Before processing this request, you may wish to produce a review illustration for your client - here's how: Creating an illustration.

If you are crystallising a client's pension, Income can also be requested as part of the crystallisation journey. See our process guide for more details; SIPP crystallisation.

• After discussing with your client and agreeing on a recommendation, you proceed to log in to the Adviser Portal. 
• Locate your client in the system, either via the Client tab in the top menu, or by using the Client Search function. 

• Open the client's SIPP drawdown account, click Account Actions and Withdraw.

• Select Single for a one-off payment, or Regular for recurring payments to the client. If regular you will also need to select the payment date; 7th, 14th, 21st or 28th of the month. 

• Input the gross amount for the payment, and then you can choose to instruct an automated disinvestment should there be insufficient cash in the clients account (hint: you will find a 'cash on account figure at the top of the screen). You can choose whether to sell down from the largest holding or proportionately across all holdings in the account.

• Select Review to double check all the information. If you need to change something, click Edit, otherwise click Submit. 
• The instruction is now complete! A confirmation message will appear on screen and the client will receive an email and a notification in their Client Portal informing them of this application.

Timeframes

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.

Once the payment has been made, a payslip will be made available to the client in the Client Portal. 

Tax

The payment is sent to the client's registered bank account. This is taxed at source using an emergency tax code for the initial payment, and HMRC will then update us with the correct tax code. If a rebate is due, the adjustment will happen on the next payment. We can update the tax code prior to making the payment if you can send suitable documentation to servicecentre@soderbergpartners.com, but this should be done prior to submitting an application.