That is excellent news. Unfortunately, for me, I cannot use it because IE makes it almost impossible to make any sort of pension withdrawal. In the end I had to transfer-out my IE SIPP to another provider just so that I could receive a pension.
Yes, this thread is about transferring your SIPP INTO IE.
All I was pointing out is that trying to withdraw (as a UFPLS) from your IE SIPP is next to impossible in my experience. IE offer virtually no help and keep demanding all sorts of forms including getting the forms certified by solicitors.
In contrast withdrawing a UFPLS from an HL SIPP was just one paper form and done within a week.
I feel it is important for people who are close to pension age to know that there are severe limitations with an IE SIPP.
Shadow dropped just means released without announcement. I don’t know why they didn’t announce these pension transfers in are now available.
They never announced it, but on the app if you click transfer pension you should see this updated list; my wife has been able to transfer her PensiomBee pension into her invest engine account
So did I, but it was only an email saying they’re planning on having this set up in a few weeks; they never sent up a follow-up email confirming that this is now available for us. Odd, but glad that more pension providers for transfer are available now.
Drawdown Process looks complicated. Is it normal to have to provide nototized copies of bank statements and your age? Or is this just an IE thing?
Stage 1 - you will be provided a declaration to confirm if you have taken financial advice, if you will be taking financial advice, or if you would like to opt out of taking advice.
Stage 2 - you will be provided with two forms. The first form will allow you to confirm how you would like to access your funds. The second form contains questions that are designed to help you make an informed decision regarding your request.
Stage 3 - you will be provided with a final form which is your final confirmation of how you wish to proceed.
At this stage you will be required to provide a certified copy of your bank evidence and a certified copy of your age evidence.
Evidence of your bank statement can take the form of a spoiled cheque or a copy of your bank statement certified as a true copy of the original. Your bank statement should be dated within the last three months.
Evidence of your age should be a copy of your birth certificate, driving licence or passport certified as a true copy of the original.
The problem is that IE are trying to use a paper-based system without the use of any postal system or telephone calls plus they are using a third party provider for withdrawals meaning that IE are not control, so the process is very slow. They are solely using emails meaning that you have to print and scan many forms and they cannot check documents themselves.
I have made several ‘drawdowns’ (actually UFPLS) with a total of 3 providers. All of them have a telephone contact system. Generally you ring them, they send you (in the post) a form which you sign and send back. At worst you have to send them your passport. Generally payment is received within a week of sending the form. I battled IE for a month before giving up.
With IE they cannot accept your passport and you have to go to someone (who is likely to charge) who can certify the document.
What I do/did was transfer my pension to HL for any actual UFPLS payments with the main investments being done in Freetrade. Transfers between HL and Freetrade are done online as and when they needed. Obviously Freetrade is free and they too have ETFs (as well as shares).
To be fair to IE, their transfer-out process to HL was reasonably easy, albeit slow.
I was enthusiastic about IE but they made my life so difficult that (apart from a business account) I have left them now.
Hi everyone,
You’re right! We’ve quietly expanded the number of pension providers we can accept
transfers from and we’re really excited about it. We remain in the early stages of the roll out and decided to launch in this way to ensure we can consistently deliver an efficient and trustworthy transfer experience as more people look to transfer in.
If you’d like to learn more in the meantime, we’ve put together a guide here:
We’ll share a fuller update with the community soon.
Great news, I hope they sort out pension withdrawals lickety split for those at pension age ready to retire, or trust may be compromised and no one wants that
Oh yeah they might want to do a DOB search of sipp account holders to get numbers of people approaching retirement age over the next six months and be prepared for a solution
Following my slightly negative comments, I wish to fully support doing a ‘soft’ launch. Any new process always has snags and complications. Also a new process inevitably has a spike in demand. So a soft launch avoids having to cope with a high demand and correcting issues. Well done.
