Pension drawdown

clacky100

I have recently started to drawdown my Sipp.I was told by my investment company that I would receive the first payment on the 1 July 2026 ,it is now the 7 July and still no payment,the company are saying it is a tax issue,is this correct or are they just stalling

Marcon

https://forums.moneysavingexpert.com/discussion/6675377/pension-drawdown

Go back and ask them exactly what the issue is - but your 'investment company' is only going to be helpful if they are also the pension provider. If they don't yet have a tax code for you from HMRC, they'll simply apply the emergency code, so that shouldn't cause a delay. Sounds more like a pension payroll issue, but the provider is best placed to clarify.

dunstonh

https://forums.moneysavingexpert.com/discussion/6675377/pension-drawdown

I don't think anybody here can be expected to answer whether it is correct or not because we don't have access to your files and information.

However, tax would not be an issue to hold it up but income does go through payroll and takes longer than tax-free cash to pay out. So the context of the first of the month needs to be known. Was that the date selected for it to be in your bank account, or was it the date to start the sales to cover the income drawer? Was it the date to go through payroll? Most income payments use BACs. So add three working days on top of that.

The pension provider would know exactly what is going on. An IFA linked to the pension provider would be able to find out exactly what is going on. An investment company. I don't see how they could.