We have compiled some of your most frequently asked questions and answers.


 

> General

> Trading

> Taking money out

> Contributions

> Transfers in

> Transfers out


General

How do I gain online access to my plan with James Hay?

Follow the ‘Register/Apply’ link on our home page. You will need to follow the registration process, which will prompt a registration code to be sent to you by post. Please allow up to 5 working days for receipt of this code.

I am locked out of my James Hay plan online, how do I get this reactivated?

On the login page, there is a link for ‘Forgot password/passcode?’ Here you can answer security questions which will assist in unlocking your account. If you are still experiencing issues, please call our Contact Centre on 03455 212 414 and we can reset this for you over the phone.

How do I change my address?

Log in to your James Hay Online account, go to the ‘Client’ tab and click on the person icon next to your name in the first column.

If you do not have online access to your plan, please send a signed and dated request by post (James Hay Partnership, Dunn’s House, St Paul’s Road, Salisbury, Wiltshire, SP2 7BF) confirming the change in writing.

To setup online access to make future changes, follow the ‘Register/Apply’ link on our home page.

Do I have an individual contact for queries at James Hay?

Whilst we do not offer an individual contact, there are several resources available to assist you with your query. Visit our SIPP information page for an overview of the key plan features.

You can also login to your James Hay Online account and send us a secure message at any time from the message tab.

Finally, our Contact Centre will be able to help you with any other queries you may have. Contact the team by calling 03455 212 414. Our opening hours are 9am to 5pm Monday to Friday.

How safe is my plan?

We are stable and secure, with 30 years experience in administering pensions, savings and investments. Visit our Understanding the risks page for more information on the risks attached to your investment choices.

How can I check my plan value?

To see the value of your product and investments using your James Hay Online account, go to the 'Portfolio' tab and click on the relevant product. You can access more detail by choosing one of the report options on the left hand side.

We will automatically send an annual (for pensions) or quarterly (for ISAs and GIAs) valuation statement of your plan. You can view historical valuations within James Hay Online.

If you require an ad hoc valuation issued to you by post, this is possible but there may be a charge, please see your product's charges schedule, which can be found on our literature page under each product.

Do I earn any bank interest on my product bank account?

The current interest rates can be found on our bank accounts page.

What charges are applied to my plan?

Charging schedules can be found on our literature page under each product.

For further information about general charges, see our What are the charges? page.

 

Trading

How do I place an Investment Centre trade?

You can trade online through your secure login. Within your James Hay Online account, select the 'Trade' tab to see the available options to buy, sell or switch investments.

What is the difference between the Select and Collect fund ranges?

The Select fund range is a list of institutional pooled pension funds that are only available to investors who have a financial adviser linked to their plan. Collect funds are a range of retail funds available to all investors and so there are a greater range of funds available.

How do I place a trade on my non Investment Centre holdings?

For any investments held outside of the Investment Centre (sometimes referred to as Whole of Market investments), you will need to obtain the relevant investment providers application form and send this to us along with the James Hay Instruction to Trade form for James Hay SIPPs. If you have any other product through us please refer to the specific product Instruction to Trade Form, which can be found on our literature page, under the relevant product dropdown.

Please note for any investments held through an Investment Manager/Stockbroker, you will need to place trades directly with your Investment Manager/Stockbroker.

Do you have a list of Investment Managers/Stockbrokers available?

View a list of Investment Managers along with guidelines of how they are appointed on our Investment Managers/Stockbrokers page.

How do I send money to and from my Investment Manager/Stockbroker account?

Please log in to your James Hay Online account and from the 'Portfolio' screen select the ‘Cash Transfer’ link located on the left hand side of the screen.

Why does the cash balance amount look different from the balance provided by my Investment Manager?

The cash balance provided by your Investment Manager indicates the amount completed however within our cash balance, we also include any transactions that are pending.

 

Taking money out

However you choose to take your benefits we encourage you to seek professional regulated financial advice and guidance to decide the best course of action to take.

How do I request a (Pension Commencement Lump Sum) payment from my plan?

You will need to complete the Benefit Payment Form for Capped or Flexi Access Drawdown and send this by post to James Hay (James Hay Partnership, Dunn’s House, St Paul’s Road, Salisbury, Wiltshire, SP2 7BF). The form can also be found on our literature page within Taking money out.

How do I request an Uncrystallised Funds Pension Lump Sum (UFPLS) payment from my plan?

You will need to complete the Benefit Payment Form for UFPLS and send this by post to James Hay (James Hay Partnership, Dunn’s House, St Paul’s Road, Salisbury, Wiltshire, SP2 7BF). The form can also be found on our literature page within Taking money out.

How do I request an income payment from my plan?

Please log in to James Hay Online and go to the 'Portfolio'’ tab. From here, click on the ‘Income Summary’ link in the left hand menu, followed by ‘Request a Change of Income’. This will take you through a 5-step process for either requesting an ad-hoc income payment or changing your regular income.

If this is the first time you have taken any money out of your plan (either as income or a pension commencement lump sum) then you will first need to complete the relevant Benefit Payment Form – please see the question above on 'How do I request a (Pension Commencement Lump Sum) payment from my plan?'

How much notice do I need to give to set up or change my income?

For changes to your existing income, view our payroll cut-off dates, we will need to have received your instruction by these dates to implement the change on the next payroll run.

How do I make sure I have sufficient money available for my income payments?

You or your financial adviser will need to regularly monitor your SIPP bank account to ensure there is sufficient money available to make your income payments and fees.

There are a number of ways to do this, which are detailed in our guide to Managing your cash online.

How will my income payments be taxed?

Income is taxed as earned income under the PAYE system. Once HMRC have supplied us with your tax code, we will deduct tax at source in line with this code.

If this is the first time you have taken income you will be charged emergency tax until HMRC advise us of your tax code. If you wish to avoid emergency tax being applied you will need to arrange with HMRC to supply your tax code in sufficient time to meet our payroll cut-off date.

However you choose to take your benefits we encourage you to seek professional regulated financial advice and guidance to decide the best course of action to take.

How can I view my existing benefits?

Log in to your James Hay Online account, go to the 'Portfolio' tab and click on the product you require. You can access Lifetime Allowance, Income Summary and Income History by choosing one of the options on the left hand side.

 

Contributions

How can I contribute to my SIPP?

You can send a payment directly to your SIPP bank account from your personal bank account. The details for the SIPP bank account can be found in James Hay Online on the 'Portfolio' screen and select 'Trustee Cash'. You can also send us a cheque attached to a Supplementary Contribution Application Form for Modular iPlan. For other products please refer to our literature page, the forms are then held in the 'Contributions' sections.

Please be aware that cheques will be subject to the normal banking timescales.

For further information please visit our Making a Contribution page.

What paperwork is required to make a contribution to the plan?

Please complete the Supplementary Contribution Application Form for Modular iPlan. For other products please refer to our literature page, the forms are then held in the 'Contributions' sections.

Can my employer contribute to my SIPP?

Yes, your employer can contribute. Employer contributions are made from your gross salary and so your pension will not receive any additional tax relief. When making an employer contribution please complete and send the Supplementary Contribution Application Form to James Hay. Payment methods are the same as contributing yourself.

Are there any age restrictions on contributing to my SIPP?

Contributions to your SIPP cannot be made once you reach age 75.

When will I receive the tax relief?

For contributions that are entitled to tax relief, we make a monthly submission to HMRC for the tax relief on all contributions made in the previous month. It normally takes between 7 - 11 weeks from when you make the contribution for the tax relief to be paid into your SIPP.

For further information please visit our Making a Contribution page.

What is the tax treatment on my contributions if I am a higher rate tax payer?

We will reclaim basic rate tax and pay this into your SIPP bank account. Higher rate tax payers can reclaim any additional tax above the basic rate through their tax return.

For further information please visit our Making a Contribution page.

 

Transfers in

How do I transfer a pension into my James Hay SIPP?

You can now make a transfer using your James Hay Online account. From the 'Portfolio' screen you can use the 'Instruct a Cash Transfer In' button to follow the process.

Alternatively, you can download and complete the relevant transfer form and send it to us by post. If your existing provider has given you any forms, please complete them and send to us (James Hay Partnership, Dunn’s House, St Paul’s Road, Salisbury, Wiltshire, SP2 7BF) along with our transfer form.

If you have any another product through us please refer to the specific product transfer form, which can be found on our literature page, under the relevant product dropdown and under Transfers.

Do I need to have a financial adviser to make a pension transfer?

You can transfer most pension schemes without receiving financial advice but we do strongly suggest that you talk to a regulated financial adviser prior to transferring a pension. If you do not have a financial adviser, you can visit unbiased.co.uk or call 0800 023 6868 to obtain a list of regulated financial advisers in your local area.

Please note: If you are transferring from an occupational defined benefit (final salary) scheme or an occupational money purchase (defined contribution) scheme with guarantees referred to as safeguarded benefits, you will need to receive financial advice. The adviser must have the relevant FCA permission to advise on a pension transfer and be giving explicit advice recommending the transfer.

Can I transfer my existing pension scheme investments?

You will likely hear the phrase 'in-specie' Where a pension or Individual Savings Account (ISA) is transferred to another scheme with the underlying investments intact. Whether or not an in-specie transfer can go ahead will depend on whether the receiving plan can support the same investments as the previous scheme. when arranging to transfer a pension. This is where the investments you hold in your current scheme can be moved from one provider to another without the need to sell them. Essentially, the name of the owner of the asset is changed from your existing scheme into the name of your SIPP with us. Most investments can be transferred in-specie but some cannot because they are restricted to specific pension schemes, so it is worth checking this with your existing scheme. In addition, our SIPP products have their own range of permitted investments and you will need to check that we are able to accept any investments you want to transfer, or purchase once the SIPP is open.

You can view the relevant permitted investments for your product on the literature page.

How long does a transfer take?

It is difficult to give a definitive answer as it varies on a case-by-case basis depending on the transferring company and the complexity of the assets held in the scheme. You can choose to transfer all or part of your pension scheme (or schemes) in cash. Cash transfers tend to be completed quicker than 'in-specie' Where a pension or Individual Savings Account (ISA) is transferred to another scheme with the underlying investments intact. Whether or not an in-specie transfer can go ahead will depend on whether the receiving plan can support the same investments as the previous scheme. cases. Which option you follow will depend on your personal circumstances. Please speak to a regulated financial adviser if you are unsure.

 

Transfers out

How long does a transfer take to complete?

We cannot provide a definitive timescale for this as we are reliant on third parties for part of the process. We are therefore unable to guarantee that any transfer to a receiving scheme will be completed by a specific deadline.

Is there a charge for transferring out?

Details of the charges payable for transferring your SIPP away from us are available in the charges schedule applicable to your SIPP. In addition, investment providers and Investment Managers may also take an administration or a policy charge to sell or transfer investments 'in-specie' Where a pension or Individual Savings Account (ISA) is transferred to another scheme with the underlying investments intact. Whether or not an in-specie transfer can go ahead will depend on whether the receiving plan can support the same investments as the previous scheme. , please contact the investment provider or Investment Manager directly for confirmation of any charges that may apply.

Further information about the charges in your plan can be found on our What are the charges? page. Individual charge schedules are held in our literature page, select the appropriate product and charges schedule the Product drop down.

Am I able to partially transfer out?

It is possible to transfer only part of your plan to a new provider if you wish to do so, however HM Revenue & Customs (HMRC) regulations do not permit a partial transfer of arrangements in income drawdown, so any arrangements that are in drawdown (sometimes referred to as being crystallised) must all be transferred in full to the same provider at the same time:

  • If your plan is not in drawdown or only in partial drawdown, you can transfer all or part of the non-drawdown amount to a new provider.
  • If you wish to transfer out funds in drawdown, you must transfer each arrangement (sometimes referred to as a tranche) as a whole arrangement.