Topping up a pension cash account

We’ve improved the service on pension accounts to enable you to easily move money from Pension Savings Accounts and Drawdown Accounts to the Pension Cash Account (PCA).
 

Skip to section

• Reasons to top up a Pension Cash Account
• How to sell to cash

You may wish to top up a Pension Cash Account for the following reasons:

• Prior to a client’s retirement, you may wish to top up their PCA a year or two beforehand in order to reserve some money for tax-free cash
• During retirement to cover, for example, income required by the client for the next two years
• To pay for fees (rather than selling down from a client’s account on a regular basis, money is kept in cash to pay for fees due).

Topping up a PCA also brings the following benefits:
 

• A smoother and quicker process to top up product cash without needing to go through the switch journey
• For proportionate sells to cash, there’s no requirement to calculate the amounts to be sold from each fund as this is calculated for you
• No further requirements to delink and relink models, making the process less time consuming.
   

Once you have selected a client’s pension account, there is a new option ‘Sell to Product Cash’ under ‘Actions’ (shown below).

You will then be asked whether you want to sell a specific amount or all assets. You will also be asked to specify the method by which you wish to sell (there are four options):

• Cash amounts (£)
• Percentage amounts (%)
• Quantity (shares/units)
• Proportionately by value – please remember you will not have to select an amount as this will be calculated for you and presented to you on screen for your approval.

If you wish to sell a specific amount, you will be presented with the following screen where you input the amount required.

Finally, once confirmed, you can view all cash sells within ‘Instruction Tracking’.