For adviser use only.
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.
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.
How do I open a Decumulation SIPP Account for my client?
A Decumulation or 'Drawdown' Account can be opened via the client onboarding web journey. This can be done either as a drawdown-to-drawdown transfer (if they don’t have an existing Timeline SIPP) or by crystallising all or part of an existing accumulation SIPP.
Who is eligible to open a Decumulation SIPP Account?
Any individual who is a UK resident for tax purposes can open a Decumulation SIPP Account - for full eligibility requirements please refer to our terms and conditions.
Can I transfer my client’s existing Decumulation SIPP to Timeline?
Yes, you can request a drawdown-to-drawdown transfer for your client. We can accept both full and partial transfers, and these can be instructed as either in specie or cash transfers. Depending on the ceding scheme we will utilise ATG or Origo where possible to transfer the SIPP electronically.
If the ceding scheme doesn’t accept electronic transfer requests, we will request the transfer manually.
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.
Can my client make one-off payments into the Timeline Decumulation SIPP Account?
Clients can only contribute directly to their accumulation SIPP, funds can only be moved into the drawdown account as part of a crystallisation event.
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.
How do I manage my client’s Decumulation Account?
All servicing options are available via the Adviser Portal. For specific instructions on how to submit a particular instruction, please get in touch with us via email or live chat.
Can my client hold a model portfolio in their Decumulation Account?
Yes, for advisers subscribed to Timeline’s DFM service, the full selection of Timeline portfolios are available to Drawdown Account clients. If you don’t currently use the DFM service, you can find more information on the Timeline website.
Can I use a third-party DFM/Model Portfolio in my client’s Decumulation Account?
No, currently only Timeline portfolios are available.
Can funds be withdrawn from my client's Decumulation Account?
Yes, withdrawals from a drawdown account are considered to be taxable income, can be taken both regularly and as one-off payments.
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.
Can I setup adviser fees on a client’s Drawdown Account?
Yes, please refer to the Adviser Fees guide for more information.
Are there Product Fees on Timeline SIPP Decumulation 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 or a drawdown account is transferred onto 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 deceased client pack. For full details of this process and our requirements please refer to the Bereavement Guide.
What happens if my client moves abroad?
It is the responsibility of the client or yourself to notify us if they have moved abroad.
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.
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.
There are no charges for transferring a client’s SIPP to another provider.