Accessing your benefits
How we process your drawdown request
Accessing Your Pension
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.
Please note that this procedure does not apply to small pot lump sums.
- All required forms for taking your benefits can be found here.
- For information on how to appoint a financial adviser, please see www.unbiased.co.uk.
- Information on Lifetime Allowance (LTA) and what this means can be found here.
- If you need any information on Money Purchase Annual Allowance (MPAA), you can find this here.
- MoneyHelper advice can be found here.
- 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 three months, we will arrange for one to be undertaken using the surveyor details provided on your drawdown form.
- 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, we need your risk warning declaration in order to proceed (we’ll send you this once we vet your application, so please return it as soon as possible).
- Once the first stage is complete, we’ll carry out any required calculations and ensure all requirements are met to proceed. This will include ensuring that valuations are in place (if required), and that all funds are reconciled.
- 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 in this regard.
- 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.
- In the 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). Our preferred payment method is via faster payment or CHAPS, unless you have specified otherwise on your form. We’ll confirm to you when this has been made and when you should expect to receive the funds.
- We’ll provide you/your adviser with confirmation paperwork after we have made your payment.