The Timeline SIPP (Drawdown) on Timeline Platform | Timeline Help Centre

Summary

Guide

This guide is for information on opening and servicing of the Timeline SIPP only. For information relating to the product specifics including aims, risks, commitments, and fees, please refer to the Timeline SIPP Key Features document available on the Timeline website.
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How do I open a Drawdown SIPP Account for my client?
​A Decumulation or 'Drawdown' Account can be opened via the client onboarding web journey. This can be done by opening a SIPP wrapper and adding a transfer instruction for an account already in drawdown. (Only full transfers can be requested).

A decumulation account can also be created by instructing a crystallisation of a client's existing Timeline SIPP so long as they meet the requirements. This can only be done after initial onboarding. But you can illustrate for it during the onboarding.
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​Who is eligible to open a Drawdown SIPP Account?
​Any individual who is at least 55 years old and a UK resident for tax purposes can open a Decumulation SIPP Account - for full eligibility requirements please refer to our terms and conditions.
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Can I transfer my client’s existing Drawdown SIPP to Timeline?
​Yes, you can request a drawdown-to-drawdown transfer for your client. We can only accept full transfers and these can be instructed as either in-specie or cash. Depending on the ceding scheme we will utilise either ATG or Origo where possible to transfer the decumulation account electronically.
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If the ceding scheme doesn’t accept electronic transfer requests, we will request the transfer manually.
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​Is there any charge for transferring a SIPP?

Though Timeline has no charge for transferring a SIPP product in or out, for transfers in, the existing SIPP manager may have charges associated with encashing or transferring the plan. Please enquire with the existing provider before instructing a transfer on your client’s behalf.
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​Can my client make one-off payments into the Timeline Drawdown SIPP Account?
​Clients can only contribute directly to their accumulation SIPP. Funds can only be moved into the decumulation account as part of a crystallisation event.
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​Is the entire Timeline asset universe available within the Timeline SIPP?
​Yes, all assets within Timeline’s asset universe are available within the SIPP, this applies in the same way for a decumulation account. For a full breakdown of asset and investment types available, please refer to the Timeline SIPP Key Features Document.
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​How do I manage my client’s Drawdown Account?
​All servicing options are available via the Platform. For specific instructions on how to submit a particular instruction, please contact us at platform@timeline.co or via the live chat.
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​Can my client hold a model portfolio in their Drawdown Account?
​Yes, for advisers subscribed to Timeline’s DFM service, the full selection of Timeline portfolios are available to Decumulation account clients. If you don’t currently use the DFM service, you can find more information on the Timeline website.
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​Can I use a third-party DFM/Model Portfolio in my client’s Drawdown Account?
3rd party models are to be made available soon.
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Can funds be withdrawn from my client's Drawdown Account?
​Yes, withdrawals from a Decumulation account are considered to be taxable income, can be taken both regularly and as one-off payments.
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We will monitor the customer’s tax code through HMRC and all income will have the appropriate tax code applied. Lump sum income payments will have the tax code applied on a week one, month one basis.
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​Can I setup adviser fees on a client’s Drawdown Account?
​Yes, please refer to the Adviser Fees guide for more information.
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Are there Product Fees on Timeline SIPP Drawdown Accounts?

Yes. Unlike Accumulation SIPP accounts, Decumulation SIPPs do carry a Product Fee of £144 per annum. This becomes effective when a crystallisation event occurs (Both FAD and UFPLS instructions) or a drawdown account is transferred onto the Timeline Platform.

​What happens to my client's SIPP in the event they die?
​In the event your client dies, we will arrange for the funds to be passed to the beneficiaries following receipt of a completed Bereavement client pack. For full details of this process and our requirements please refer to the Bereavement Guide.
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​What happens if my client moves abroad?
​It is the responsibility of the client and yourself to notify us if they have moved abroad.
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Once the client has moved abroad, they will no longer to be able to access their SIPP until such time as they return to the UK. Upon return, we will need to successfully verify them as being at a UK address with a UK bank account before a withdrawal can be processed or servicing can continue.
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Can my client transfer their SIPP to another provider and are there any charges?
​Yes, your client can transfer their SIPP account to another provider. We will action this on receipt of a valid instruction from the new provider.
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There are no charges for transferring a client’s SIPP to another provider.

What crystallisation options are available?

The Timeline SIPP facilitates Flexi-access Drawdown (FAD) and UFPLS. It does not facilitate capped drawdown.

Can I set up regular crystallisations?

Yes, you can set up regular UFPLS, regular payments from PCLS and regular income from amounts moved into drawdown.

Can I transfer in a capped drawdown pension?

You can transfer a capped drawdown pension into the Timeline SIPP but it will be converted to Flexi-access drawdown upon receipt of the transfer.

Where we refer to ‘we’ or ‘us’, we are referring to Timeline Platform as provided by Timeline Portfolios Ltd, which is authorised and regulated by the Financial Conduct Authority (number 840807). Where we refer to ‘you’, we are referring to the adviser.