Umbrella Companies which pay into my own SIPP (AJ Bell)

[rickmeister]

Also, Focused group (part of Paystream) charge £250 p.a. for sal sacrifice but allow you to use any pension provider as long as they can accept D/D payments and provide a well written scheme brochure incl Q&As, conditions for stopping etc which if this element is important to you, indicates the extra service may be worth the fee.

[MrC]

Just following up on this can anyone who pays into their SIPP with AJ Bell confirm if it's totally set-and-forget?

Umbrella i've been speaking to say it is whearas AJ Bell themselves say they need an email to accompany every single BACS contribution (even if it's a regular amount).

[gizzmo]

With AJ Bell you can contribute in 2 ways:

1) Direct Debit - fill in a form once for a fixed amount and forget about it

2) Each month if the employer contribution is likely to fluctuate - you have to send an email to AJ Bell detailing the amount and making a declaration that it is an Employer contribution etc. The Umbrella then pays it to AJ Bell via BACs

Some Umbrellas are happy to do the DD method, but if your contribution changes every month then the one-off declaration has to be made with each payment which is paid by the Umbrella via BACs.

Currently Parasol uses the BACs method so they send me the email draft which i then forward onto AJ Bell. Takes no time at all.

[eek]

Also, Focused group (part of Paystream) charge £250 p.a. for sal sacrifice but allow you to use any pension provider as long as they can accept D/D payments and provide a well written scheme brochure incl Q&As, conditions for stopping etc which if this element is important to you, indicates the extra service may be worth the fee.

£250 is an interesting fee figure - it’s doesn’t sound right (given how it should be charged).

Whether it’s reasonable or not depends on what their other charges are and whether it’s reasonable when you compare it to other umbrellas that provide it within their standard fee

[MrC]

With AJ Bell you can contribute in 2 ways:

1) Direct Debit - fill in a form once for a fixed amount and forget about it

2) Each month if the employer contribution is likely to fluctuate - you have to send an email to AJ Bell detailing the amount and making a declaration that it is an Employer contribution etc. The Umbrella then pays it to AJ Bell via BACs

Some Umbrellas are happy to do the DD method, but if your contribution changes every month then the one-off declaration has to be made with each payment which is paid by the Umbrella via BACs.

Currently Parasol uses the BACs method so they send me the email draft which i then forward onto AJ Bell. Takes no time at all.

Ah, thanks for clarifying. I had reached the conclusion that most if not all umbrellas were only willing to pay by BACs.

Does anyone have any idea which umbrellas offer the DD option (which also do salary sacrifice are FSCS accredited and dont have any daft restrictions preventing carry forward from prior years allowances)?

[lucyclarityumbrella]

Does anyone have any idea which umbrellas offer the DD option (which also do salary sacrifice are FSCS accredited and dont have any daft restrictions preventing carry forward from prior years allowances)?

Generally paying by DD holds too many risks; if the umbrella is not paid by the agency or client, then they are not going to be willing to release funds.