SIPP provider who allows regular BACS payments?

brendon

I work for a small employer, who is trying to make pension payments into my SIPP. My provider, Fidelity, provides options for one off payments by BACS or regular payments by direct debit. However, my employer doesn't want to setup a direct debit (partly because payroll is outsourced.)

Is there any SIPP provider that will allow a regular payment to be made by BACS? With my current provider, I have to fill out a 9 page form every month, and it is a nuisance -- sometimes the forms don't arrive, sometimes the payments bounce, etc.

dunstonh

I work for a small employer, who is trying to make pension payments into my SIPP.

This is not an auto-enrolment scheme and does not meet auto-enrolment criteria. So, you shouldnt expect auto-enrolment options. Plus, if your employer mistakenly things paying into an individual scheme qualifies, then they are wrong.

With my current provider, I have to fill out a 9 page form every month, and it is a nuisance -- sometimes the forms don't arrive, sometimes the payments bounce, etc.

This is because each payment is treated as a single contribution.

Is there any SIPP provider that will allow a regular payment to be made by BACS?

When is your employer required to offer an auto-enrolment scheme? It has to be in the next 2 years, if not already. So, it may be worth them sorting it in advance of the required date rather than do something now and then have to change it again in the next 2 years.

xylophone

http://www.thepensionsregulator.gov.uk/automatic-enrolment.aspx?campaign=087DWPemployers2014

brendon

dunstonh wrote: »

This is not an auto-enrolment scheme and does not meet auto-enrolment criteria. So, you shouldnt expect auto-enrolment options. Plus, if your employer mistakenly things paying into an individual scheme qualifies, then they are wrong.

I appreciate that, but my employer is a new company with a staging date in 2017. I don't think they are interested in providing a scheme since I am the only person claiming a pension. I don't understand what you mean by 'auto-enrolment options' since, even after they have staged, I could surely still use a SIPP by mutual agreement?

jamesd

You could use a SIPP by mutual agreement but by law they would still be required to auto-enrol you once every two years so you could opt out and continue with the agreement. Or they could use a SIPP of their own for auto-enrolment and pay into that, leaving it to you to transfer out to yours once every year or two, as you see fit.

dunstonh

I don't understand what you mean by 'auto-enrolment options' since, even after they have staged, I could surely still use a SIPP by mutual agreement?

You would be auto-enrolled into the workplace scheme every two years. You would then have to opt out. Those that opt out may find a number of pension providers no longer wish to transact with them. Some providers have it as a question on their form when you add money to their pension.

The provider paying into yours still classes you as an opt out. No shades of grey here.

MoneySavingUser

What is the issue with the direct debit? is it because they think it is a fixed amount?

Hargreaves Lansdown use direct debit and the employer uploads a file each month showing how much should be taken - it is pretty easy to do.