Timeframes for pension withdrawals?

[mikeiow]

Wife has initialised a UFPLS withdrawal for a small lump from her Cobens Pension.
We can see it is "Awaiting Approval".

What are the timeframes we should expect for the money to hit her account please?

[Adam Kay]

Hi Mike,

Nik will come back on this one.
Regards

Adam

[Nik Burrows]

Hi Mike

Typically 3-4 weeks but it can take a little longer given that the process has to go through HMRC and payroll and this time of year is a busy one for them.
As mentioned in our email exchange there have been a couple of regulatory changes that mean there are a coupe of pieces of additional paperwork needed so keep an eye on your inbox for mails from IM/Quai

Cheers

[mikeiow]

Thanks Nik,
Presumably the money will count for this tax year as the request is in? Timescales sound tight when you say that!

[Nik Burrows]

Hi Mike

The funds count in the tax year of payment not application. The team are obviously aware of tax year end deadlines and will push to get it through ahead of that for you

Cheers

[mikeiow]

Yikes….3-4 weeks but can take longer doesn’t bode well for a FY25-26 result
There we were thinking a month should be fine 🫣
Fingers crossed

[mikeiow]

@Nik-Burrows - I can see it has been approved….
Are you able to share the steps that follow that?
The dashboard doesn’t give any other hints as to what happens next!
Cheers

[Nik Burrows]

Hi Mike
Payroll is run, HMRC are informed and the paperwork between payroll and HMRC is run, while this is in action funds will be requested.
Once the paperwork is complete a payslip is created and payment will be made
Cheers
Nik