Somebody did it with Aviva in this thread
What’s the cost of doing this semi regularly?
Is there a timeline for employer contributions for SIPPs?
What is the point of paying for a SIPP account if you can’t continue to contribute.
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I’m looking to open a SIPP with FT, but my employers makes the bulk of my contributions. There is little point in my opening the SIPP until my employer can contribute too.
Any idea on the timeline for this?
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You should check whether your employer is willing to directly put money into a SIPP. There are administrative reasons why it may not do this and there are no legal compulsions for it to do so. Typically people move contributions from a company scheme to a SIPP either on an interval basis or at the completion of employment.
You will not lose anything if you have a SIPP in addition to your company pension scheme. If you feel that you can run your pension better than some other entity can: you will benefit from putting in additional/unmatched contributions into a SIPP and you will get the appropriate tax rebate.
Of course, in the case that we are talking about a company you created … you will be looking for a means to make company contributions … in that case open up a SIPP elsewhere and transfer to Freetrade when Freetrade offers something that meets your needs.
I already have a SIPP which my employer pays into and was about to transfer and switch the contributions to Freetrade. Until they can accept my employer contributions there is little point in switch to Freetrade.
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Ok. Many employers don‘t and won’t pay into a SIPP anyway. Great that your employer does.
As several messages above indicate there still is a great value for some people to have a SIPP.
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Disappointing that this feature isn’t available yet.
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+1
Can’t believe this is still an issue given the age of the thread. Just wrongfully assumed and opened a SIPP only to find that I’m not able to do this. Makes the product useless for me, unfortunately will have to look elsewhere for now.
Still waiting for this too. Money is going to HL because of it.
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My money is also currently being diverted elsewhere. Frustrating
Are this employer contributions subject to NI tax from employer? I know that income tax is not paid on this money, but what about NI?
Also, what’s the difference between employer contributions and salary sacrifice, can somebody explain please?
Employer contribution are excluded both from the Class 1 which you normally pay and Class1a the bit the employer pays which you never see.
Employer contribution include salary sacrifice but not all employer contributions are salary sacrifice. If you pay 5% and your employer pays 3%. It is the 3% which is employer. However, if you reduce your salary by 5% and your employer increase their pension contribution, the full 8% is now employer contribution but only 5% is salary sacrificed.
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Clearly we aren’t Freetrade’s market. I’m giving up, all the best everyone
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Still nothing from FT about this? Will probably just go to HL instead at this point, seems a major blunder not to support this.
Voted, but it’s no biggie for me as I can periodically transfer in from my workplace pension easily enough. A workaround for some people would be to open a Sipp with say HL which allows employer contributions then do partial transfers. I did this to fund my Vanguard Sipp for a few years.
What is your pension provider with partial transfers? I’ve heard Aviva supports them, is there anybody else?
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I do a partial transfer from my workplace pension plan with fidelity every month.
They’ve been getting quicker at facilitating this each month - last months only took 5 days!
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Anyone know how easy Scottish Windows make it? Can’t find anything in their website - hardly a surprise
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HL also supports partial transfers.
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