SIPP Question #341

[rl4engc]

I'm setting up a SIPP and it's asking me does my employer wish to make a one-off/regular contribution.

Question is, for tax purposes of MyLtdCo, can I just make irregular transfers from MyLtdCo Bank into my SIPP pot, i.e. the SIPP isn't "tied to" MyLtdCo is it? (It's my personal scheme after all)

Or does it have to be a regular Direct Debit to show it's a Directors Pension? I might be a Permie in 5 years and have to fund it another way.

So basically can I just get the SIPP set up/transferred from old PermieCo Company Pension, and worry about contributions when all the dust has settled and I know what MyLtdCo can contribute?

TIA

[fannyadams]

I'm setting up a SIPP and it's asking me does my employer wish to make a one-off/regular contribution.

Question is, for tax purposes of MyLtdCo, can I just make irregular transfers from MyLtdCo Bank into my SIPP pot, i.e. the SIPP isn't "tied to" MyLtdCo is it? (It's my personal scheme after all)

Or does it have to be a regular Direct Debit to show it's a Directors Pension? I might be a Permie in 5 years and have to fund it another way.

So basically can I just get the SIPP set up/transferred from old PermieCo Company Pension, and worry about contributions when all the dust has settled and I know what MyLtdCo can contribute?

TIA

It probably depends on your provider - HL can't do one off payments via bank transfer, but your company can write a cheque (and covering letter). Just make sure they get classified as employer contributions. But you can certainly do a combination - I have a monthly dd, and send a cheque now and then.

[rl4engc]

Just make sure they get classified as employer contributions.

How do you do that? Is that the form you send off every time you make a contribution?

Realistically I'd probably only make a couple each year, the main flow is via dividends into S&S ISAs, this is just to hammer the expensesreduce the tax burden on MyLtdCo, although I appreciate tax is payable on drawdown.

[fannyadams]

How do you do that? Is that the form you send off every time you make a contribution?

Realistically I'd probably only make a couple each year, the main flow is via dividents into S&S ISAs, this is just to hammer the expensesreduce the tax burden on MyLtdCo, although I appreciate tax is payable on drawdown.

I send a covering letter on company headed paper. "Please find enclosed cheque as employer contribution for Fanny Adams. " Never been a problem so far.

They then send both me and myCo letters to say it has been done.

[RSoles]

I just started a SIPP with a personal contribution.
I then make company contributions by sending in a cheque and the form from the 'topup' option in the link:-

Employer Pension Contribution Forms | Hargreaves Lansdown

[barrydidit]

It probably depends on your provider - HL can't do one off payments via bank transfer, but your company can write a cheque (and covering letter). Just make sure they get classified as employer contributions. But you can certainly do a combination - I have a monthly dd, and send a cheque now and then.

You can do now.

SEND THE PAYMENT TO:
• Bank Account Number: 03310401
• Sort Code: 30 - 92 - 13
• Account Name: HLAM SIPP Trustee Vantage Client A/C
• Reference: Employee’s surname and either their client number or National Insurance number

Linky

You need to send them an email advising of the payment. Saves paying bank fees on the cheque too.

[SueEllen]

It probably depends on your provider - HL can't do one off payments via bank transfer, but your company can write a cheque (and covering letter). Just make sure they get classified as employer contributions. But you can certainly do a combination - I have a monthly dd, and send a cheque now and then.

Yes they - HL - now can.