Funds Insider - Opening the door to funds

Welcome to the Citywire Funds Insider Forums, where members share investment ideas and discuss everything to do with their money.

You'll need to log in or set up an account to start new discussions or reply to existing ones. See you inside!

Notification

Icon
Error
drawdown pots
+ Reply to discussion
Options
john brace
Posted: 11 February 2025 20:18:22(UTC)
#1

Joined: 03/02/2012(UTC)
Posts: 284
could someone please advise my daughter on drawdown from ii SIPP

25% tfls taken
now wants to take small sum from crystallised pot.
ii ask which pot you want to draw from - [it appears there are two pots formed from original Sipp and a small transfer in]
the money for withdrawal is now sitting in cash, but which pot is it in?!
you have to state on withdrawal request which pot you want to draw from.
she has twice asked for help but they just say draw it from where you want to.

Can she just chose whichever pot?
Back to top Quote
Jay P
Posted: 11 February 2025 20:33:05(UTC)
#2

Joined: 25/08/2023(UTC)
Posts: 526

Thanks: 5209 times
Was thanked: 1349 time(s) in 418 post(s)
Presumably the two pots are presented as just the one on the website?

My SIPP with HL is technically formed from four different pots, but presented as one.
Whenever we have asked for a particular drawdown, HL just send the amount with no questions asked.

However, behind the scenes, I note they always take a proportion of the total drawdown from each of the constituent pots. (Proportionate to each pot's size, that is.)
This happened for the TFLS, (so all pots went into drawdown together), and for every subsequent monthly drawdown.
In other words, their system keeps the four pots discrete and separate for the records, but in every practical respect we, the punter, only ever 'see' the one pot.

That's a long winded way to suggest whether she might perhaps ask for it to be taken proportionally from both? - Assuming the drawdown status of both pots are the same, though.
Back to top Quote
 |  Edit by user
1 user thanked Jay P for this post.
john brace on 12/02/2025(UTC)
Geoff Fitz
Posted: 11 February 2025 21:57:57(UTC)
#3

Joined: 21/02/2024(UTC)
Posts: 82

Thanks: 48 times
Was thanked: 119 time(s) in 43 post(s)
In ii I have a SIPP and have crystallised and uncrystallised pots, these still exist in my ii SIPP but they are now irrelevant as there is no LTA. They were relevant when there was but this looks unlikely to come back now.

I will be putting the 2 pots together shortly as there is no longer a need for me to keep them separately having taken 25% TFLS.

She can ask for the pots to be amalgamated and then its irrelevant in the first instance taking from the crystallized pot would seem normal as that was what the original intention.

All my withdrawals are from the crystallized pot currently but soon it will all be crystallized.
Back to top Quote
1 user thanked Geoff Fitz for this post.
john brace on 12/02/2025(UTC)
john brace
Posted: 12 February 2025 08:47:31(UTC)
#4

Joined: 03/02/2012(UTC)
Posts: 284
thanks for your replies.Strangely she has to chose which one she wants to draw down. Her SIPP account lumps it together , so don't know if the cash is in pot 1 or pot 2 - perhaps it doesn't matter
Back to top Quote
John Bleke
Posted: 12 February 2025 09:04:48(UTC)
#5

Joined: 06/03/2023(UTC)
Posts: 246

Thanks: 114 times
Was thanked: 285 time(s) in 142 post(s)
There are two pots in II. Crystalised and uncrystalised. Under pensions - benefits - your sipp pots. Scroll down for the uncrystalised pot amount. She can take a further 25% of that. That won't trigger the MPAA. The uncrystalised pot will be made up of earlier transfers in not touched and contributions made after the 25% tfls taken and the growth associated with those contributions.
Back to top Quote
 |  Edit by user
1 user thanked John Bleke for this post.
john brace on 12/02/2025(UTC)
john brace
Posted: 12 February 2025 09:35:27(UTC)
#6

Joined: 03/02/2012(UTC)
Posts: 284
thanks John but BOTH of her pots are crystallised, no idea why they are kept separately, but her main problem is which pot is the cash sitting in? ii can't seem to see the problem
Back to top Quote
New Simon T
Posted: 12 February 2025 10:46:51(UTC)
#8

Joined: 19/07/2018(UTC)
Posts: 1,239

Thanks: 1214 times
Was thanked: 2003 time(s) in 813 post(s)
For info, I use HL
I have one crystallised pot but when you delve deeper, there are actually two pots. This is because I crystallised twice.
HL just take a portion from each pot on drawdown. And when you sell or buy it goes into each pot.
On the front screen it is just seen as one pot
Back to top Quote
2 users thanked New Simon T for this post.
john brace on 13/02/2025(UTC), dlp6666 on 23/02/2025(UTC)
John Bleke
Posted: 12 February 2025 12:07:11(UTC)
#7

Joined: 06/03/2023(UTC)
Posts: 246

Thanks: 114 times
Was thanked: 285 time(s) in 142 post(s)
john brace;334061 wrote:
thanks John but BOTH of her pots are crystallised, no idea why they are kept separately, but her main problem is which pot is the cash sitting in? ii can't seem to see the problem


Not sure either. Worth the question.Did she crystalise 100% of each pot and then take 25% of each i.e. two amounts?
Back to top Quote
1 user thanked John Bleke for this post.
john brace on 12/02/2025(UTC)
john brace
Posted: 12 February 2025 17:25:56(UTC)
#9

Joined: 03/02/2012(UTC)
Posts: 284
she didn't know she had two pots until she started withdrawal. normali investment page shows all in one.
One must have been a small transfer-in last year. Very odd.
thanks for your comments
Back to top Quote
John Bleke
Posted: 13 February 2025 09:17:06(UTC)
#10

Joined: 06/03/2023(UTC)
Posts: 246

Thanks: 114 times
Was thanked: 285 time(s) in 142 post(s)
john brace;334127 wrote:
she didn't know she had two pots until she started withdrawal. normali investment page shows all in one.
One must have been a small transfer-in last year. Very odd.
thanks for your comments


Can she back her 25% TFLS approximately into either of the two amounts showing? If you roughly reconcile to the sum of the two then it sounds like just a presentation thing and it really would be better presented as one pot. If she only took 25% of the larger pot and not the other then it sounds like there is an error in that smaller pot and it should be showing as uncrystalised?
Back to top Quote
 |  Edit by user
1 user thanked John Bleke for this post.
Pre Ka on 13/02/2025(UTC)
2 Pages12Next page
+ Reply to discussion

Markets

Other markets