YouInvest - Access Tax Free Cash

[Darka]

I am new to accessing money from a SIPP, so would appreciate some help.

We are currently trying to access some of the 25% tax free (not all of it, just an amount we need) from my wife's SIPP.

We logged into her YouInvest account, did the "Access My Pension" bit, read everything, filled everything in and then clicked on "Continue".
It then displayed a PDF form (asking for the same information again....) with a request to print this out and send it back to access the money.

I had assumed that this would be done electronically, especially as I don't have access to a printer and haven't for a long time.

Am I missing something?

regards,
Darka

[Urbandreamer]

HMRC accepts an electronic signiture for "some" forms.
I'm sure that eventually it will be all forms.

However I suspect that you may need to print and post, just so that you can use a pen to sign it.

As for not having "access" to a printer, I assume that you mean that you don't own one.

I'm not sure if public librarys are currently open, but they offer a printing service as do some stationary shops.
ie
https://www.ryman.co.uk/services/print

Naturally you wont want to access your broker account from a public computer, but can't the form be saved as a pdf and put on a USB stick?

PLEASE let us know how you get on. I personally will likely have to do the same in a couple of years (though we do have a printer).

[Darka]

As for not having "access" to a printer, I assume that you mean that you don't own one.

I'm not sure if public library's are currently open, but they offer a printing service as do some stationary shops.

Correct, we don't own one and don't want one as we don't really have enough of a need - a library is a good idea so will probably use that.

PLEASE let us know how you get on. I personally will likely have to do the same in a couple of years (though we do have a printer).

Will do.
The forms themselves are pretty straightforward, I was just expecting this to be digital for some reason, so didn't expect a delay.

The process seems to be:

- Fill in the information on the website
- Get directed to a PDF (partially filled in) and have to enter in some of the information again (check address is correct, etc)
- Sign and Post this
- YouInvest will review form and ask for more information (if required)
- YouInvest will then send an ackowledement letter and start to calculate your chosen option
- Once calculated, they will send another letter to confirm


Not sure what happens after that...
Just seems overly "postal" and could result in quite a delay in accessing funds.

[TedSwippet]

Just seems overly "postal" and could result in quite a delay in accessing funds.

Covid has meant that some pension providers prefer not to handle paper, so that some will now accept PDFs of completed forms by email or secure message attachment. If that's the case for Youinvest -- ask them, I guess -- then you might be able to avoid the need for printing anything by using a suitable PDF editor package. I've managed this successfully in the past with a couple of (non-Youinvest) SIPP providers.

This aside, pension providers have to demonstrate that they have run through a bunch of govt-mandated CYA actions for starting drawdown, so it's almost impossible for them to make it as seamless as you might expect in this day and age. The norm seems to be around two to three weeks from first contact to receiving the PCLS in your bank, though faster is sometimes possible.

[Darka]

Covid has meant that some pension providers prefer not to handle paper, so that some will now accept PDFs of completed forms by email or secure message attachment. If that's the case for Youinvest -- ask them, I guess -- then you might be able to avoid the need for printing anything by using a suitable PDF editor package. I've managed this successfully in the past with a couple of (non-Youinvest) SIPP providers.

Good point, will send them a secure message.

This aside, pension providers have to demonstrate that they have run through a bunch of govt-mandated CYA actions for starting drawdown, so it's almost impossible for them to make it as seamless as you might expect in this day and age. The norm seems to be around two to three weeks from first contact to receiving the PCLS in your bank, though faster is sometimes possible.

At least I wasn't in a rush for the money so it's not a major problem but shows how long this might take if I try to get a single payment towards the end of each tax year, which is what we'll be doing from next year.

[swill453]

At least I wasn't in a rush for the money so it's not a major problem but shows how long this might take if I try to get a single payment towards the end of each tax year, which is what we'll be doing from next year.

If you want to take more (taxable) money from the part of the pot you've already crystallised, you can do it all online.

If you want to crystallise some more, you need to fill in the form again.

Scott.

[GrahamPlatt]

Buy a printer.

[Darka]

At least I wasn't in a rush for the money so it's not a major problem but shows how long this might take if I try to get a single payment towards the end of each tax year, which is what we'll be doing from next year.

If you want to take more (taxable) money from the part of the pot you've already crystallised, you can do it all online.

If you want to crystallise some more, you need to fill in the form again.

Scott.

Thanks Scott,

I thought that might be the case.

[Darka]

Buy a printer.

No thanks, managed without one for a long time now and don't intend to get another.

Can't stand them.

[stevensfo]

Buy a printer.

No thanks, managed without one for a long time now and don't intend to get another.

Can't stand them.

Probably because you had one of those awful inkjet printers that needed a lot of fiddling with cartridges, together with screams, tantrums and high blood pressure when the nozzles clogged or you saw the price of new ones?

We have a simple, small b/w laser printer that is rarely used, but I wouldn't be without it.


Steve

[Darka]

Probably because you had one of those awful inkjet printers that needed a lot of fiddling with cartridges, together with screams, tantrums and high blood pressure when the nozzles clogged or you saw the price of new ones?

We have a simple, small b/w laser printer that is rarely used, but I wouldn't be without it.

Steve

Indeed it was an inkjet, and I hate them

What laser do you have?

[stevensfo]

Probably because you had one of those awful inkjet printers that needed a lot of fiddling with cartridges, together with screams, tantrums and high blood pressure when the nozzles clogged or you saw the price of new ones?

We have a simple, small b/w laser printer that is rarely used, but I wouldn't be without it.

Steve

Indeed it was an inkjet, and I hate them

What laser do you have?

I'm not at home so don't know the exact model, but it's a Samsung, about 6/7 years old.

We used inkjets when the kids were young and wanted to print stuff in colour. I spent countless Saturdays experimenting with generic cartridges, trying to refill them, calibrating them, cleaning nozzles etc. Never again!!!

I think that Samsung and Brother printers have good reputations. The printer itself may cost more than an inkjet, but you'll save a fortune on cartridges!

Steve

[BigB]

Indeed it was an inkjet, and I hate them

What laser do you have?

I'm not at home so don't know the exact model, but it's a Samsung, about 6/7 years old.

We used inkjets when the kids were young and wanted to print stuff in colour. I spent countless Saturdays experimenting with generic cartridges, trying to refill them, calibrating them, cleaning nozzles etc. Never again!!!

I think that Samsung and Brother printers have good reputations. The printer itself may cost more than an inkjet, but you'll save a fortune on cartridges!

Steve

Brother 9055CDN - brilliant bit of kit, bought many moons ago on an ebuyer offer, £400 with £200 cashback. Big, though, 25kg sat in our SOHO, serving whole family of 5 wireless and wired. Scanning and copying too - numerous situations these days where scanning is very helpful.

[Darka]

Went to the local library, paid £1.40 - cheaper than a printer and less hassle

[Darka]

Posted the form off this evening (1st Class) - Lets see how efficient they are.

[Darka]

Quick update, received a call to confirm which bank account she wanted the money paid into (there were two registered with Sippdeal) and the money was transferred out on the 9th of July, appearing in our bank account on the 13th July.

The cash has to be transferred from my wife's SIPP to an internal account whilst they do some validation checks, then it's transferred on to your bank account.

So, fairly smooth process in all.