Originally posted by eek
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Umbrella companies and pension providers
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Originally posted by eek View PostUm which ones? That list someone posted doesn't look right to me.
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; 18 January 2020, 23:56.Comment
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Originally posted by Acme Thunderer View PostI 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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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.Comment
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Originally posted by mogga71 View PostI 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.
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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Originally posted by Acme Thunderer View PostYes 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
Sent from my iPad using Tapatalk
Thanks again.Comment
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Originally posted by Acme Thunderer View PostI 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.
Sent from my iPad using TapatalkComment
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Originally posted by eatenrifles View PostI'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
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; 28 January 2020, 21:56.Comment
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Originally posted by zcapr17 View PostThank 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.
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.Comment
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Originally posted by zcapr17 View PostThank 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.
When I explained the actual situation they were OK in doing it, for a fee of course.Comment
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Brookson only using Aegon
Originally posted by eatenrifles View PostI'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.
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,
MarkComment
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