Timescale to move from SIPP to drawdown AC with Hargreaves Lansdown?

Melvinsmum58

Has anyone submitted an application to HL recently to move money from their SIPP account to their drawdown account? I am trying to get an estimate of the timescale it is taking.

I made an application on 6th Nov, got a confirmation email saying 20 working days. That has now passed and I have messaged and called them for an update, but they just say we aren’t meeting the 20 days but we can’t tell you when your application will be processed!

Obviously not the level of service that I expect from HL (I don’t understand why they can’t send an updated email saying it is now 25/30 days). But I am just hitting a blank wall, and trying to guesstimate when my lump sum might arrive, and if my drawdown account will be topped up in time for the January payment.

Is there anyone who has recently done the same and can give me their timescale.

plumb1_2

With my limited knowledge, I would expect the delay is caused due to the budget, massive amount of people trying to get their tfls from their pensions. Tabloid rumours that the tfls would change. 

SVaz

They are normally very quick so they must be inundated with requests.
The last one my Wife did was in March , from online request to money in the bank was a couple of weeks,  requested on the 10th,  paid on the 26th.  

DavidT67

With HL, it's normally less than ten working days for FAD.  

We put in an UFPLS request and a Small Pot application end of November, both now processed and paid out to our accounts in less than two weeks.  

I did experience an extended delay with FAD due to last years budget frenzy, and received compensation for the delay, but no issues this year.

ali_bear

As the others have said, a process that would normally be expected to take 2-3 weeks is most likely being delayed by an excess of applications in the run up to the budget. 

UncleTomCobley

I requested one on 17 October and after a couple of phone calls and a some emails...the drawdown is still not done.

It's not the account's first drawdown either, I did one at the end of September and it was completed mid October.

I am somewhat unimpressed.

 

Albermarle

One of their competitors ( Fidelity) quotes 8 working days, if you have enough cash in the account to pay the TFLS you request. An extra 5 working days if not.
My two requests earlier this year took 8 and 7 working days respectively.
However due to the 'budget rush' they sent out a note saying any requests for withdrawals before budget day ( 26th Nov) had to be in by the 5th.

I do not know if 8 working days is quick or slow for a retail SIPP provider, but at least they stuck to what they said.

Melvinsmum58

UncleTomCobley said:

I requested one on 17 October and after a couple of phone calls and a some emails...the drawdown is still not done.

It's not the account's first drawdown either, I did one at the end of September and it was completed mid October.

I am somewhat unimpressed.

 

Wow, that was at least 2 weeks before mine, so I will not hold my breath. Yes I know they will have been inundated with applications, but what is worrying me is that they refuse to give updated timescales…..they did send out an email after the budget asking if I still wanted to continue my application, why could they not add a sentence to that email stating that the delay in processing is now 30+ days, or however many it is.

Speaking to a pension lady this morning, she said that if I applied now, I would still get a confirmation stating it is 20 working days, when it’s likely looking like 30-40 at the earliest. 

Please could you let me know when your drawdown is completed @UncleTomCobley? The emails and phone calls that you had - was it you chasing them up, or was it them processing your application and querying things with you?

I am seriously unimpressed, HL customer service has really gone downhill. I have sent in a Complaint email this morning, but they haven’t even acknowledged receipt of that, so I guess even that won’t be looked at in the near future.

Melvinsmum58

SVaz said:

They are normally very quick so they must be inundated with requests.
The last one my Wife did was in March , from online request to money in the bank was a couple of weeks,  requested on the 10th,  paid on the 26th.  

The last one I did was in July 24, they stated 15 working days, I think the money hit my account in 17, so not quite as quick as your wife’s but it was summer hols so maybe less staff.

I just worry that with Christmas fast approaching, it could be well into the New Year when I get my money. I wouldn’t mind if they just gave an update, but no, they are leaving us all hanging.

Melvinsmum58

Albermarle said:

One of their competitors ( Fidelity) quotes 8 working days, if you have enough cash in the account to pay the TFLS you request. An extra 5 working days if not.
My two requests earlier this year took 8 and 7 working days respectively.
However due to the 'budget rush' they sent out a note saying any requests for withdrawals before budget day ( 26th Nov) had to be in by the 5th.

I do not know if 8 working days is quick or slow for a retail SIPP provider, but at least they stuck to what they said.

I also have SIPP money with Interactive Investor, so I will be asking them what their timescales are, and if quicker, just do it via them. And then likely move all remaining HL SIPP funds to II. I wouldn’t mind but HL charge a lot more than others, for (currently) a worse service. The fact that they won’t give any update on timescales, still sticking to 20 working days, is very annoying.

Melvinsmum58

DavidT67 said:

With HL, it's normally less than ten working days for FAD.  

We put in an UFPLS request and a Small Pot application end of November, both now processed and paid out to our accounts in less than two weeks.  

I did experience an extended delay with FAD due to last years budget frenzy, and received compensation for the delay, but no issues this year.

@DavidT67 - Can you give me any idea of when you applied around last year’s budget, and how long it eventually took.

It is not the delay that is irking me, it is the lack of any updates - as I mentioned above, they sent an email on budget day asking if I still wanted to go ahead…why could that email not include updated waiting times?