We thought it would be helpful to provide you with information regarding our deadlines for our processes in relation to the tax year end. If you have any queries please let us know.

Contributions

For existing clients wishing to make an ad hoc contribution we can accept completed contribution application forms and funds by either electronic transfer or by cheque up to and including the 5th April 2024. If the contribution application form is not fully completed the date of the contribution will be the date we receive all the information required to be able to process the contribution, this means that the contribution may fall into the 2024/25 tax year. We are happy to accept contribution application forms by e-mail, with a scanned or electronic signature. We will check the information on the form and will confirm if we require any further information before confirming that payment can be made. Please note that payment must have been received by the end of the 5th April for it to count in this tax year.

Please do not arrange for a contribution to be made without the contribution application form having been completed by the client first. If we do receive funds without a completed form to support the contribution we will be unable to move the funds for investment and the contribution funds will remain in the SIPP bank account until we are able to complete all our checks. Please ensure that clients are completing the latest version of our contribution application form, this can be found at SIPP Money In

New SIPPs

We would ask that all new SIPPs with supporting contributions are received by the 5th April 2024. If you have an urgent SIPP to be set up please contact your Account Manager to discuss the details and to ensure that we receive all the documents that we require to be able to complete the SIPP set up process.

Pension Payments

Pension Payments are paid on the last working day of each month. Please ensure that cleared funds are in your client’s SIPP bank account by the 20th March 2024 for payment on 28th March 2024. If any changes are to be made to a clients level of pension payment or any client wants to start receiving pension payments for the first time please provide us with the completed paperwork by the 20th March 2024. We can accept a scanned copy of the paperwork.

Taking Benefits

We receive a high volume of requests for clients to take benefits from their pension schemes towards the end of the tax year. We may need to obtain valuations from third parties to process a request and this may affect the length of time it takes to complete the process. To be able to make a Tax Free Cash payment or pension payment there needs to be cleared funds in the SIPPs bank account and pension payments will be subject to the cut of date of the 20th March 2024.

Should you have an urgent request for a client to take Tax Free Cash please contact your Account Manager to discuss the requirements in more detail. Please also ensure that clients complete the latest version of our member benefits form which can be found at SIPP Member Benefits