To key the one-off post-retirement taxable withdrawal, follow these steps:
1. Log into the Aviva platform and search for the customer's AV number.
2. Choose Client Details on the right of the screen, then select Banking Details.
3. In the review section, click into Client Details (on the right side of the screen) and select the Banking Details tab. Make sure the bank details the customer wants to use for withdrawal are active and nominated for withdrawals. If they aren't, you need to add the bank details and these can take up to 24 hours to authorise automatically, or five working days if manual intervention is required.
4. Go back to the Customer's Portfolio Summary (top left of the page), then go into their post-retirement account.
From here, there are two options for you. You can either do a sell down first, or jump straight to step 3.
1. If you want to do a sell down first, go to Sell under Actions. Find out trading times.
1.1 Please note: you may want to sell down an additional amount to allow for market movement and for any fees that might be due at the same time as the cash withdrawal, if it won't be covered by the product's cash.
2. Once the sell is complete and there's cash available (hover over the cash account to check), you can move onto step 3.
3. Under Actions, click Add One-Off Withdrawal.
4. Choose whether the one-off withdrawal is being taken from available cash (from step 2), or available cash and assets. Make sure you do the latter if you want the platform to do the sell down for you as part of the withdrawal.
4.1 Please note: the latter option might get your customer less than they expected.
5. Enter the withdrawal amount. This should be the gross amount (before tax is taken off).
6. Choose the bank account you want to pay the withdrawal into, then click Continue.
7. If you chose assets and available cash earlier in the journey, you'll be asked to confirm how you want the system to sell down for the withdrawal: pro rata, equally, or by your own asset selection. Once you've chosen, click Continue.
8. Finally you'll have to review and confirm all the information you've given. If you're happy, click Confirm.
8.1 You should receive confirmation and a Green tick, if anything else appears including an exclamation mark and text (i.e. total allocation must be 100) the submission has not processed correctly.
9. A payments out letter is only produced once the sell fully settles (if required) and the payment is then queued and provides the payment date which is 5 days prior to payment. It’ll be sorted in the correspondence section of the Aviva Platform.
9.1 It is also worth noting that the request will not be visible at all for one off withdrawals until the sell settles and it queues the payment and this is also visible at that time (after sell settles) in "Transactions" tab. If the sell does not settle in the expected 5 working days then the platform will only look to make payment for the value available as cash at that time which may be a considerable difference, and cannot be stopped or amended at that time. If any difference is required thereafter it will need to be submitted again as a withdrawal once the first payment is made.