Flexi-Access Drawdown

When you submit a crystallisation where you are instructing a PCLS payment as well as income from the drawdown pot, the PCLS is paid immediately via BACS. Where a sell-down is required, this will take 3-5 working days to settle followed by a further 3-5 working days for the associated BACs payment to reach the client.

For income payments, our pension payroll dates are on 7th, 14th, 21st and 28th of the month. The client will receive their single or regular payment ON one of these dates, or the previous working day if this lands on a weekend or bank holiday.

The payment transaction, along with any linked trades, are created 6 working days prior to the payment date, so the cut off for new payments or amendments is 7 working days prior. If the payment date falls on a bank holiday or weekend, the payment will be received the prior working day.

Uncrystallised Funds Pension Lump Sum (UFPLS)

Any sale orders that were part of the crystallisation request will trigger and the client will receive one payment that is composed of tax-free cash and taxable income, ON the next available income payment date; 7th, 14th, 21st or 28th. The payment cut off date for each payment date is 7 working days prior, and if the payment date falls on a bank holiday or weekend, the payment will be received the prior working day.