared to the likes of Royal London, Aviva, Prudential etc . Probably more medium sized. Anyway clearly they are struggling with the current workload.

Invest engine and Nutmeg are not SIPP's as they only have a restricted number of investments available. Not sure about Freetrade.

DavidT67

So is InvestEngine lying on their website https://investengine.com/sipp/ when marketing a SIPP ?  If you are using some narrow technical definition of what a Self Invested Personal Pension is then you are splitting hairs.

dunstonh

I gave examples of new entrants to SIPP market who don't accept drawdown pots, or even offer drawdown, so a stretch to say all modern SIPPs do.

You gave investengine which is a tiny player and has a restricted offering.    As is freetrade.     Nutmeg don't offer a SIPP.  

When I refer to SIPPs, I am referring to proper SIPPs and not restricted products that call themselves SIPPs but lack typical and historic SIPP functionality.

pale_male

Thanks to everyone for posting such helpful information. I received a reply to my complaint to the AJ Bell team on the 25th, plus payment by end of day. I had also posted a withering review on Trustpilot. I don't know what triggered payment as I wasn't inclined to experiment with different approaches and wait for a result each time.

No one at iWeb ever replied to my complaints. Maybe that's specific to SIPPs.

I understand the pre-Budget panic aspect, but given some older comments I have seen regarding iWeb, I do wonder whether platforms are adequately prepared for SIPP and ISA withdrawals as their customers age. 

Question answered regarding transfers. Commiserations to all those going through it.

Albermarle

pale_male said:

Thanks to everyone for posting such helpful information. I received a reply to my complaint to the AJ Bell team on the 25th, plus payment by end of day. I had also posted a withering review on Trustpilot. I don't know what triggered payment as I wasn't inclined to experiment with different approaches and wait for a result each time.

No one at iWeb ever replied to my complaints. Maybe that's specific to SIPPs.

I understand the pre-Budget panic aspect, but given some older comments I have seen regarding iWeb, I do wonder whether platforms are adequately prepared for SIPP and ISA withdrawals as their customers age. 

Question answered regarding transfers. Commiserations to all those going through it.

Many platforms are fine for withdrawals, but usually they are more expensive than Iweb, who have a very low cost business model. 

blackcat16

pale_male said:

Thanks to everyone for posting such helpful information. I received a reply to my complaint to the AJ Bell team on the 25th, plus payment by end of day. I had also posted a withering review on Trustpilot. I don't know what triggered payment as I wasn't inclined to experiment with different approaches and wait for a result each time.

No one at iWeb ever replied to my complaints. Maybe that's specific to SIPPs.

I understand the pre-Budget panic aspect, but given some older comments I have seen regarding iWeb, I do wonder whether platforms are adequately prepared for SIPP and ISA withdrawals as their customers age. 

Question answered regarding transfers. Commiserations to all those going through it.

Good to hear you’ve made some progress, I’m also going through PCLS process with iWeb/AJ Bell, not very impressed so far. 

The Key Features illustration was confusing at best, and queries on it were not well answered, they also seem to be adamant I sign a cash declaration because “Over half my SIPP” is currently held in “cash or near cash”  when I have advised them that I have less than 10% in anything that could be considered cash like (Cash, STMM, Phys metals ETF’s etc).
I noticed iWeb are currently not accepting new SIPP applications and their online chat response was that “they are moving away from AJ Bell as administrators.” but assured me that “existing SIPP holders would remain with AJ Bell and would be unaffected” Not sure I was totally happy with that situation either.

pale_male

blackcat16 said:

 they also seem to be adamant I sign a cash declaration

I had to do the same, which is absurd as I had 25% in cash to pay the PCLS. One of their forms actually points out that payment may be delayed if cash is not available. It's just a bureaucratic oddity that I signed immediately to expedite the process.

blackcat16

For fairness I’d like to post that, after an unpromising start, I have now received my PCLS and IWeb actually delivered pretty well against their published timetable, even over the holiday period. So credit where credit is due.