HL pension tax relief landed in my sipp - what do I do now?

foreversummer

Hi

Can anyone who uses HL for their SIPP let me know on the following. I've searched through their help section without success.

My first lot of tax relief has landed in my Cash account. To invest this tax relief into my chosen fund, do I have to manually do this each month? Is there a way of setting things up so this happens automatically?

At the moment it is showing up in my cash account although on the main page under the heading amount available to invest it isn't.

Confused:(

MichelleUK

foreversummer wrote: »

Hi

Can anyone who uses HL for their SIPP let me know on the following. I've searched through their help section without success.

My first lot of tax relief has landed in my Cash account. To invest this tax relief into my chosen fund, do I have to manually do this each month? Is there a way of setting things up so this happens automatically?

At the moment it is showing up in my cash account although on the main page under the heading amount available to invest it isn't.

Confused:(

When you originally placed the money into your SIPP did you leave it on the account or place it in a fund at the same time?

When I use HL, if I transfer in some cash and immediately invest it in funds, the subsequent tax relief gets automatically invested into the same fund.

If I just add cash to the SIPP and invest it later, the subsequent tax relief is just added to the cash amount, ready for me invest later.

Oddly, when HL automatically invest the tax relief, they do not show the order as pending, like a normal purchase would. To find out if they will be investing, click on CASH, then CAPITAL ACCOUNT and it will show you if the relief is "pending purchase instructions". If it is, HL are investing it for you, if not, it us up to you to invest it.

foreversummer

MichelleUK wrote: »

When you originally placed the money into your SIPP did you leave it on the account or place it in a fund at the same time?

When I use HL, if I transfer in some cash and immediately invest it in funds, the subsequent tax relief gets automatically invested into the same fund.

If I just add cash to the SIPP and invest it later, the subsequent tax relief is just added to the cash amount, ready for me invest later.

Oddly, when HL automatically invest the tax relief, they do not show the order as pending, like a normal purchase would. To find out if they will be investing, click on CASH, then CAPITAL ACCOUNT and it will show you if the relief is "pending purchase instructions". If it is, HL are investing it for you, if not, it us up to you to invest it.

OK thank you for this, that makes sense I think. Yes it does say 'pending purchase instructions' which confused me a bit more because I assumed they were awaiting instructions from me as there is nothing showing in 'pending'. This tax relief is for the money I originally opened my SIPP with in November and when I opened my SIPP I immediately invested into one fund. So this is presumably where they will put it eventually. Do you know how long this procedure takes?

Foreversummer

MichelleUK

foreversummer wrote: »

OK thank you for this, that makes sense I think. Yes it does say 'pending purchase instructions' which confused me a bit more because I assumed they were awaiting instructions from me as there is nothing showing in 'pending'. This tax relief is for the money I originally opened my SIPP with in November and when I opened my SIPP I immediately invested into one fund. So this is presumably where they will put it eventually. Do you know how long this procedure takes?

Foreversummer

It is usually very quick. Keep an eye on your 'transaction history' over the next couple of days and the purchase should appear, along with a link to your contract note.

foreversummer

MichelleUK wrote: »

It is usually very quick. Keep an eye on your 'transaction history' over the next couple of days and the purchase should appear, along with a link to your contract note.

Thanks MichelleUK. :beer: