(Sipp) Self invested personal pension

Hello Carl, thanks for the feedback. We’re sorry to hear you’ve experienced awful communication, it would be great if you were to elaborate on this, so we can look into it further. The appropriate tax relief for the clients that have experienced a short delay has been applied and we’re currently working on providing employer contributions and transfers.

Here’s an article that I think you may find interesting; How we’re able to provide a free service – InvestEngine Insights

I haven’t personally had awful communication, but you only need to go up this thread a little bit to get a sense of the problem.
I also don’t recall you mentioning the time it takes to get tax relief when you launched the SIPP. Maybe I’m wrong?
Leaving customers wait around 3 for the tax relief is hurting returns. It’s not a short delay, and it’s been going on since the launch. Appreciate your working on this and the other things mentioned.

@DeeFunds -

2 points - there was no communication, awful would suggest there was some communication.

perhaps all those who’ve waited for tax relief can give you their time delay.

For me I put in funds on 12 Jan - I received funds shortly before 19 April (when I was able to invest the tax relief).

For me I won’t hit the £60k limit for annual contributions - however, it is possible others might.
So 3 months is a long time.
By comparison I have a LISA with another provider this arrived in half the time (less than 6 weeks).

Just to chip in, I’ve been raising support tickets directly and in fairness, i always get a response, albeit not the response i would like.

So yes, the January tax reliefs were delayed (i got mine on the 18th April btw), and i was told that subsequent monthly deposits should not be affected by the same delays. Yet here we are again now in May, with no sign of my February deposit’s tax relief hitting my account by the scheduled 22nd-25th April.

Last week i raised the question again and was told that IE have not heard from their 3rd party of similar delays like the previous month, but as it was a new feature and apparently a “busy season”, they could only apologise for a delay.

My gripe is that obviously there IS still an issue, and instead of partially blaming the 3rd party who handle the tax reliefs, they should either get it sorted, or get another 3rd party who CAN organise them in a timely manner. If someone asked me to paint their house, and i had an apprentice helping me out who made a mess of one room, i wouldn’t go back to the customer saying that it was the kid’s fault and expect them to be ok with it.

PS - tax reliefs should count towards whichever month the original deposit was made, so my late Jan, Feb and March amounts will count towards to the 2023-24 tax year allowance. despite them arriving months into the next tax year. Nevertheless, it’s annoying that we are finding ourselves waiting 10-15 weeks instead of the correct 6-11 weeks.

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Replying to myself here but, for anyone else interested; I received an email reply from IE stating that this specific report will be added to the ones that can already be generated. No date was given.

My response is to divert all future payments to other pension accounts, until it is available. One of my other SIPP accounts has already issued this report, so they’re top of my list.

Hmmm. Yes I see the problem. The account overview report (And the app window incidentally) shows the HMRC tax rebate as included in ‘net contribution’ .
Since I’ve only just got the Rebate today, running the report for ‘previous tax year’ gives me the correct ‘net contribution’ and I presume this will be OK for the purposes of self assessment.

But, not separating the ‘net contribution’ and ‘HMRC Rebate’ in the reports I can see as not being helpful… and factually incorrect. :face_with_diagonal_mouth:

Update: My February tax relief arrived today, so only a week or so overdue. Hopefully the bugs are being ironed out and we may see March’s tax relief arrive BEFORE the end of May. :crossed_fingers:

@DeeFunds @tom.winterton @aelita.cherniakova @Paul_M

Re: Pension/SIPP Transfer to InvestEngine SIPP

Hi Team,

Please confirm with a Quarter, a month (and ideally a week) of when the SIPP Transfer that has been promised will become available.

‘Beginning of the next tax year’ i.e. 6th April (and to be generous April as a whole) has come and gone.
Latest response said ‘final countdown’ more than half a month ago…

===
scrolling up through the thread there are multiple responses collectively by the team that state this feature is being released at the start of the new tax year - April 6th 2024.

I’ve not seen anything yet and desperately want to transfer funds - which is obviously in the interest of InvestEngine given there are platform fees based on total investment.

5th April - Aelita (InvestEngine)
Hi! We appreciate your patience regarding the ability to transfer pensions into SIPP with us. We anticipate that this functionality will be enabled at the beginning of the new tax year.

2nd April
Paul_M (InvestEngine)
Hi! There is no planned date for SIPP transfers at the moment, they are going to be released in the beginning of the next tax year. Kindly contact our Client Services team if you wish to move your cash from GIA to SIPP account.

21st April.

Hi Lee - transfers in are not yet available, but it is the ‘final countdown’, pretty much… Make sure you’re subscribed to our e-mails to get notified upon launch :rocket:

Tagging others who’ve been chasing this.
@MattG @lee @conm @bsuk @Carl @sfletc

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Mentioned you in reply to the latest Chaser consolidated post on chasing about release for SIPP Transfer feature.

@jackoboy9 @TravellerSeko @vvsvin @rds @CycloneRepair @Gandalf @nedjohn @dc007

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On the 24th April support (via email) told me it was going to be months as opposed to weeks. I ended up moving it to AJ Bell.

More competetion for InvestEngine

Trading212 is also launching a SIPP product which has been confirmed by their support.

Hope Invest Engine starts the Transfer-In before Trading212 launches SIPP.

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I hope “months” isn’t correct.

tbh the only reason I chose IE was the lack of SIPP with T212.

But if the above is the case then I’ll look at moving across to T212.

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Trying to find a new home for my existing SIPP and was excited by InvestEngine’s offering, opened an account and wanted to transfer my existing SIPP and this facility is not available. What! Like opening a bank account that doesn’t accept deposits. Reading this thread sounds like the product has been launched long before it was fit for purpose. I have just logged a call with support to ask if it was worth me waiting for the facility to transfer to be available and got back the same default response it seems everyone else has had “final stages” “will be added to our SIPP offering in the coming months” etc. My search for another SIPP provider continues. Shame.

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Hello,
I am considering moving my managesd SIPP to the InvestEngine DIY SIPP. However, before doing so, I need some clarifications.
The two deal breakers for me are the ability to transfer my SIPP from my current provider to InvestEngine (like you do with bank accounts), and second being able to set up monthly pension contributions directly from my company (this is sometimes called ‘Salary Sacrifice’ or ‘Gross contributions’ as you pay it into the SIPP before you pay tax).
I believe these options are not available yet, so it would be nice to have a ETA.
I reckon these options are quite basic as well as key for a SIPP product.
Thanks
Dan

Hi
I’ve invested £12k into my SIPP. Can anyone shed some light why I’ve only got £1500 HMRC payments pending and not the full 20% £2400? TIA👋

Hi @tone1, it depends when you made your deposits i guess. The submissions to HMRC are based on periods between the 6th of a month and the 5th of the following month. So for example, if you made a deposit on 21st February for example, the top up would have arrived by the end of April. A deposit made on the 7th March would not have been submitted to HMRC until 6th April so will result in the tax relief arriving towards the end of May (in the coming days i expect).

I am also waiting for these two…