This step-by-step summary explains how to manage your client’s retirement needs online, including how to instruct ad hoc and regular taxable income withdrawals and update details of existing regular transactions.
What you’ll need to get started
- The client’s bank details, if they haven’t already been entered into the system.
- The payment amount(s).
- The payment date(s) and frequency.
- The assets being used to fund the payment.
Ad hoc/Single withdrawals (taxable income)
① From the homepage, search for the relevant client’s dashboard and select the required crystallised pension account.
② Click on the ‘Money out’ button at the top of the screen and select ‘Add Single withdrawal’. You will see values of available cash and the estimated asset value of the whole account.
③ There are two withdrawal type options to choose from: ‘Available cash ’, or ‘Assets and available cash'.
- Choosing ‘Available cash only’ will limit the maximum payment to the current cash value only. Choosing ‘Assets and available cash' allows the maximum payment to be up to the full value of the post-retirement pension.
④ Select the ‘Withdrawal amount’. There are two options available. You can:
- ‘Specify a monetary amount’ or
- ‘Specify assets or cash’ to withdraw.
You also have the option to add a reference for the payment if required. Depending on your client’s circumstances this payment may be subject to income tax.
⑤ Select and confirm the client’s nominated bank account. Choose the withdrawal method and assets to sell to facilitate the payment.
- The withdrawal method options are ‘Proportionately across all assets’, or ‘From specified assets’.
- Assets can be selected by monetary value or percentage, offering more control over how the payments are made.
- If you have one or more assets, you can choose how this is made up by specifying a percentage or monetary split.
- You now have the opportunity to review your instruction and you can amend any details if required, using the edit options next to the relevant section.
- Once you are happy with the information entered and want to submit the instruction, tick the adviser declaration at the bottom of the screen and then click ‘Submit’.
① From the homepage, search for the relevant client’s dashboard and select the required post-retirement pension account.
② Click on the ‘Money out’ button and select the ‘Withdrawals from crystallised account’ option, then enter the gross taxable income required per payment.
- Withdrawals can be paid on any day from the 1st to the 28th of each month. Choose the date the client wishes to have their first income payment. The earliest withdrawal date will be ten working days from when the instruction is made.
- Depending on your client’s circumstances, these payments may be subject to income tax.
- The withdrawal method options are ‘Proportionately across all assets’, or ‘From specified assets’. If you have one or more assets, you can choose how this is made up by specifying a percentage split.
③ Select and confirm the bank account. You have the option to split across two bank accounts if required.
④ You now have the opportunity to review your instruction and can go back to amend any details using the ‘Edit’ options next to the relevant section if required. Once happy with the information entered, submit the instruction by ticking the ‘Adviser Declarations’ at the bottom of the screen and then click ‘Confirm’.
How do I set up and take income from crystallised assets video