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.

Monday 19 March (by 5pm)

Applicable to Modular iSIPP, iSIPP, eSIPP, Private Client SIPP, Wrap SIPP and Select 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.

Tuesday 20 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.

Online applications for single contributions to be paid in the current tax year need to be digitally signed and returned electronically to us.

Paper applications with contribution cheques need to be posted by the above deadline to James Hay Partnership, Dunn’s House, St Paul’s Road, Salisbury, Wiltshire, SP2 7BF.

Please note: If further information is required or for any risk warnings, we are dependant on the response time and cannot guarantee a date of payment.

Thursday 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.

 

SIPP & SSAS Contributions

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 Thursday 5 April, accompanied by a completed Supplementary Contribution Form (links below). If a SIPP is not already held with us, a completed SIPP Application Form will need to be sent with the payment.

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 Thursday 8 March if the first collection is required in the current tax year.

 

literatureModular iSIPP, Wrap SIPP, Private Client SIPP, Select SIPP and iSIPP


literaturePartnership SIPP


literatureIPS SIPP, IPS Family SIPP, IPS (2008) SIPP and IPS Pension Builder

New business

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 Tuesday 27 March, followed by the cheque which needs to be received by 5pm on Thursday 5 April. WRAP applications for new business with cheques must also be received in our offices by 5pm on Tuesday 27 March. Any application requiring a Direct Debit set up must be with us by 5pm on Thursday 8 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.

New benefit payments

To enable benefits to be set up in the current tax year, Benefit Payment Forms for Advised Cases need to be received in our offices by 5pm on Tuesday 27 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 are non-advised then you need to complete a Benefit Payment Form by 5pm Tuesday 20th 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 details can be found in the ‘Contact us’ section below.

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 27 March to guarantee payment of benefits in the current tax year.

Income

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 5pmon Monday 19 March. Any instructions received after this date will not be processed until the new tax year. This Link 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 20 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 our secure website or by calling our Contact Centre on 03455 212 414.

Wrap and Modular ISAs

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 Thursday 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.

Drawdown Transfers In

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 Friday 16 March if income is required in the 2017/2018 tax year.

If in capped drawdown and the pension plan year ends during April, if the income due was not paid in the 2017/2018 tax year, the payment can only be made on the first available payroll in the 2018/2019 tax year if it does not exceed the maximum allowable in the new plan year.

Property

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.

If you use our panel solicitors who are familiar with our requirements, this will result in smoother administration and a faster turnaround time.

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.

Contact us

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.