Pension Provider Processing time

[airbus330]

I'd be curious to know how long your pension platform or provider takes to process a request for drawdown withdrawal.

For example, part of my DC scheme is with Aviva. Their published processing time to get funds into your bank account is 22 Working Days. That time is from the receipt of signed documents, which in itself takes about 3 days if done electronically. They also seem to take the entire Christmas and New Year off. So, my request for a drawdown was received by them on the 22nd. November and including the hols, they estimate I'll get the money on January 18th.
I think this delay is unacceptable and am looking into moving, but there is little point if they are all the same.
Thanks in advance.

[swill453]

To clarify, is this a simple drawdown request from crystallised funds, or a request for crystallisation, receipt of tax-free cash etc.?

Scott.

[elkay]

My experience with Fidelity....
- Contacted them on 27 Sep. They informed me there was a blick out period until 16 Oct.
- Submitted forms online on 16 Oct
- Funds received in my account on 26 Oct

elkay

[airbus330]

To clarify, is this a simple drawdown request from crystallised funds, or a request for crystallisation, receipt of tax-free cash etc.?

Scott.

In this particular case, it was a request for a 1st. Flexi Access Drawdown from Uncrystallised funds in a DC scheme, taking the tax free element and leaving the remainder invested in a Drawdown scheme with the same provider. Does the type of transaction make a difference?
My previous UFPLS drawdowns have worked on the same 22 wday schedule.

[airbus330]

My experience with Fidelity....
- Contacted them on 27 Sep. They informed me there was a blick out period until 16 Oct.
- Submitted forms online on 16 Oct
- Funds received in my account on 26 Oct

elkay

Did the give a reason for the Block out? That sounds potentially very inconvenient.

[swill453]

In this particular case, it was a request for a 1st. Flexi Access Drawdown from Uncrystallised funds in a DC scheme, taking the tax free element and leaving the remainder invested in a Drawdown scheme with the same provider. Does the type of transaction make a difference?
My previous UFPLS drawdowns have worked on the same 22 wday schedule.

Just that I imagine a BCE (benefit crystallisation event) would involve more back-office work than a simple taxable drawdown.

Though looking back at my records of withdrawing from my AJBell SIPP, neither type seems to take more than a week from submission to the money hitting my bank account.

Scott.

[genou]

In this particular case, it was a request for a 1st. Flexi Access Drawdown from Uncrystallised funds in a DC scheme, taking the tax free element and leaving the remainder invested in a Drawdown scheme with the same provider. Does the type of transaction make a difference?
My previous UFPLS drawdowns have worked on the same 22 wday schedule.

Just that I imagine a BCE (benefit crystallisation event) would involve more back-office work than a simple taxable drawdown.

Though looking back at my records of withdrawing from my AJBell SIPP, neither type seems to take more than a week from submission to the money hitting my bank account.

Scott.

Well done Scott. My recollection is that pulling crystallised funds from AJB is pretty much return of post, but a BCE was more of the 22 wday experience, but things do change. First time around BCE required a wet signature, so that certainly wasn't quick.

[elkay]

To clarify, is this a simple drawdown request from crystallised funds, or a request for crystallisation, receipt of tax-free cash etc.?

Scott.

In this particular case, it was a request for a 1st. Flexi Access Drawdown from Uncrystallised funds in a DC scheme, taking the tax free element and leaving the remainder invested in a Drawdown scheme with the same provider. Does the type of transaction make a difference?
My previous UFPLS drawdowns have worked on the same 22 wday schedule.

My 1st withdrawal from Uncrystallised funds was April 22 and took exactly 4 weeks.

Did the give a reason for the Block out? That sounds potentially very inconvenient.

I didn't ask this time, as I wasn't in a particular hurry. There was also a block out period on my second withdrawal, where they did give a reason but I can't recall what it was. So it does appear to be a regular occurrence.

regards
elkay

[elkay]

PS, according to Bard...
Fidelity blackout dates are periods of time during which participants in certain Fidelity-administered retirement plans are not allowed to make changes to their investments. These dates are typically in place to prevent participants from making impulsive decisions based on market fluctuations.

[airbus330]

PS, according to Bard...
Fidelity blackout dates are periods of time during which participants in certain Fidelity-administered retirement plans are not allowed to make changes to their investments. These dates are typically in place to prevent participants from making impulsive decisions based on market fluctuations.

Protection for the rash withdrawal or change is laudable but hardly desirable if you are a more knowledgeable investor. It touches on why I am so annoyed with Aviva. My funds are at AT highs and a withdrawal right now is when I want to do it, not in 4 weeks time when the euphoria (may) subside.
Thanks for the info

[TallInvestor]

II typically take 5 working days from request to payment from a SIPP, but they say to allow 15. I have not noticed a difference between crystallised and uncrystallised processing times.