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Accessing your benefits

How we process your drawdown request

Accessing Your Pension

HOW TO ACCESS YOUR PENSION BENEFITS

This page explains the three stage process that we undertake when we receive a drawdown application form. Please read this information carefully and note the ‘important information’ sections below each stage, which will ensure processing your application is actioned in a timely manner. If you have any questions about the process, please see our Accessing your Pension webpage.

 

Important Information

ADDITIONAL IMPORTANT INFORMATION:

  • All required forms for taking your benefits can be found in our literature library.
    For information on how to appoint a financial adviser, please see www.unbiased.co.uk.
  • Information on Lump Sum Allowance (LSA) and Lump Sum and Death Benefits Allowance (LSDBA) and what these mean can be found on our website under the relevant section for advisers and clients.
    If you need any information on Money Purchase Annual Allowance (MPAA), you can find this here.
  • MoneyHelper advice can be found at http://www.moneyhelper.org.uk

Stage 1 - Receiving Your Form

  •  When we receive your form, we will review it to ensure we have everything we need to proceed. If we require any further information, we will contact you/your adviser within one working day of receipt.
  • Once we have reviewed your form, we will request any required valuations and disinvestments to be made as appropriate. If your pension includes a commercial property, and you don’t have a valuation dated within the last six months, we will arrange for one to be undertaken using the surveyor details provided on your drawdown form.

Important information:

  • Check all applicable sections are completed on the form prior to submitting.
  • Check surveyor details (if applicable) and ensure these are correct and up to date.
  • If you don’t have an adviser, it’s important that you complete the Risk Warning Questions on the form. Based on the answers you provide to these questions we’ll create and send you a Risk Declaration that you’ll need to sign and return in order for us to make payment.

Stage 2 - Valuations and Reconciliation

  •  Once the first stage is complete, we’ll carry out any required calculations and ensure we have everything we need to proceed. This will include ensuring that valuations are in place (if required), and that all funds are reconciled. We’ll be in contact if there’s anything further we need from you.
  • Please be aware, due to the complexities associated with holding commercial property in a SIPP, the timescales to complete a valuation may be longer than usual. Please contact us if you have any questions.

Important information:

  • We’re reliant on third parties to complete your request, which does sometimes mean that we are unable to progress your application until the required information has been received. However, in every case we will do our best to make things as quick and easy as possible for you.

Stage 3 - Payment Of PCLS

  •  In final stage of the process, we’ll aim to make payment to you within one working day of all the requirements being met (Stage 2). We’ll confirm to you using the contact method provided, when this has been made and when you should expect to receive the funds.

Important information:

  • We’ll provide you/your adviser with confirmation paperwork after we have made your payment.