Transfer out requests with active drawdown

A transfer cannot proceed whilst there are active drawdown payments on the SIPP.  The transfer will only be processed once these payments have either been completed or cancelled.

When a transfer out request is received, we will pause the transfer and raise a ticket with the IFA to confirm how they wish to proceed. The available options are:

1. Cancel any active drawdown payments immediately and proceed with the transfer.This option is only available if the next scheduled payment is more than five working days away.
2. Pause the transfer until the next drawdown payment has been made to the client.

Please note: Payment dates can be brought forward to make the next income payment earlier. However, this may have tax implications if the client receives multiple income payments within the same tax month. We recommend contacting HMRC for further guidance on this matter.

Once we there are no further active payments on the SIPP, we will continue with the transfer to the receiving scheme.