How to add a one-off withdrawal
Cash Account, Personal Portfolio and ISA
Onshore Bonds
For an Onshore Bond please email wrap_money_out@abrdn.com with the specific amount. For partial surrenders we can only sell full segments or sell proportionately across all funds. For regular withdrawals you cannot encash a full segment.
The minimum amount you can set up is for £125 for one-off withdrawals and £50 for regular withdrawals.
Offshore Bonds
For an Offshore Bond please email service@standardlife.ie with a detailed instruction. This includes the monetary amount, payment dates and bank details. If the withdrawal is coming from Investments you will need to instruct the sell yourself. Please refer to the trading guide.
The minimum amount you can set up is for £500 for a one-off withdrawal and £200 for regular withdrawals.
Wrap SIPP
To request Tax Free Cash or Income from your client’s SIPP, refer to our Drawdown page.
How to add and/or verify bank account for withdrawals
Find support on adding bank details.
Existing Direct Debits
If your client has already submitted a Direct Debit instruction but this has not been used within 12 months please call our Client Engagement Hub on 0345 279 1001 who will reinstate the Direct Debit within 48 hours.
How long does a withdrawal take?
Depending on the type of withdrawal you have set up, timescales may vary. Example timescales can be found below:- External payment from Cash Account or Product Cash – normally arrive in the client's account on the same day when keyed before 4pm
- External payment from investments – 10 working days if being paid by BACS. When using Same Day Faster Payments, the payment will be based on the date the sells have settled.
Internal payment from Product Cash to Wrap Cash – same day
- Internal payment from investments to Cash Account – 6 working days
How do I amend a withdrawal?
Cash Account, Personal Portfolio and ISA
You can amend the withdrawal by going to the product tile, click on the Wrapper and go to the Withdrawals tab. Use the edit pencil to edit the Withdrawal. Select the edit option under the actions column to make any changes. You may need to add this in by selecting the table editor and clicking “actions”. Depending on how far along the withdrawal is, the edit functionality allows you to amend:
- The withdrawal % or amount (£)
- The payment date; and
Bank Account details
You must select the “Actions” field to enable you to edit a withdrawal via Transactions Tab > Payments & Withdrawals > Table Editor > Select Actions field > Apply.
This will enable you to edit actions, amend and cancel withdrawals.
You will have the option to cancel the withdrawal as long as the order status is showing as authorised.
Onshore Bonds
You can amend or cancel a withdrawal by emailing wrap_money_out@abrdn.com
Offshore Bonds
You can amend or cancel a withdrawal by emailing service@standardlife.ie
Wrap SIPP
You can amend or cancel an instruction by emailing nontelephony.drawdown@abrdn.com
Why has my withdrawal failed?
Withdrawals often fail when there’s insufficient cash to pay out the required amount. Common scenarios include:- Wrap monies are not ring-fenced, so cleared cash will be used to cover outstanding charges / negative balances even if it’s set aside for a client withdrawal
- If you complete a withdrawal to disinvest across funds proportionately and one or more of the funds are suspended, it’s unlikely sufficient cash will generate to pay the withdrawal.
If the client is invested in a managed portfolio and the manager is carrying out trading (i.e. rebalances) across the portfolio, this can delay any subsequent Wrap trades placed on the platform. This can result in no payments or a lower amount going to the client.
For further information on why the withdrawal has failed, go to Transactions>Payments/Withdrawals and hover over the payment amount. This will give you a description as to why the payment has failed.
Note: It is your responsibility to check the progress of client withdrawals and take remedial action to resolve.
What are the withdrawal options?
When setting up a withdrawal, you will be asked to confirm the reason for withdrawal and what the withdrawal value is based on. For guidance on what option to select, please check the table below:
| Reason for withdrawal options | What does this mean? |
| Withdrawal to fund charges | System knows the withdrawal proceeds have to move to Cash Account to cover charges |
| Withdrawal to fund charges | System allows you to select Cash Account or External Bank Account (if verified) as destination account |
| Withdrawal for client | System allows you to select Cash Account or External Bank Account (if verified) as destination account |
| Full product withdrawal | Everything sold / withdrawn from the product of your choice |
| Full instrument withdrawal | Everything sold / withdrawn from the investments of your choice |
| Other | If none of the above narratives suit the purpose of your withdrawal, choose this. System will allow you to select Cash Account or External Bank Account (if verified) as destination account |
| Withdrawal Value based on? | Definition | £/% |
| Fixed monetary amount | System will pay whatever amount you request in £ | £ |
| Total Account Value | Withdrawal value is calculated by adding ALL Products values together. The % you ask for will be based on this figure and paid out of your chosen product. Be careful with REGULAR withdrawals - if new products are opened or values increase any future withdrawals will include these when calculating the payment our at each frequency. | % |
| Selected Product(s) |
Similar to 'Across Portfolio' option outlined above but the withdrawal will be calculated as a % of the selected product(s). |
% |
| To be taken from (product) | Withdrawal will be calculated based on only the product you've chosen to withdraw from and will be a % of either: 1. Total product value if you choose to sell 'across product proportionately'; OR 2. Selected investments if you choose to sell only some of the investments held in the product |
% |
Frequently asked questions about withdrawals on wrap
How do I view a breakdown of payments that have gone out to the client?
You can view a summary of withdrawals made to the client by going to the product tile, click on the Wrapper and go to the Withdrawals tab.
To see a breakdown of payments, including individual amounts and dates, go to the Transactions Tab and update Transactions to Cash. Amend the date range as needed and filter the Transaction Type to Capital Out for Withdrawals and Tax-Free Cash or Withdrawals for SIPP income payments.
Can I request my withdrawal goes via CHAPS?
If your client needs their money paid out urgently you can request the payment is made by CHAPS. To do this, you will need to set up a sell rather than a withdrawal. This can be done via the Quick Actions (…)>Sell
Once you have created the sell, you will need to complete our CHAPS request form and send a copy of this to wrap_money_out@abrdn.com. This form will confirm the withdrawal amount, product and bank account details. Requests received after 12pm will be completed the following business day.
Please note, there is a £30 charge for this which the client must pay.
| ISA & Personal Portfolio one-off withdrawals |
The Wrap Platform should not allow a weekend or bank holiday to be selected as a payment date. It will default to the next available working day. |
|
ISA & Personal Portfolio regular withdrawals |
Previous Working Day |
| SIPP Income |
Previous Working Day |
| Bond Withdrawals |
Next Working Day |
What cash is available for charges or withdrawals?
To find out what cash is available to use for withdrawals, you can check the platform by clicking on the Cash Available link in the Product Tile, this will give you a breakdown of categories showing where available cash has been allocated.
For Cash Account, Personal Portfolios and ISA, the call balance is the available settled money that can be taken off the platform.
For Offshore Bonds and Wrap SIPP, the ledger balance is the available settled money within Product Cash that can be taken off the platform.
Why has my withdrawal from an Investment Hub portfolio failed/gone out short?
This will happen if the trade required to fund the withdrawal is not able to be placed on the Hub when the withdrawal is created. This could be due to the Investment Manager either rebalancing or switching funds.
If the trade is delayed then the withdrawal will fail or go out short, although the trade will eventually place on the Investment Hub and settle. Where the withdrawal pays out short, we do not pay out the residual withdrawal amount automatically. It is the advisers responsibility to key a top up withdrawal to make the difference if this is still required.
If your client requires money by a certain date, it is recommended to set up a regular sell 3 weeks before the cash is required and then set up a withdrawal from product cash.