Timeframes for pension withdrawals?

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

mikeiow

Thanks Nik!
Is there any way of knowing what stage her request is at on that timeline?
I presume the payroll run is Cobens?
“Approved” doesn’t give us a hint of where that is at.
Cheers

Nik Burrows

It is all run via Quai/IM with an external payroll provider running that part.
We have looked at options to track additional stages on the dashboard and will add some additional check points when we make the platform changes we are working on.
With pension withdrawals there are a lot of moving parts and reliance on this parties, but we should be able to add key stage updates
Cheers

mikeiow

One suggestion. Send documents that can be edited.
She has just received a pdf you need returning, then you will receive it and send her something else.
Can't sign or print these things from abroad.
This is VERY irritating!

Nik Burrows

hi Mike
As I said in my e-mail to you ahead of your application, the process has been changed due to FCA regulatory changes and landed with very little notice, so the current process is lumpy and was implemented as best as it could be given the notice period. It will ultimately all be automated again
Cheers Nik

mikeiow

Okay.... Darrell has sent two forms:

Accessing Pension Benefits Advice Declaration
Points to Consider when taking benefits from your pension

She has managed to edit them (no easy feat with a pdf!) & sent them back

.... but a slight concern remains that his letter ended with "Once we have received this confirmation, we will issue you with a My Choice of Pension Benefit Form and a Points to Consider form."

....it feels like those are the two forms he sent her?!

Hopefully it can all proceed with no issues. It's a piffling amount really, but she does want to get the maximum she can for FY25-26!