New Contractor. Pension recommendations?

[Irishbar]

Company Pension and SIPP

Hi

I’m thinking of setting up a SIPP as well as holding my umbrella company pension. I am, currently, contributing very little and being matched up to 3% by the umbrella company pension scheme. I want to contribute a further 12% to a SIPP so hold a company pension and a SIPP. I enquired about this to my Umbrella Company but they said that they did not offer that option of transferring the 10% to a SIPP prior to taxed figures.

Can anyone advise whether this is possible or not on pre-tax figures so as to benefit from tax relief?

I hope this is the right thread for this

Many Thanks
B

[northernladuk]

Hi

I’m thinking of setting up a SIPP as well as holding my umbrella company pension. I am, currently, contributing very little and being matched up to 3% by the umbrella company pension scheme. I want to contribute a further 12% to a SIPP so hold a company pension and a SIPP. I enquired about this to my Umbrella Company but they said that they did not offer that option of transferring the 10% to a SIPP prior to taxed figures.

Can anyone advise whether this is possible or not on pre-tax figures so as to benefit from tax relief?

I hope this is the right thread for this

Many Thanks
B

You'd probably have been better starting a new thread as you situation involves a brolly but it's out there now so...

Here is a thread that looks like the same question... but doesn't appear to have been answered.

https://forums.contractoruk.com/umbr...pp-scheme.html

It looks to me you could be on a hiding to nowhere so would default to Muskippers advice in post 3 which says,

Self-invested personal pensions | The Pensions Advisory Service

"Although your employer may choose to contribute to your SIPP, there is no obligation that they do so."

Have you asked if they will pay it into a SIPP of your choosing? If they won't, I'd feel inclined to look for a new brolly who will.

Contractor Umbrella allow unlimited payments in to their scheme. If you are able to change they might be worth looking at. If you are via an agency that has an approved list of 4 or 5 you could be struggling.

Here is some info about the Contractor Umbrella offering.
https://www.contractorumbrella.com/pension.html

[Hobosapien]

I expect most brollies will have a company pension scheme set up but will not be able/willing to also sort out contributions to an individual's SIPP due to the additional overhead that would require a different fee structure. Maybe there are brollies specialising in that flexibility but then you have to check they're offering that and the standard brolly services at a reasonable cost and don't have a negative reputation for any reason.

I think it's possible to transfer out of the brolly's company scheme when you have finished using the brolly, so can then transfer into a SIPP if that appeals.

Personally I have several pension pots that I have mulled over transferring them all to one SIPP but as long as the fees are reasonable and comparable then I treat it as risk diversification, though surely SIPP and pension providers are safe hands.

[illy]

contractor pension not a SIPP

Has anyone set up a contractor pension plan through the limited company with another organisation, such as Aviva?

Is it possible?

Thanks

[northernladuk]

Has anyone set up a contractor pension plan through the limited company with another organisation, such as Aviva?

Is it possible?

Thanks

They'd go bust if you couldn't.

Check the Aviva page. There is a nice section called 'Can you take out a pension with us?'

Instead of asking a very generic question like that you'd be better researching the costs of SIPP on an online table. Find one that looks interesting and then go browse their offering along with T&Cs on their site.