2 director pension contributions?

gravlax

Can a director of more than 1 company receive company director pension contributions into their SIPP from both companies (assuming the total is not more than the maximum allowance available)?

Grumpy_chap

gravlax said:

Can a director of more than 1 company receive company director pension contributions into their SIPP from both companies (assuming the total is not more than the maximum allowance available)?

What makes you think that might not be possible?
It is perfectly possible to be an employee of more than one company (within the tax year) and receive employer pension contributions from both.
It is perfectly possible to receive employer contributions and make personal contributions.

Marcon

gravlax said:

Can a director of more than 1 company receive company director pension contributions into their SIPP from both companies (assuming the total is not more than the maximum allowance available)?

Have you checked if the SIPP accepts employer contributions? Not all do.

dunstonh

gravlax said:

Can a director of more than 1 company receive company director pension contributions into their SIPP from both companies (assuming the total is not more than the maximum allowance available)?

Yes.   You can have as many companies as you like and as many company contributions.   If you are not the shareholding director, there may be lower limits on what you can contribute.   HMRC never looks at the shareholding directors of "own" company.  They do look at non-shareholding directors and apply a fair and reasonable test.

DavidT67

In theory yes, you can receive multiple, concurrent employer pension contributions.

In practice no, none of the SIPP providers I've used allowed more than one employer to be setup concurrently, presumably due to system limitations.

dunstonh

In practice no, none of the SIPP providers I've used allowed more than one employer to be setup concurrently, presumably due to system limitations.

I've not had that issue on the intermediary side.  I have several clients with multiple businesses, myself included, where contributions have come from different limited companies.   Maybe it's a DIY provider thing.    Who have you had issues with?   

DavidT67

dunstonh said:

In practice no, none of the SIPP providers I've used allowed more than one employer to be setup concurrently, presumably due to system limitations.

I've not had that issue on the intermediary side.  I have several clients with multiple businesses, myself included, where contributions have come from different limited companies.   Maybe it's a DIY provider thing.    Who have you had issues with?   

Hargreaves Lansdown and AJ Bell. Probably there's a distinction between business owners / controlling directors making adhoc contributions via cheque / debit card, and an employee receiving employer contributions via BACS transfer.  It's the later which seemed to be limited to one employer concurrently.

dunstonh

DavidT67 said:

dunstonh said:

In practice no, none of the SIPP providers I've used allowed more than one employer to be setup concurrently, presumably due to system limitations.

I've not had that issue on the intermediary side.  I have several clients with multiple businesses, myself included, where contributions have come from different limited companies.   Maybe it's a DIY provider thing.    Who have you had issues with?   

Hargreaves Lansdown and AJ Bell. Probably there's a distinction between business owners / controlling directors making adhoc contributions via cheque / debit card, and an employee receiving employer contributions via BACS transfer.  It's the later which seemed to be limited to one employer concurrently.

I am surprised that those two have limited functionality.  I was thinking smaller players when you initially said it.

The processing for an employee receiving a company contribution and a shareholding director receiving a company contribution is exactly the same.

LHW99

I don't know for sure, but II just requires a pdf form for each lump sum SIPP deposit (can be sent back by secure message). The form just asks for details of the company, if that is where a contribution comes from - there is no indication that different payments have to be by the same company as long as a new form is provided for each.

It could well be different if the payments are to be regular, but it's worth checking.