In preparation for the end of the current tax year, we have provided a list of the key deadlines you need to be aware of to help you get the most from this year’s tax allowances.
Income instructions by Monday 18 March (by 5pm)
Applicable to Modular iSIPP, iSIPP, Private Client SIPP and Wrap SIPP holders only.
This is the deadline to make any amendments to your SIPP (if you currently take an income from it) in time for the 1 April payroll.
If amendments are received after this date, then they will not be processed until the new tax year.
Income instructions by Tuesday 19 March (by 5pm)
Applicable to IPS SIPP, IPS (2008) SIPP, IPS Family SIPP, IPS Pension Builder SIPP and SSAS holders only.
This is the deadline for any income instructions for the current tax year.
Benefit payment forms need to be received along with all relevant documentation (including an up to date valuation) to enable benefits to be set up in the current tax year.
Please note: If further information is required or for any risk warnings, we are dependent on the response time and cannot guarantee a date of payment.
SIPP contributions by Friday 5 April (by 5pm)
This is the deadline for SIPP contributions by bank transfer/cheque. Contributions must be sent by this deadline to our address along with the completed Supplementary Contribution Form.
SSAS contributions should be accompanied by a covering letter.
Online applications for single contributions to be paid in the current tax year need to be digitally signed and returned electronically to us.
If a contribution is to be made in the current tax year to an existing SIPP held with us, please ensure that we receive the contribution payment by 5pm on Friday 5 April, accompanied by a completed Supplementary Contribution Form (links below).
SSAS contributions should be accompanied by a covering letter detailing the recipient member(s).
Any new Direct Debit requests for regular contributions must be with us by Tuesday 5 March if the first collection is required in the current tax year.
Online applications for new business with single contributions to be paid in the current tax year need to be digitally signed and returned electronically to us by 5pm on Friday 29 March, followed by the cheque which needs to be received by 5pm on Friday 5 April.
Wrap applications for new business with cheques must also be received in our offices by 5pm on Friday 29 March. Any application requiring a Direct Debit set up must be with us by 5pm on Tuesday 5 March (SIPP only).
For SSAS takeover cases, due to the length of time it takes to complete the transfer, you should make any contributions required before the tax year end to the current scheme administrators. For new SSAS cases it is unlikely that any schemes will be registered and in a position to receive contributions before the end of the tax year due to HMRC timescales.
If you have an appointed adviser, then to enable benefits to be set up in the current tax year, Benefit Payment Forms (available on our literature page) need to be received in our offices by 5pm on Tuesday 26 March along with all the relevant supporting documentation (including an up to date valuation). If you are unsure about what supporting documentation is required, please call our Contact Centre on 03455 212 414.
If you do not have an appointed adviser on your plan, then you will need to complete a Benefit Payment Form by 5pm Tuesday 12 March to allow time for risk warnings to be issued. Please note there may be additional requirements for SSAS payments which could mean that payments may not be made in the current tax year. Therefore we recommend that you contact the SSAS Team to discuss any concerns you may have regarding the deadline date and their requirements. The SSAS Team can be contacted on 03333 205 392.
Additionally, if any disinvestments are required to fund benefits please ensure these are requested early enough to allow for third party processing times. Any realised funds must have settled in your bank account by 5pm on Tuesday 26 March to guarantee payment of benefits in the current tax year.
Please note that in order to take new pension income for existing benefits or amend an existing instruction within the current tax year we must be in receipt of the instruction through James Hay Online by 5pm on Monday 18 March. Any instructions received after this date will not be processed until the new tax year. This page shows the cut-off dates for notifying us of income changes. All income payments are set up to reach your designated bank account on the 1st of any month.
Please note the cut-off date for IPS SIPP, IPS (2008) SIPP, IPS Family SIPP Pension Builder SIPP and SSAS written instructions is 5pm on Tuesday 19 March.
Any income payments are reliant on sufficient money being available. Therefore please monitor the relevant scheme’s bank account and/or disinvestment preference to ensure there is sufficient money to pay all future income payments and any fees due.
Where online access is available you can check the balance in the scheme bank account by accessing James Hay Online or by calling our Contact Centre on 03455 212 414.
If an investment is made via our Wrap or Modular iPlan and an ISA subscription is to be made for the current tax year, please remember that we must be in receipt of both the money and a valid ISA application form by 5pm on Friday 5 April. If you are uncertain as to whether we hold an existing ISA application for the current tax year, it is safest to include a new ISA Application Form to avoid the possibility of a subscription being rejected.
In order to sell investments held in a Wrap Investment Portfolio or Modular GIA to fund an ISA subscription, you must ensure that cleared money is available within the Investment Portfolio or Modular GIA in good time; with an instruction to transfer money to the ISA and that a valid ISA application is held.
To ensure all ISA subscriptions and SIPP contributions are promptly processed, it would be helpful to send the documentation and money as soon as possible.
All ISA and SIPP forms can be found in the literature section of this website, but if you would like further help with tax year end requirements, please call our Contact Centre on 03455 212 414.
If money is to be transferred from other pension schemes before taking benefits in the current tax year, please contact us as soon as possible with the relevant scheme details (see the Transfer Form which can also be found in the literature section of the website). We are reliant on the transferring scheme to release the money and provide us with the required paperwork. Additionally we require a completed Drawdown to Drawdown Transfer Form so we can continue to pay income. All requirements must be with us by 5pm on Tuesday 12 March if income is required in the 2018/2019 tax year.
Where a plan is in capped drawdown and the pension plan year ends during April, if the income due was not paid in the 2018/2019 tax year, the payment can only be made on the first available payroll in the 2019/2020 tax year if it does not exceed the maximum allowable in the new plan year.
To ensure we treat our customers fairly, the Property Department works on a strict order of receipt basis and is therefore unable to treat one case as more urgent than another. Whilst we always seek to provide excellent customer service, we cannot guarantee any particular completion date as we are reliant on third parties.
Remember that a SIPP Commercial Property purchase takes an average of 8-12 weeks from the time solicitors are instructed by us, not the date you send us the property questionnaire, this timescale is likely to be longer if a non-panel solicitor is instructed.
If you have any queries regarding the deadlines or requirements listed, please call our Contact Centre on 03455 212 414.
For IPS Pension Builder, please call 03333 205 862 or for a SSAS, please call 03333 205 392.