UFPLS regular automatic monthly payment possible?

Jacklob

I take a monthly UFPLS from AJBell. If you request the first payment online you then can email them to set it up. I take up to my personal allowance plus the tax free cash element. I don't know why you can't choose this option online but it can be done

mrklaw

that doesn’t sound that simple to me. I wouldn’t want to do that every month honestly.

Jacklob

Not sure what you mean. It is effortless, I don't do anything, it's all automatic each month. I then get a payslip. Works fantastic for me:)

MallyGirl

https://forums.moneysavingexpert.com/discussion/comment/81970069#Comment_81970069

I suspect it was commenting on the ii process that requires a phone call

Shimrod

https://forums.moneysavingexpert.com/discussion/comment/81969780#Comment_81969780

We did this last FY for my wife as she also had a defined benefit pension due to start payment in October and we weren't sure how much would be paid in that year. It's a bit of a drag completing the form everytime (and probably takes a bit more than 5 minutes). Never had to do a phone call with an advisor, that may be down to how you answer the questions.

This year we've gone for Flexi-access drawdown - so just one questionnaire once a year. We don't intend to take any random extra amounts out of the pension in the immediate future and the lump sum has just gone into a savings account for now. It will get spent gradually over the next year as needed.

Notepad_Phil

https://forums.moneysavingexpert.com/discussion/comment/81970070#Comment_81970070

If ii are now requesting a phone call then that is something new to me. I've not done one recently, but did umpteen UFPLS payments a couple of years ago and everything was online with no phone call necessary.

Notepad_Phil

https://forums.moneysavingexpert.com/discussion/comment/81969902#Comment_81969902

Just checking here, but you're definitely self-investing on AJ Bell and not using an advisor on the AJ Bell Investcentre platform are you? I was looking through the website at the weekend and could only find a mention of regular UFPLS on the advisor Investcentre portion of AJ Bell.

Duggo

https://forums.moneysavingexpert.com/discussion/comment/81969902#Comment_81969902

exactly the process I’ve just started, so it’s good to know it works! One question Jacklob, did you convert your pension to cash, or leave invested?

kermchem

I would welcome confirmation that AJ Bell currently offers new UFPLS monthly withdrawal from their regular consumer SIPP, not their adviser platform. There is at least one old thread that says both yes and no, and the Google AI claims only from the adviser platform and that there is a set up fee listed.

Jacklob

I am self investing, not the invest centre. I keep about 3 months worth of cash on my account. I top that up with my money market fund account when needed where I have enough cash for a couple of years.