Nervous Newbie
AJBell SIPP paying in from business account
Hi All,
I have recently setup my own limited company and have just created a SIPP with AJBell.
I'm a bit confused on how to pay money in to the SIPP from business account, should this be as a member, if so which "member contribution" should I classify it as or should the source be employer (which then means I need to send a cheque which would be painful).
Sorry for the simple question, but can't seem to find guidance on this anywhere and not sure if its important or not.
Many thanks
Andy
My post count is Majestic
As an employer you need to tell the SIPP provider it's an employer contribution and then say what employee it's for and give their NI number plus any account number.
Then as the employee you need to tell the SIPP provider what funds you want to top up. Giving you NI number and any account number.
Edited to say: Sending a cheque isn't painful once you have done it once.
"You’re just a bad memory who doesn’t know when to go away" JR
Super poster
Seems pretty clear to me.Originally Posted by andywuk
And it is important to get it correct.
Seems pretty odd they won't allow a direct debit for an employer contribution though.
Nervous Newbie
Works for me for last few years. Phone or email them (they are really responsive/helpful) and they will tell you how to transfer from YourCo business account (it may even be up on their site by now, I've not looked for a long while). Unsurprisingly, they will give you their sort & a/c number, you put your personal sipp number as the reference for the bill payment (or whatever type of etransfer) then follow it all up with the signed form in the post - they still need a physical signature etc. This form is on their site somewhere (or just ask them to send you a linky to it) and it has boxes for your NI number, employer, etc etc. and they tell you to just cross-out the cheque box and say 'etransfer' or similar. Worked for me: you may speed up the allocation to your account by scanning & emailing the signed form also, but the original must still be posted (or it may all be unwound shortly after or something similarly bad). Plenty of time before 5th!
My post count is Majestic
He may be doing a one of payment.
HL use to make you send cheques for one of ad-hoc payments now you can do everything by email.
"You’re just a bad memory who doesn’t know when to go away" JR
Nervous Newbie
Correct, its a one off payment, looks like I will have to call them Monday to see how I can transfer in time for this tax year.
Fingers like lightning
Hmmm, AJ Bell run the admin part of the iWeb SIPP. Over the last few months I've made numerous ad-hoc company contributions into the SIPP, all via electronic funds transfer from my company business account into the AJBell account.
For each one you have to EMail in a completed contribution PDF form stating the account details, contribution amount etc. The funds transfer (with a reference of my SIPP account number) goes into a general purpose account and the AJBell team match up the payment vs the completed PDF and credit my SIPP account.
This was AJ Bell administering an iWeb SIPP but I doubt they do things any different for their in-house offering.
Phone them up on Monday.
Last edited by adubya; 1st April 2017 at 18:34.
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