Umbrella companies and pension providers Umbrella companies and pension providers - Page 2
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  1. #11

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    Quote Originally Posted by eek View Post
    Positively or definitely? The proof is in the detail and some on there just use Nest.
    Definitely, which is why they went to my shortlist. But you obviously know better so the umbrella representatives that confirmed that were wrong.

  2. #12

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    Quote Originally Posted by eek View Post
    Um which ones? That list someone posted doesn't look right to me.
    If you don’t believe this is possible, I suggest do your own investigation.

    My look has not been as exhaustive as that list, but I know some on it defiantly do pension salary sacrifice into a pre-existing pensions. Unless they have been lying to me and I have it in writing.
    Last edited by Paralytic; 18th January 2020 at 23:56.

  3. #13

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    Quote Originally Posted by Acme Thunderer View Post
    I have just joined Paystream and they are paying directly into my existing pension fund via Salary Sacrifice. One thing to note is the amount paid into the pension is based on the number of days worked in the pay period so you always get paid the NMW. I don’t think you can change the amount per day into the pension within the term of the contract.


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    I think by law you need to pay the minimum wage. So you pay all the deductions on that (not much). I am assuming everything else then goes into your pension until the 40k limit is hit?

    May I ask how much Paystream are charging a month? I don't seem to be able to find the amount on the website .... which seems a bit strange.

  4. #14

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    Quote Originally Posted by mogga71 View Post
    I think by law you need to pay the minimum wage. So you pay all the deductions on that (not much). I am assuming everything else then goes into your pension until the 40k limit is hit?

    May I ask how much Paystream are charging a month? I don't seem to be able to find the amount on the website .... which seems a bit strange.
    Yes NMW is a legal requirement so you stipulate how much of your daily rate goes to your pension. This way you cant be paid less than the NMW by accident.

    If you wanted to get to the £40K then you would pay £181 per day (£40000/220) into your pension. Sadly my day rate is not enough to allow me to put that into my pension and have a decent standard of living :-(

    I’m on weekly invoicing so £22.50 per week Umbrella fees and £3.60 per week for the pension admin


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  5. #15

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    Quote Originally Posted by Acme Thunderer View Post
    Yes NMW is a legal requirement so you stipulate how much of your daily rate goes to your pension. This way you cant be paid less than the NMW by accident.

    If you wanted to get to the £40K then you would pay £181 per day (£40000/220) into your pension. Sadly my day rate is not enough to allow me to put that into my pension and have a decent standard of living :-(

    I’m on weekly invoicing so £22.50 per week Umbrella fees and £3.60 per week for the pension admin


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    Thank you very much for this. Extremely helpful. Those costs are not bad at all. I will contact them and ask if they charge more for keeping my Limited Company operational and dealing with Umbrella matters.

    Thanks again.

  6. #16

    More time posting than coding


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    Quote Originally Posted by Acme Thunderer View Post
    I have just joined Paystream and they are paying directly into my existing pension fund via Salary Sacrifice. One thing to note is the amount paid into the pension is based on the number of days worked in the pay period so you always get paid the NMW. I don’t think you can change the amount per day into the pension within the term of the contract.


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    thanks for the info on this .... have put them on the beauty pagent list !

  7. #17

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    Quote Originally Posted by eatenrifles View Post
    I've just been going through the same thing. From the FCSA website, the following companies will allow salary sacrifice into your own existing pension fund:

    Sapphire
    Champion
    Unified
    Numbermill
    Carrington
    Brookson
    Nasa
    Pendragon
    Paystream
    Orange Genie
    Liberty Bishop
    Fore Two
    Thank you for posting this. I'm in the same boat; looking at options to minimise the impact of taking an inside-IR35 contract by maximising pension contributions. Ideally, I'm looking for an umbrella that not only supports contributions to my existing SIPP but will also support using the 'carry forward' option to utilise the last three years of unused pension contributions.

    So far I have spoken to Orange Genie. They confirm they will support contributions to my own SIPP and will allow 'carry forward'. They charge £20 per week. Unfortunately the agent won't do business with them so I'll be phoning round some of the others in the next few days.
    Last edited by zcapr17; 28th January 2020 at 21:56.

  8. #18

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    Quote Originally Posted by zcapr17 View Post
    Thank you for posting this. I'm in the same boat; looking at options to minimise the impact of taking an inside-IR35 contract by maximising pension contributions. Ideally, I'm looking for an umbrella that not only supports contributions to my existing SIPP but will also support using the 'carry forward' option to utilise the last three years of unused pension contributions.
    I can't imagine why any Umbrella who supports payment into a pension won't support the carry forward of previous years unused allowances. So long as they comply with their legal obligations (paying minimum wage), its really up to you to tell them how much you want to pay, and for you to ensure you don't pay more than the cumulative maximum (which isn't actually a maximum but just a point at which you start to pay additional tax).

    Remember that you must have been a member of an authorised pension scheme in the previous 3 years in order to be able to carry forward any unused allowances.

  9. #19

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    Quote Originally Posted by zcapr17 View Post
    Thank you for posting this. I'm in the same boat; looking at options to minimise the impact of taking an inside-IR35 contract by maximising pension contributions. Ideally, I'm looking for an umbrella that not only supports contributions to my existing SIPP but will also support using the 'carry forward' option to utilise the last three years of unused pension contributions.

    So far I have spoken to Orange Genie. They confirm they will support contributions to my own SIPP and will allow 'carry forward'. They charge £20 per week. Unfortunately the agent won't do business with them so I'll be phoning round some of the others in the next few days.
    You're welcome. Worth contacting them all to discuss your requirements. The only one I struggled with was Unified, who initially claimed that no FCSA umbrella would be able to do what I was asking. After a bit of a discussion it turned out he thought other umbrellas were letting me self administer the payment into the SIPP on trust rather than deducting it at source and making the payments themselves (take from that what you will).

    When I explained the actual situation they were OK in doing it, for a fee of course.

  10. #20

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    Default Brookson only using Aegon

    Quote Originally Posted by eatenrifles View Post
    I've just been going through the same thing. From the FCSA website, the following companies will allow salary sacrifice into your own existing pension fund:

    Sapphire
    Champion
    Unified
    Numbermill
    Carrington
    Brookson
    Nasa
    Pendragon
    Paystream
    Orange Genie
    Liberty Bishop
    Fore Two

    If it's salary sacrifice, yes, it's taken from gross.
    Hi,

    Thanks for the list. I'm currently hunting for an umbrella for my first inside IR35 gig.

    FYI just had Brookson on the phone to me, and their "sales rep" Sean said that they only deal with Aegon for pensions. So I wouldn't be able to pay into my existing SIPP :-(

    Posting here incase it helps anyone.

    Regards,

    Mark

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