Any downsides to AJ Bell as a ‘one SIPP’ for retirement drawdown?

Kryten_the_Titan

https://forums.moneysavingexpert.com/discussion/comment/82089289#Comment_82089289

Thanks for the info here of the AJ Bell interest rate, upon reviewing just now this is 2.65% for cash in drawdown (I was unware of the higher rate), rather than 2.05% for cash not in drawdown. A little extra which ain't bad.

Linton

https://forums.moneysavingexpert.com/discussion/comment/82089600#Comment_82089600

The way AJBell's ISA dividends work for us is that the money goes into the investment account and once every 3 months it is paid out automatically as a single lump sum to the associated current account. While the cash is in the investment account interest is added.

II pay out all dividend/interests immediately as soon as they are received.

For both providers the service must be explicitly requested but there is no change. Whether is is available for SIPPs I dont know.

kermchem

I have only ever reinvested dividends in AJBell ISA, but I have sold investments and had the cash paid out or to my SIPP within days. No defined day of the month for ad hoc payments out.
Payments out of a SIPP can only be done in drawdown or similar, and drawdown payroll runs on 10th of the month with payment by BACS three working days later ( counting 10th and payment day) so 12th unless there are non-working days.

bjorn_toby_wilde

https://forums.moneysavingexpert.com/discussion/comment/82090214#Comment_82090214

Interesting. Thanks

bjorn_toby_wilde

https://forums.moneysavingexpert.com/discussion/comment/82090418#Comment_82090418

I only use UFPLS. The proceeds of a fund sale take a few days to hit the account then the UFPLS a few days more. I guess in total just over a week.

I have found AJ Bell give very good service and the few times I’ve had to use customer support they have been excellent. The chat function is quick and efficient.