Regular Drawdown Interactive Investor

Pat38493

Question for those with Interactive Investor who might be using the regular drawdown function.

Does it work like a payroll - do I get to specify a particular day of the month which the payment will be made, and this specifies the tax date and the date it will hit my account?

So for example, if I initiate a regular drawdown payment on the 1st of the month starting April 2026, does this mean the first payment will fall in the 25/26 tax year?

NoMore

Looks like you can set your own date: see step 7

Amend your existing drawdown income - ii

To amend or begin your regular payments, set the regular payment amount and frequency as desired. 

Then select an available payment date in the next month that the change should be effective from. Please note that only dates at least 10 days after the current date will be available to ensure enough time to process the change.

EDIT: Although that says a list of available dates, so not every date may be available. Sorry I might not have helped you.

jaybeetoo

I seem to remember when I set up my monthly drawdown from ii that there was a choice of 2 days in the month for payment. I get mine between about 24-28 of the month. I think the other date was around the middle of the month.

norton66

I am currently being offered monthly payment commencement dates of 28th Feb or 15th Mar then paid on the same date monthly thereafter, both of those options would site nicely within a tax month and everything is clear on your pay slip issued by BARNETT WADDINGHAM.

MetaPhysical

What I do is to take three month chunks of money from my II SIPP via UFPLS into a "holding" current account and then take a monthly "salary" from that holding account into my everyday spending account on the same day that my works salary used to be paid. That way, I collect all the money from my different pensions into that one holding account and pay myself once per month into my spending account. This works well for me because the pensions all pay on different dates and it gets messy. With the holding account I can let the money accumulate from the different sources and then take one payment from it per month.