Process for taking partial TFLS in ii

dont_use_vistaprint

I'm wanting to take about 10% out tax free , my understanding is I can do this by part crystallising a larger amount and the remaining crystallised amount moves to a drawdown area but can stay invested.

My question is how is this actioned regarding selling units , do I need to sell an amount to cover the TFLS required AND the crystallised / drawdown then buy them back? Or just enough for the TFLS I require ? And do I need to calculate & sell units to the value of my TFLS ( or total crystallised amount) first before making the request or will they take care of it

thanks

NoMore

You just need to have enough cash for the amount your are withdrawing from the pension.

Ii will not do this automatically for you. You have to do it yourself then ask for the drawdown.

sausage_time

See my earlier thread…

https://forums.moneysavingexpert.com/discussion/6649260/ii-sipp-taking-first-tax-free-lump-sum

Albermarle

I'm wanting to take about 10% out tax free , my understanding is I can do this by part crystallising a larger amount and the remaining crystallised amount moves to a drawdown area but can stay invested.

With II there is no separate drawdown account. After you have taken your 10% tax free, you will have 90% of the pension left in the same investments/pot.

Somewhere on the site, it will be recorded that a % of the pot is crystallised.

It is a relatively unusual system ( but not unique) . Maybe it is cheaper for them to do it this way.

This thread was on this topic

Crystallised / Non Crystallised help — MoneySavingExpert Forum

Pat38493

https://forums.moneysavingexpert.com/discussion/comment/81878301#Comment_81878301

From past learnings - if you don’t have enough settled cash to cover the withdrawal it will fail and you might need to message them to nudge the process - in particular, if you have sold investments to cash but they have not settled yet, it can block the withdrawal.

Once you have taken some TFC, you can see your notional split between crystallised and uncrystallised amounts in the “Pensions / SIPP Benefits” area on the website but it only updated once per day on working days.

dont_use_vistaprint

https://forums.moneysavingexpert.com/discussion/comment/81878326#Comment_81878326

do you need to use the website ? Can't see any options to withdraw from SIPP in the app

Pat38493

https://forums.moneysavingexpert.com/discussion/comment/81878638#Comment_81878638

Yes I think you have to use the website for pension withdrawals with II.

leosayer

I found the easiest way to find out how it works is to actually go through the process on the II website without actually committing.

Go to Pensions / Benefits / Withdrawing Money and take it from there.

There's a lot of stuff to read and understand.

dont_use_vistaprint

https://forums.moneysavingexpert.com/discussion/comment/81878824#Comment_81878824

yeah I've been through it today it's not the greatest user experience and not a responsive layout so lots of horizontal scrolling ! They managed to make something quite simple extremely complex.

leosayer

https://forums.moneysavingexpert.com/discussion/comment/81879365#Comment_81879365

Yes it is a very long-winded process but it does contain everything you need to know.

LHW99

Are you trying on a small screen (phone / tablet)?

Horizontal scrolling didn't seem an issue on a desktop screen.