PayStream + SIPP

[thought]

I use Paystream with Interactive Investor for my SIPP. No issues, I'm paid weekly with my pension contributions held back and paid monthly to II. I need to complete a form and send to II each time.

Thank you.

Is that just on your end or do Paystream have an action as well every month please?

Do they just need to know the amount that is coming through?

[Smoggy]

Paystream send me a completed form every month and I just tick a box and sign and date it. I then send the form to II via their portal. Paystream calculate your contribution as days worked in the month x daily contribution amount.

As a once off when you first set up the arrangement with Paystream you tell them how much of your daily rate you want to go into your SIPP and account details etc.

Paystream send your contribution directly to II and II use the info in the form you upload to them in order to correctly allocate it to your account.

[gables]

Thank you, I have called them multiple times.

I will check Standard life and see how/if Paystream can accommodate.

I'm with Paystream and pay into a Standard Life pension (non sipp so maybe not very helpful :-) ) on monthly basis which varies in amount and no form filling.

[BlueSharp]

I'm running a side gig via pay stream and contribute the max allowed in to my SIPP (I have to leave enough for NMW). Once I filled in the setup forms the payments are made monthly to You Invest (Formally AJ Bell). No issues at all and no weekly/monthly form filling.

[lecyclist]

I understand that whether you are getting paid weekly or monthly, the funds for SIPP payments will be held before being sent to your designated SIPP provider on a specific day each month. I recall this is normally the 19th of each month, but Paystream should be able to confirm for you.

[Smoggy]

Just got an email from PayStream letting me know that they're simplifying their SIPP contribution process with II:

Good afternoon,
We just wanted to make you aware that an agreement has been made with your pension provider, Interactive Investor, to improve the process of communicating monthly pension contributions.
From January 2023 Interactive Investor will allow PayStream to securely communicate contributions directly on a monthly basis, removing the need for you to sign and upload/post contribution forms.
There will be no change to the frequency or timing of payments.
We hope you find this simplified process an improvement on current arrangements. If you have any questions please do not hesitate to contact us.
Kind regards