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Can you transfer cash from a SIPP into the Teachers Pension Scheme to buy additional pension?
SouthLondonUser
Posts: 1,445 Forumite
With the Teachers Pension Scheme, you can buy additional pension with a faster accrual or by paying a certain amount of money to buy additional pension, e.g. you pay £ 10,000 to get £ 1,000 more worth of pension.
If you have a SIPP, can you transfer the money from the SIPP to the TPS? Eg you want to buy that additional £1,000 worth of pension but, instead of paying £ 10,000 cash, you want to transfer £ 10,000 from your SIPP to the TPS.
Is this even possible? From the TPS perspective, cash is cash, they shouldn't care, right?
And from HMRC's perspective, I'm not asking for any additional tax relief.
And from HMRC's perspective, I'm not asking for any additional tax relief.
Yet has this possibility ever even been contemplated?
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Comments
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When did you join the TPS?0
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It's not even me, but a relative who asked for my help. She joined the TPS about 7 years ago and is still a member.
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It's a no for your relative as transfers in have to be done within a year of joining TPS.
https://www.google.com/url?sa=t&source=web&rct=j&url=https://www.teacherspensions.co.uk/contents/utilities/pdf.ashx?u=https%3A%2F%2Fwww.teacherspensions.co.uk%3A443%2Fmembers%2Ffaqs%2Fworking-life%2Ftransfers.aspx&h=9F58107C246F6BDC2DD6247743E9CD5C2BB62351B413816699C7D49F2E309E6C#:~:text=Answer%3A,the%20Transfer%20In%20form%20online.&ved=2ahUKEwil67eq1PD-AhVhmVwKHcEADk0QFnoECBUQBg&usg=AOvVaw3odxmyDHNcvvW2s8-34mj50 -
Sorry, I should have been clearer. We know there is a time limit for transfer ins.I was asking something slightly different:she wants to buy additional pension into the TPS - this is allowedThe question is: can she pay for this by moving part of her SIPP? Basically the TPS would get the cash not from her bank account, but from her SIPP.Is this even an option?0
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