How long to "crystallize"?

Mozza001

So I signed the paperwork to move a pension into drawdown, to get the lump sum only, not taking any income.

Was sent to transact Thurs morning.


Nothings changed when I login,  but there is some cash, just over 25%>

Question is at what point do I get the 25%>

Thurs value, Fridays,today's? How long does it usually take?

Marcon

Mozza001 said:

So I signed the paperwork to move a pension into drawdown, to get the lump sum only, not taking any income.

Was sent to transact Thurs morning.


Nothings changed when I login,  but there is some cash, just over 25%>

Question is at what point do I get the 25%>

Thurs value, Fridays,today's? How long does it usually take?

Have you asked your pension provider, or looked on their website to see their target timeframe?

Mr.Generous

Mine is with Transact, They phoned me to confirm the instruction before making the payment to confirm I knew the exact value of the transaction, and to confirm acc details it was being paid into. From requesting the pay out from advisor it took about 7 days. I knew the approx value but they wouldn't accept that, I had to ring advisor and get the exact value and call them back. Nice when it hits your account, I went to a cash machine and got a print out just for the buzz!!

Mozza001

Marcon said:

Mozza001 said:

So I signed the paperwork to move a pension into drawdown, to get the lump sum only, not taking any income.

Was sent to transact Thurs morning.


Nothings changed when I login,  but there is some cash, just over 25%>

Question is at what point do I get the 25%>

Thurs value, Fridays,today's? How long does it usually take?

Have you asked your pension provider, or looked on their website to see their target timeframe?

Yes.

They said "a few days" before I received money.

This isn't a "how long B4 I get the money question"
It's at what point do I get 25%, ie  the day I put the instruction in, or the day someone gets round to 2 mins on a keyboard.


If my pension was worth 100k Thurs, 90k Fri, 80k today and probably 70k tomorrow at what point do I get 25%?

Mozza001

Mr.Generous said:

Mine is with Transact, They phoned me to confirm the instruction before making the payment to confirm I knew the exact value of the transaction, and to confirm acc details it was being paid into. From requesting the pay out from advisor it took about 7 days. I knew the approx value but they wouldn't accept that, I had to ring advisor and get the exact value and call them back. Nice when it hits your account, I went to a cash machine and got a print out just for the buzz!!

Mr.Generous said:

Mine is with Transact, They phoned me to confirm the instruction before making the payment to confirm I knew the exact value of the transaction, and to confirm acc details it was being paid into. From requesting the pay out from advisor it took about 7 days. I knew the approx value but they wouldn't accept that, I had to ring advisor and get the exact value and call them back. Nice when it hits your account, I went to a cash machine and got a print out just for the buzz!!

But at what point was the value calculated, from your instructions?
The day you requested, or 7 days later when you received it?

Ie the day you requested it might have been 100k so 25k lump sum.

7 days later,when you received it it might have been 80k so you received 20k.

My point being I requested it, signed the paperwork and was sent to Transact by advisor Thurs morning, let's say the value was 100lk.

So far online I can see just over 25k has been converted to cash, a few days ago, I assume in readiness for my instruction


Tomorrow we have a massive crash and the valve halves.

At what point do I get 35%, Thursday when I put the instruction in, or tomorrow?

Mr.Generous

Ah, I see your point, the 25% will be decided when they carry out the valuation for payment, if it goes down after that it won't affect the payement. I don't know the date/timeframe for that, the markets were making small gains at the time so I wasn't concerned. My fund has lost about 10% from peak so a 25% drop sounds horrendous sorry.