Withdrawals and account closing

Information on making withdrawals from our Pension can be found here.

Our fixed withdrawal plan allows clients to receive set regular payments from their investments. Payments can be made monthly, quarterly, half-yearly or annually from as little as £50 per payment. There is a choice of payment dates – 1st, 10th, 17th or 25th of the month – and you can also specify which investments the income should come from.

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• Setting up a withdrawal plan
• Administering a withdrawal strategy
• Frequently asked questions

A withdrawal plan should be set up through 'Quote and Transact' within Client Management. You have the flexibility to specify the withdrawal date, next payment date, and the amount. Separate withdrawal plans need to be set up for ISAs and Investment Accounts.

The minimum a client can withdraw from a single investment is £50 and there is no maximum limit. We make no charges for setting up, changing or cancelling withdrawal plans or for making a one-off withdrawal.

Payments can be made to the client’s bank account or their Cash Management Account (overseas clients can only sell to cash or withdraw to their UK bank account). The processing of income payments begins nine working days before the chosen date.

If you would like to update your client’s bank details for future withdrawals, you can do this online. To add a bank account, simply click into the ’Client Summary’ and ’manage personal details’, where you will be able to add the bank details.

In order to raise the specified amount, the system looks to see if there is any available cash in the Product Cash account. If there is a shortfall, then assets will be sold to make up the balance. You can choose to cover the remaining amount by setting up a withdrawal strategy, which can be done through any of the options below:

• Manually entering the withdrawal target percentage from the existing investments
• Taking the shortfall proportionally across your client’s existing investments
• Taking the shortfall from the client's largest fund, and then the next largest and so on
• Aligning the shortfall target percentage(s) to the selected investment approach (model portfolio if one is selected).

If an investment does not have enough shares/units to cover the payment, the sell process will revert to the largest asset and so on. If one or more investments cannot be sold and you have selected a proportional withdrawal strategy, then the sell process will ignore the sell-ineligible investments and withdraw proportionally from the remaining investments.

The minimum a client can withdraw from a single investment is £50 and there is no maximum limit. 

Payments can be made to the client’s bank account or their Cash Management Account (overseas clients can only sell to cash or withdraw to their UK bank account). The processing of income payments begins nine working days before the chosen date.