Crystallisation on ii

Albermarle

https://forums.moneysavingexpert.com/discussion/comment/82139852#Comment_82139852

You could ask around a few of the mainstream SIPP providers, like Aj Bell, Fidelity, HL and maybe Vanguard.

MoneyGeoff

Yes I’ll try those thanks. It’s a shame ii couldn’t answer my questions because their step by step guide is by far the best. All the others are a bit sketchy as to what the actual steps are and whether manual steps are required.

WitsEnd101

I have only done UFPLS with ii but found it OK to implement. For the first UFPLS I even had one of the CS staff walk me through the whole online process. Recommended.

MoneyGeoff

https://forums.moneysavingexpert.com/discussion/comment/82139979#Comment_82139979

OK Thanks. I’ve sent them my question by email as well to see if I get a better answer than the guy on the phone.

jaybeetoo

Don’t bother with HL. Having experience of both HL and ii, HL still rely on manual processes but ii is all online and was quite fast. Be aware the end of the tax year is a very busy time for all SIPP providers so the process may take longer than normal.

MoneyGeoff

https://forums.moneysavingexpert.com/discussion/comment/82140410#Comment_82140410

Yes, I’ve had bad experience with HL myself so I already eliminated them. Agree it’s going to be a nightmare time because of the pension age change and like you say end of tax year too. Definitely want a fully digital platform, AJ Bell and ii are the frontrunners.

retiringin26

You might ask Lloyds (previously marketed as Halifax SIPP and running on the SW/Embark platform) too.

I've seen its online platform and it seems pretty good.

LHW99

II probably wouldn't commit to a timescale because of you wanting it a week before the change. They may anticipate a lot of requests from that, along with a normal bump due to the end of the financial year.

I can confirm that at other times the process is pretty smooth.

You will be asked if you have spoken to Pensionwise, which isn't obligatory. However if you might want to, I believe they have a bit of a delay with appointments.

MoneyGeoff

https://forums.moneysavingexpert.com/discussion/comment/82140659#Comment_82140659

I didn’t ask them to commit to a timescale. I just need to know if I’ll be able login in on my birthday and follow their step by step guide. As long as a “benefit crystallisation event” is recorded there is no time pressure on them. It doesn’t matter if the TFLS lands after the 5th April.

I worked in Finance IT my whole career. Someone in ii must know how it works. Is the functionality enabled automatically at midnight on the users 55th birthday? Does it depend on a batch job that might fail? Is it a manual process that could go wrong if they are busy? Someone had to have programmed it and documented how it works.

A previous reply said they were able to crystallise themselves on their 55th birthday which suggests the functionality automatically becomes available. I was hoping ii would confirm that before I transfer funds to them.

SVaz

HL is all online, you tick some boxes, say how much you want to crystallise and it takes around 10 working days. My Wife does it every year with her previous year’s contributions.