After catching up on all the discussions so far regarding the SIPP fees, we really need confirmation on where the costs are going to be taken from. I’ve already deposited a large sum this month (maxing out based on my gross earning YTD), but i like to keep a tight ship on my linked current account. Sometimes there is nothing in there until pay day!!
If the SIPP fees are going to be taken from that account every month, we really need to know so that we can ensure enough money is in there.
Just my 2p worth regarding Employer Contributions.
Having tried using Vanguard and Nutmeg, I’ve found they both have issues.
Nutmeg’s offering is a 10-to-15-day process to set up a Direct Debit and take the 1st payment, with a 5-day wait for subsequent payments. That’s OK but it all seems a bit slow and 20th Century to me…
Vanguard is better, but I’ve had issues. They only accept Debit cards. That’s instant and much easier in some ways, however one of my companies’ Debit cards just doesn’t work for some reason. They take forever to respond, so I’m limbo and unable to make the payment.
One other thing is that neither of them offer multiple employers - I’m the director of 2 SMEs and it’s a pain to have to keep registering one company with them, wait for it to be confirmed, make a payment, remove that one and register the other company with them, wait for it to be confirmed, make a payment, over and over. Especially if I have to re-do the same DD mandate…
So I guess my main points for flexible Employer Contributions would be:
Hi,
In my original post I said that there were replies to 2 questions still outstanding - I have received a reply regarding where fees are being taken from.
This reply came around 10 days ago.
Ah thankyou @Pinch
I will leave my SIPP autoinvest switched on then and keep a check that a few quid in cash is left to cover the fees.
@DeeFunds let’s use the word deposits rather than transfers.
Have then defined differently.
Transfers when it comes to Pensions are usually terms as transferring a pension from one provider to another.
While making a deposit is direct from the individual depositing cash into their pension.
They are not transferring a pension in this scenario.
@lee - same query - about transfer / deposit
The wording is confusing - Invest Engine meant to say Deposits, not Transfers.
If anyone can help, I have an old ex employer pension with L&G…it’s not much, about £24k…
Would I be able to move this too a SIPP?
Many thanks
Very helpful, no it’s just a plain old DC with nothing attached. I will wait until IE have set up their transfers-in then move it. Thank you 
Hi, just to clarify, do IE accept pension transfers? Thanks
Hi!
Unfortunately, we currently don’t support SIPP transfers into InvestEngine. But don’t worry, we’re working on finalizing the transfer process and it will be available in the near future. We’ll make sure to keep you updated on our progress here on the Community Forum.
Ok thanks for the reply
I really dont get why this was launched without transfers. I waited until October which was late and then longer, and then contacted customer service and its still not possible.
I’m doing the transfer elsewhere now.
I agree, it’s a bit weird
Also waiting for a transfer. I assumed it would be available from the off… massive market one would presume.
Did anyone get an answer on when in the month IE requests the Tax Relief from HMRC?
i.e. Is there a cut off date in the month to make it quicker?
Hi @AEv,
Tax relief for all (net) contributions between the 6th through to 5th each calendar month sent to HMRC at the end of the month and should be paid out 22nd of the subsequent month.
i.e. If you were to pay in today 19th Feb, the tax relief would be processed with all other payments between 6th Feb – 5th March. There’s a reconciliation / checks process and they are sent to HMRC by the end of the month. HMRC would the pay out on the 22nd April. There may then a a day of so before the payment is applied to your account as there’s another checks process
This timeline is dictated to us by HMRC and our SIPP trustee partner. That said we are looking at what we can do to make this clearer on the app.
Thanks Tom.
Possibly a silly question, but I assume that in your example the HMRC relief paid 22nd April '24 would count toward the tax year 23-24 i.e. when the contribution was made?
Hi @tomj782 --yes, the HMRC relief is always linked to your contribution payment date in terms of which tax year / annual allowance. Great question though, always worth checking these things when it come to the tax man.
Is there a rough timeline for getting the ability for employers to make contributions to SIPP, can we expect it in the next couple of months?
Hi @bees9, I can only give a broad “next few months” estimate at the moment. Its being worked on but end of the tax year / ISA season can get very busy and these developments always take a little while with testing and new operational processes etc. We’ll try and keep you posted as best we can.
@aelita.cherniakova any update on when pension transfers will be introduced?