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How long should a draw down payment take?
Larrius
Posts: 2 Newbie
I've decided to crystallise all my remaining uncrystallised funds in my pension and take the tax free cash (about £120K). How long should I expect the process to take from notifying my pension provider to the cash being deposited in my bank account. This isn't my first crystallisation so all the essential details should be in place.
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Comments
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Which pension provider? How long did your previous instructions take?1
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Depends how many requests are already in their queue.Best I've had was less than ten working days, worst was during the last pre budget boogeyman panic, when everyone was asking for them, that took three months, and I received compensation for the delay.0
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How long should a draw down payment take?Anything from 20 minutes to a month depending on what type of drawdown and what processes you are required to go through and the queue with the provider. Things are running a bit slower than normal at the moment due to budget hysteria.
Whether the funds are in cash already to allow the draw or are required to sold to cash and wait for settlement also needs to be factored in along with whether the provider pre-funds or not.
I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Provider is SJP. Previous draw down took about 10 working days. Currently on day 18 and they have managed to crystallise my entire fund whilst forgetting to pay the 25% tax free portion. No one seems to have any idea how to unravel this.0
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My SIPP provider ( Fidelity) is very specific .
Eight working days if the cash is available. Five more days if they have to sell investments.
Have had two tax free withdrawals this year. Both took eight working days.0 -
Larrius said:Provider is SJP.Let me be the first to offer sympathy at this difficult time.Paying SJP-level fees might reasonably lead you to expect competent service.N. Hampshire, he/him. Octopus Intelligent Go elec & Tracker gas / Vodafone BB / iD mobile. Ripple Kirk Hill Coop member.Ofgem cap table, Ofgem cap explainer. Economy 7 cap explainer. Gas vs E7 vs peak elec heating costs, Best kettle!
2.72kWp PV facing SSW installed Jan 2012. 11 x 247w panels, 3.6kw inverter. 34 MWh generated, long-term average 2.6 Os.0 -
Hargreaves Lansdown is currently saying 20 working days...I'm sure it said 15 days when I looked last month
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It probably did; as noted above, we are in the pre budget hysteria window, which like Christmas, seems to start earlier every year !UncleTomCobley said:Hargreaves Lansdown is currently saying 20 working days...I'm sure it said 15 days when I looked last month
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