Contributions
Our pension arrangements can accept contributions from individuals and employers. Allowable pension contributions attract tax relief, making them a very popular option for retirement savings.
The IPS SIPP can also accept contracting-out National Insurance rebates for those who have opted to contract-out of the State Second Pension.
Unlike many pension schemes, there are no commitments to regular contributions. If circumstances or employment change, there are no penalties levied. Because the IPS SIPP is so flexible, contributions can re-start when suitable, or the fund can be transferred to another Provider without penalty.
Cash contributions can be paid by cheque, BACS or CHAPS payment or standing order. For standing order payments, please use our standing order form. This is also included in our application form. Contributions can also be made in the form of assets rather than cash. This is known as "in-specie". If an in-specie contribution is to be paid please contact us. A Capital Gains Tax liability may apply on making an in-specie contribution and separate professional advice may be necessary.
Further guidance is available in our Guideline on Pension Contributions. We would also require completion of our in-specie contribution notification and declaration.
