HI
I want to cash withdrawal my sipp account, but the App don’t allowed, request me contact support. I already contact them few weeks, but still no body reply me.
Do anyone know how to make cash withdraw from sipp account ?
Please help thanks
I found that trying to make a withdrawal from my IE SIPP account was almost impossible. In the end I transferred the whole SIPP to another provider (who had phone support) and make the withdrawal there. From my experience I simply would not bother to attempt a SIPP withdrawal as IE cannot cope with that procedure. To give you an instance, at one point they required me to get a solicitor to sign to confirm my identity and the withdrawal forms (which I would have to pay for). At that point I gave up and now I do not have any funds with IE.
Thanks for your reply, can you tell me which provider can easy withdraw without any documents are provided? Thanks
I make Uncrystallised Funds Pension Lump Sum (UFPLS) from HL. I still have to sign a form but I can talk to a human who sends me the form in the post and then the lump sum appears in my bank account. However, they have charges if you make any investments. So I keep almost all of my SIPP and its investments with Freetrade and when I want to make a UFPLS I transfer that amount to HL. I keep a small amount with HL as cash (I get, I think, 2.4% interest). At the time Trading212 did not have a SIPP, but now they do but they do not have telephone support. Freetrade also do not have telephone support but they could provide UFPLS. However, they charge a lot of money for that (whereas HL is free).
Hi why I cannot find the function to transfer out sipp? Just only transfer in? How you did transfer out? Please advise me thanks
Hmm, I think you should consider obtaining financial advice. You cannot just ‘withdraw’ cash from a SIPP, you have to think about your options as once a decision has been made it cannot be reversed. Obviously there are lots of tax implications.
Anyway to answer your question, you need to go to your new provider and ask them to organise the transfer of your funds from the old SIPP (presumably with IE) INTO a new or existing SIPP with the new provider. The good thing about that process is that IE have to comply with strict deadlines. Even then they will require you to complete their own form which they will email to you.
Thanks for your advice, I feel disappointed with IE, they never reply me, I don’t know why they can not allow to cash withdraw ? is this any laws allow them to do this. I am afraid I cannot take back my money.
Regarding the lack of reply from IE, that is one of the many reasons I have left IE.
However, to be fair to them, as I stated, legally you cannot just withdraw cash from a SIPP from any SIPP provider. There are numerous regulations regarding what you can do with your pension fund. As a minimum you will have to read https://www.moneyhelper.org.uk/en/pensions-and-retirement Unlike for an ISA or GIA there will be tax implications from any sort of withdrawal from a SIPP (as well as lifetime implications and several options available to you) and you need to fully understand those. Basically any withdrawal will be treated as income and will be taxed as such. Taking the wrong option could greatly increase the amount of tax that you have to pay and destroy the tax advantages of having a SIPP in the first place. [I have greatly simplified that statement.]
I am sorry to say that because you too have not used the right technical terms suggests to me that you do not fully understand the options and their implications. Therefore, I think you need to get financial advice.
I have to say in same ways IE not replying to you has been a good thing because, in my experience, their pension advice was not totally accurate anyway suggesting that they do not have much pension training. For example, they often used the wrong terms such as they said ‘drawdown’ when they meant UFPLS which are two totally different methods of receiving a lump sum and each have huge lifetime tax implications.
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Hi Thank you very much, you let me know more about sipp.
Hi Pstaveley, May I ask some question about HL? If I transfer to HL, then I cash withdraw. Beside filling a form, do need to get verify or authorize by solicitor? how can get the form by online , email, post? how long can transfer the amount to my bank ? thanks
Absolutely, no solicitor was involved. I cannot remember precisely how long but I think it was around 1 month to get the money transferred to HL and then a further 3 weeks for me to receive the HL UFPLS form and then for me to post it back and then to receive the funds into my bank account. The whole point of a pension is that it is long-term and the provider needs to be sure that you know what you are doing. Act in haste: repent at leisure.
I got it, thank you for your information
Hi there, we’re sorry to hear you wish to leave InvestEngine. If you want to transfer out, you have to initiate this directly with the new provider.
We apologise for the support delay, we’re currently dealing with a high-number of client contact and we’re getting back to clients as quickly as we can. If you’re able to share your IC reference in a DM, I would be happy to escalate your query as a matter of priority.
As SIPPs are a government-regulated scheme, there are strict rules about withdrawing from them. I can see @PStaveley has provided you with information on this, however, if you require further information, please be sure to let us know.
Hey @PStaveley thank you for sharing your knowledge and feedback. We will take this into consideration and make sure the Support team are aware of the appropriate terminology to use when discussing SIPP processes.
It should be noted that what I stated was from early 2025. I would mention that I keep seeing lack of timely support response. I am sure you are fully aware that the market for brokers is constantly increasing and getting more competitive but I am struggling to detect any improvements in your offering. If anything it has got worse, c.f. managed funds that you used to offer. For example, other brokers pay interest on uninvested cash (you do not), they have similar portfolio systems to you (such as pies), they allow investment at any time during the trading day (not just once a day), most also offer stocks (not just ETFs), they normally pay out far quicker (they normally allow purchases immediately after a sale, whereas you do not) and one provider even refunds the ETF management fee. In my experience customer support gets back to me within a couple of hours, not days. Therefore, IMHO, your management needs to up their game and provide some sort of USP otherwise customers will gradually shift to other providers. For me your ridiculous system to make a UFPLS SIPP withdrawal where I needed to get a signature from a solicitor was the last straw. I went to a SIPP provider who does UFPLS withdrawals for free and provided telephone support (and postage paid envelopes).
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