Can you transfer cash from a SIPP into the Teachers Pension Scheme to buy additional pension?

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.

Yet has this possibility ever even been contemplated?

Comments

Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 349.7K Banking & Borrowing
  • 252.6K Reduce Debt & Boost Income
  • 452.9K Spending & Discounts
  • 242.6K Work, Benefits & Business
  • 619.4K Mortgages, Homes & Bills
  • 176.3K Life & Family
  • 255.6K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 15.1K Coronavirus Support Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.