What do people think of Interactive Investor (ii) platform

TheComputerGuru

FYI: This is NOT a request for financial advise.

I would like to know what your experiance of dealing with "Interactive Investor (ii)" SIPP is

I would specifically like to know how easy it is to draw down ad-hoc ammounts online. (I am a senior software developer so app or online is no problem)

As I am NOT going to take my 25% tax free allowance.
I am simply going to leave all my fund invested and draw down what I need when I want with the understanding that of each draw down 25% will be tax free and the rest taxable at my nornmal rate.

Edit:
My state pension will be taking up all of my PA so that's why I said rest at my normal rate above

(Removed by Forum Team)

jaybeetoo

My wife and I use ii for our SIPPs. It’s easy to manage online and set up withdrawals (unlike HL which still works on paper forms). With your first withdrawal, you’ll be put on the emergency tax code but it didn’t take long for HMRC to issue the correct code.

TheComputerGuru

https://forums.moneysavingexpert.com/discussion/comment/82051630#Comment_82051630

Seems like a good reason to avoid HL

Shimrod

We have our SIPPs with ii, the platform seems fine.

Taking an amount by UFPLS means you have to fill in a questionnaire each time as part of the process - confirming you know what you're doing and not being scammed! It takes around 20mins to complete which is a bit of hassle (you have to complete from scratch each time) - but if your withdrawals are very ad hoc it's not a great overhead. From form completion to money in the bank was about a week - absolutely no issues with the admin side.

We did UFPLS monthly for my wife last year as she was due a pension part way through the year and we weren't certain how much she would get - we only wanted to take enough to use up her personal allowance.

This year we've done flexi-drawdown - so crystalised a chunk and taking the rest as regular payments over the year - just one questionnaire to do for that!

disgruntled1234

https://forums.moneysavingexpert.com/discussion/comment/82051630#Comment_82051630

I’ve never sent any paper forms to HL and I’ve taken 25% tax free and also set up a regular drawdown.

You can do all of this either by messaging them or filling in an online form (to take some of my 25% tax free)

leosayer

I did that last year with II - it's called UFPLS.

I don't recall the steps but it was pretty pain free.

However you will almost certainly need to reclaim a tax overpayment from HMRC after doing it. I found that process far more confusing although that's nothing to do with II.

TheComputerGuru

https://forums.moneysavingexpert.com/discussion/comment/82051671#Comment_82051671

Thanks for the info.

I was always expecting HMRC to get it wrong and over charge me to start with.

DRS1

https://forums.moneysavingexpert.com/discussion/comment/82051845#Comment_82051845

I believe there is a way to deal with that. For the first time just draw a small amount to get a tax code issued and then draw the main amount in March. For later years I think you can skip the small first draw and just draw it all in March.

LHW99

My OH did a UFPLS with II about 18months ago, without problems. The tax overtake was left and came out in the wash with SA (which had to be done for other reasons) in due course

tigerspill

https://forums.moneysavingexpert.com/discussion/comment/82051630#Comment_82051630

My wife and I have been using HL for our SIPPs for a long time and have never needed to complete paper forms. My wife did have to call them once way back, but that was it. All online.

Pat38493

I have a SIPP with II - no issues so far - everything has been done online and has been done quickly and efficiently.

From what I recall though, they don’t do automated regular UFPLS withdrawals but your OP implies that you will be making ad-hoc withdrawals so that should not be an issue.

One small thing to watch out for is to make sure you have enough settled cash to meet the withdrawal - one of my withdrawals once got delayed because the some of my cash was not fully settled from investment sales yet, so you have to make sure you have enough cash that’s not showing as “pending” but even if that happened you can just secure message them and they will sort it out.