Reply to: PayStream + SIPP

[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

[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.

[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.

[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.

[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.

[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?

[thought]

It's been working fine for me with Standard Life. My comment from the linked thread:



Have you spoken to PayStream or just e-mailed? Talking to them rather than e-mailing seems to get things done more quickly and removes any ambiguity.

Thank you, I have called them multiple times.

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

[Smoggy]

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.

[fulcon]

It's been working fine for me with Standard Life. My comment from the linked thread:

I had the added complication of the pension being set up by a FA so changes have to go via them, and they need to be notified of each payment. PayStream were happy to send an e-mail each month to the FA when a contribution is made and I got the impression it was pretty routine for them. I just had to jump through the usual GDPR and consent hoops to get all parties talking. PayStream did forget to send the first e-mail, but they sorted it quickly and it's been up and running for a few months now with no further problems.

Have you spoken to PayStream or just e-mailed? Talking to them rather than e-mailing seems to get things done more quickly and removes any ambiguity.

[thought]

Your problem is weekly payments into the pension.

is it possible to have the pension money saved up and paid once a month?

unfortunately the frequency is weekly right now, moving monthly is an option but even then if Paystream need a new ID every month then it still puts deposits at risk due to manual updates. I wanted to know how others get Paystream to deal with their SIPP providers.

[northernladuk]

Apologies for putting this in the wrong forum, if a mod can move it I would be astounded and dumbstruck.

FTFY

[eek]

Apologies for putting this in the wrong forum, if a mod can move it I would be thankful.

However, the 2second search that you did only provides a list of the operators they support in theory. It doesn't work in practice. I have included the two companies that it doesn't work with and the reasons for which it doesn't work.

I will ask my question again, does anyone use Paystream and pay into the SIPP please? If so, which provider do you use please? I have tried asking Paystream but they have been very unhelpful besides giving me the same list that is posted in the other thread.

Your problem is weekly payments into the pension.

is it possible to have the pension money saved up and paid once a month?

[thought]

Apologies for putting this in the wrong forum, if a mod can move it I would be thankful.

However, the 2second search that you did only provides a list of the operators they support in theory. It doesn't work in practice. I have included the two companies that it doesn't work with and the reasons for which it doesn't work.

I will ask my question again, does anyone use Paystream and pay into the SIPP please? If so, which provider do you use please? I have tried asking Paystream but they have been very unhelpful besides giving me the same list that is posted in the other thread.

[northernladuk]

Apart from this being in the wrong forum

You know what thought did

[eek]

Apart from this being in the wrong forum - there is a separate forum above have you asked Paystream which SIPP providers they can support and regularly send payments to?

And 2 seconds with this site's search engine gives me this post https://forums.contractoruk.com/umbr...ml#post2942032 where you question is answered.