Flexible drawdown delay
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On the 4th September I applied for a flexible drawdown from my modest pension pot. My client account changed to approved a few days later. Since the nothing.
Is this how long it takes at Cobens or is the change over from IM causing backlogs? The delay is actually causing me issues now and my wife is getting to the point of believing we have lost the money.
I did email the Cobens support line but that appears to be non responsive as well.
Hopefully some one can put our minds at ease. -
Hi Crockpot,
Pension drawdowns always take 3-4 weeks from inception. If a regular payment, e.g. monthly cadence then it will tick along fine but the first request should be made well in advance. It's the compliance/regulatory paperwork required.
I can see that the switch to cash which will fund your request was initiated last Wednesday (the approved state). This will settle by Tuesday and the payment should be made later that week.
Regards
Adam
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Not wishing to hijack the thread, but in a similar note, having already set up drawdown when IM was in existence but only drawing on an annual basis, will 'normal' timescales apply?
And what time scale can I expect from the request from assets being sold
to funds being paid into my associated bank account?Tia
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Hi Grant,
Yes, normal timescales apply regarding pension benefits
In terms of standard switch to cash and withdrawal. Please allow 5 working days. The caveat being if 100% of a holding is requested, there will be small cash holdings(2%) which is held by the custodian within the respective models which will take a few days longer.
Cash (not money markets, literal cash) to withdrawal is T(transaction date prior to 9am)+1 day(working)
Regards
Adam
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Hi Grant,
Yes, normal timescales apply regarding pension benefits
In terms of standard switch to cash and withdrawal. Please allow 5 working days. The caveat being if 100% of a holding is requested, there will be small cash holdings(2%) which is held by the custodian within the respective models which will take a few days longer.
Cash (not money markets, literal cash) to withdrawal is T(transaction date prior to 9am)+1 day(working)
Regards
Adam
@Adam-Kay said in Flexible drawdown delay:
Hi Grant,
Yes, normal timescales apply regarding pension benefits
In terms of standard switch to cash and withdrawal. Please allow 5 working days. The caveat being if 100% of a holding is requested, there will be small cash holdings(2%) which is held by the custodian within the respective models which will take a few days longer.
Cash (not money markets, literal cash) to withdrawal is T(transaction date prior to 9am)+1 day(working)
Regards
Adam
Adam.
I instructed drawdown on evening 11th December, still waiting for some assets to be sold down on what is now the 8th working day.
I expected the system to work as you stated, can you please explain what the problem is?
Tia. G
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Hi Grant,
The transaction date I can see is Dec 17th. Some of your transactions have settled to cash. I expect everything to settle by tomorrow. Please email us if you have any further questions.
Regards
Adam