Setting up regular withdrawals and sales video guide

On the 7IM Platform, you can set up new regular withdrawals and manage your existing regular withdrawals. Here we're going to look at how you can do both. You may also want to read our FAQ document on this subject, which you can find in the literature center of our website. Please note, that if you want to set up or amend a regular withdrawal for a 7IM SIPP, you'll need to send us the relevant pension income amendment form or taking benefits form, both of which you can also find in our literature center.

Firstly, to set up a new regular withdrawal, click on the regular withdrawals tab within the Manage Investments section of the client's account screen. You can also set this up by going through the Transactions menu to the Regular Withdrawal and Sell Down screen, and then click on Instruction. From here, you can choose whether you want to set up a Withdraw, and this is where you manage the cash balance for the payment out, a Sell & Withdraw, where we will sell assets to fund the payment or Sell, where we will sell assets and the proceeds will remain in cash in the 7IM account. You can set up separate sell instructions and withdrawal instructions, if you want to control each part individually, rather than having them linked together. Next, choose the tax wrapper that you want in the withdrawal to come from, the frequency, the start month, the withdrawal date, and the withdrawal amount. If you are setting up a selling withdrawal, please allow enough time before the first payment is due for the sales to be completed. This should be at least 10 working days. Now you come to the sales screen. Here you can specify how much you want to sell from each portfolio or sub-account to fund the total withdrawal, along with what type of sale you wish to do. For example, you can sell a single fund in one dealing portfolio and a proportional sale in the other dealing portfolio. Finally, confirm your instruction.

Now we're going to look at how you can amend an existing regular withdrawal to include an automated sale. This is particularly relevant for a 7IM SIPP in drawdown, where we will set up the regular withdrawal and then you can amend it online to include any fund sales. From the Regular Withdrawals Summary screen, click on an existing withdrawal instruction, then click on Edit Instruction. From here, you can change the instruction type from a Withdraw to a Sell and Withdrawal, and also then the start date and month. Remember to allow enough time before the next payment is due for the sales to be placed. This should be at least 10 working days. Then enter all the relevant sale information as we went through earlier.

On the summary screen, the instruction has now changed from a Withdrawal, to a Sell and Withdrawal. This summary screen itself gives you an overview of all your clients' regular withdrawals, along with a traffic light indication of whether they're in progress or there might be an issue with a lack of cash. For more details about this, please read our FAQ document.