Withdrawal restrictions

There is a tick box on a product under Instruction Types, next to Once-Off Withdrawal called “Allow only one”. If selected only one withdrawal will be allow on the product. (unless the user has permission to do more – “Ignore withdrawal restrictions”)

When this feature is selected on the product there will be a setting on the product’s Investor accounts allowing one to keep track of previous withdrawals done prior to a Transfer in.

Savings Pot Withdrawal Restrictions (Two Pot System)

In addition to the product-level “Allow only one” withdrawal setting, products using the Two Pot component system have pot-specific withdrawal restrictions configurable under System -> Product -> More Actions -> Pots

These settings control:

• How many withdrawals are permitted from a specific pot per tax year One, Many or None
• Minimum withdrawal amount applicable to that pot

Savings pot specifically, the regulated default is:

• One withdrawal per tax year
• Minimum withdrawal amount: 2,000.00

If a withdrawal instruction does not meet these conditions, the system will display a warning on submission and prevent the instruction from being submitted.

Users with the “Ignore savings pot withdrawal restrictions” global permission can override both validations.

Also see Pot component system and Global and Group Permissions.

Last Updated on 4 months ago by Tinus Burger