SIPP question

[7of9]

After researching online, I am planning to open a SIPP in my own name. Then make company contributions from my business account into my SIPP. I have spoken to an IFA who confirmed that the pension scheme should be under my name instead of the company name.

However when I informed my accountant, she recommended me to open the SIPP account under the company name. I have asked her for the reasons, she said from accounting point of view, it’s always best to open it under company name to avoid confusion.

I would like to get double insurance, that opening the SIPP in my name is a better choice. Help!

[northernladuk]

How can your self invested personal plan be under the company name? Wouldn't that be a Small Self administered scheme (Ssas)?

[jmo21]

However when I informed my accountant, she recommended me to open the SIPP account under the company name. I have asked her for the reasons, she said from accounting point of view, it’s always best to open it under company name to avoid confusion.

Are you absolutely sure that's what the accountant said?

It may be crossed wires, and they were talking about how best to pay into your SIPP, personally or as employer contributions from your company.

As NLUK says, SIPP's are personal, it's in the name.

[7of9]

Are you absolutely sure that's what the accountant said?

It may be crossed wires, and they were talking about how best to pay into your SIPP, personally or as employer contributions from your company.

As NLUK says, SIPP's are personal, it's in the name.

Yes, that is why I was a bit confused. I mentioned about SIPPs and Hargreaves Lansdown when I spoke to her, she said both (company name/my name) are legitimate, but she recommended to open it under company name.

[7of9]

How can your self invested personal plan be under the company name? Wouldn't that be a Small Self administered scheme (Ssas)?

that is why I was confused when she told me that.

[ASB]

As mentioned by NLUK and jmo I believe your name is the only choice.

I can, however, understand your accountants advice. It is important to ensure that contributions from the company are recorded as company contributions. Otherwise the sipp will reclaim tax on them and that would make them personal contributions (at the least making it a dreadful mess to sort out).

Different providers have different rules/procedures regarding company contributions.

I don't believe it is actually mandatory for a sipp to accept company contributions so it is appropriate to check this, and the level of any charges, with the sipp provider.

[7of9]

thanks for the reassurance, everyone.

[Darren at Fox-Bartfield]

Pensions

Your employer is permitted to make contributions to your SIPP (Link).

[jmo21]

Your employer is permitted to make contributions to your SIPP (Link).