Fidelity & Junior SIPPs

B0bbyEwing

Hopefully at least one of you reading this is in this situation and can provide the answer. If not then I'll just sit tight until some point next week when Fidelity will get round to answering a secure message.

So you have a Fidelity account yourself. You open a Junior SIPP for your child within your account. You contribute towards said SIPP. All is well.

You have family members who would like to contribute towards it also though. 

Now aside from making the payment from your debit card & then having the family member send that amount to you instead, is there a way they can contribute directly & if so how does it work?

cloud_dog

If you go in to the SIPP and click on 'Add Cash', you get options on the next page, one of which is 'Bank Transfer'.  If you complete all the mandatory details when you get to the next page there will be a document which provides all the bank relevant details to set up a bank transfer in to the account.

What I am unsure of, and what is the crux of your post, is whether 3rd parties can set up bank transfers in to the SIPP.   So I apologise for possible telling you stuff you already know and not actually answering your question.

The one thing I did notice, is that if you do exactly the same thing from within the 'Cash Management Account', when you get to the 'Bank Transfer' selection there is some additional text stating that they do not accept transfers from 3rd parties...

• Only account holders or joint holders can make a payment by bank transfer, we don’t currently accept third party transfers.

B0bbyEwing

cloud_dog said:

If you go in to the SIPP and click on 'Add Cash', you get options on the next page, one of which is 'Bank Transfer'.  If you complete all the mandatory details when you get to the next page there will be a document which provides all the bank relevant details to set up a bank transfer in to the account.

What I am unsure of, and what is the crux of your post, is whether 3rd parties can set up bank transfers in to the SIPP.   So I apologise for possible telling you stuff you already know and not actually answering your question.

The one thing I did notice, is that if you do exactly the same thing from within the 'Cash Management Account', when you get to the 'Bank Transfer' selection there is some additional text stating that they do not accept transfers from 3rd parties...

• Only account holders or joint holders can make a payment by bank transfer, we don’t currently accept third party transfers.

Thank you, that answers the question so don't worry about it.

So only thing to do in this case is something like hand over (bank transfer) the cash to the mother & let her pay it in.

Or invest in ones own name but then go through the faff of handing it over when child is of a 'ready'-age*
* I specifically avoided saying 18, although with the SIPP I appreciate it'll be 18.

cloud_dog

B0bbyEwing said:

cloud_dog said:

If you go in to the SIPP and click on 'Add Cash', you get options on the next page, one of which is 'Bank Transfer'.  If you complete all the mandatory details when you get to the next page there will be a document which provides all the bank relevant details to set up a bank transfer in to the account.

What I am unsure of, and what is the crux of your post, is whether 3rd parties can set up bank transfers in to the SIPP.   So I apologise for possible telling you stuff you already know and not actually answering your question.

The one thing I did notice, is that if you do exactly the same thing from within the 'Cash Management Account', when you get to the 'Bank Transfer' selection there is some additional text stating that they do not accept transfers from 3rd parties...

• Only account holders or joint holders can make a payment by bank transfer, we don’t currently accept third party transfers.

Thank you, that answers the question so don't worry about it.

So only thing to do in this case is something like hand over (bank transfer) the cash to the mother & let her pay it in.

Or invest in ones own name but then go through the faff of handing it over when child is of a 'ready'-age*
* I specifically avoided saying 18, although with the SIPP I appreciate it'll be 18.

Probably.  Whichever is the least problematic for everyone.

Just as an aside, we started a SIPP with Fidelity for ours when they were still a child (16 ish), just to contribute the minimum and ensure there was something, etc, and so the payment came from our account.  Ours has now taken responsibility for it, but we are still paying in to the SIPP (minimum amount again) by direct debit, so I do not know how this fits in with the whole 'third party' bit TBH.

B0bbyEwing

cloud_dog said:

B0bbyEwing said:

cloud_dog said:

If you go in to the SIPP and click on 'Add Cash', you get options on the next page, one of which is 'Bank Transfer'.  If you complete all the mandatory details when you get to the next page there will be a document which provides all the bank relevant details to set up a bank transfer in to the account.

What I am unsure of, and what is the crux of your post, is whether 3rd parties can set up bank transfers in to the SIPP.   So I apologise for possible telling you stuff you already know and not actually answering your question.

The one thing I did notice, is that if you do exactly the same thing from within the 'Cash Management Account', when you get to the 'Bank Transfer' selection there is some additional text stating that they do not accept transfers from 3rd parties...

• Only account holders or joint holders can make a payment by bank transfer, we don’t currently accept third party transfers.

Thank you, that answers the question so don't worry about it.

So only thing to do in this case is something like hand over (bank transfer) the cash to the mother & let her pay it in.

Or invest in ones own name but then go through the faff of handing it over when child is of a 'ready'-age*
* I specifically avoided saying 18, although with the SIPP I appreciate it'll be 18.

Probably.  Whichever is the least problematic for everyone.

Just as an aside, we started a SIPP with Fidelity for ours when they were still a child (16 ish), just to contribute the minimum and ensure there was something, etc, and so the payment came from our account.  Ours has now taken responsibility for it, but we are still paying in to the SIPP (minimum amount again) by direct debit, so I do not know how this fits in with the whole 'third party' bit TBH.

Hmm that's a strange one because from what you say, surely you shouldn't be allowed to do what you do but clearly you're doing it.