SIPP Question #341 SIPP Question #341
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    Default SIPP Question #341

    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
    Quote Originally Posted by Nigel Farage MEP - 2016-06-24 04:00:00
    "I hope this victory brings down this failed project and leads us to a Europe of sovereign nation states, trading together, being friends together, cooperating together, and let's get rid of the flag, the anthem, Brussels, and all that has gone wrong."

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    Quote Originally Posted by rl4engc View Post
    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.

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    Quote Originally Posted by fannyadams View Post
    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.
    Last edited by rl4engc; 23rd August 2017 at 10:13.
    Quote Originally Posted by Nigel Farage MEP - 2016-06-24 04:00:00
    "I hope this victory brings down this failed project and leads us to a Europe of sovereign nation states, trading together, being friends together, cooperating together, and let's get rid of the flag, the anthem, Brussels, and all that has gone wrong."

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    Quote Originally Posted by rl4engc View Post
    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.

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    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

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    Quote Originally Posted by fannyadams View Post
    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.

    Quote Originally Posted by HL
    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.

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    Quote Originally Posted by fannyadams View Post
    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.
    "You’re just a bad memory who doesn’t know when to go away" JR

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