Is there a maximum transfer allowance into a SIPP?

vacheron

LHW99 said:

vacheron said:

No, The £60,000 is the maximum amount you can contribute from salary per year and still recieve tax relief. You can transfer as much as you like from an existing employer DC scheme into a SIPP.

There used to be a total Lifetime Allowance of £1,073,100 as the maximum value your pension could reach without facing an extra tax charge, but this was recently abolished.

The only exception is if your money is in an DC (Final Salary) pension, to move this you need to take independent advice if the transfer value is over £30,000.... and the answer most often is to leave it where it is.

For the benefit of anyone reading a Final Salary scheme is DB (not DC)

Yes, my bad. Corrected!

vacheron

DRS1 said:

Just going back to the OP's question why would ii be flashing up warnings about £60k max contributions when the OP is doing a transfer?

Has anyone else doing a transfer of a pension to ii seen this?

It does make me think of posts where people have got ISA transfers wrong by withdrawing from one ISA and contributing to another instead of doing a proper transfer.  Presumably that is not what the OP has done here?  But could there be something within ii which thinks he has?  If I was the OP I'd be asking ii just to be sure it was all OK.

I transferred a percentage of my old workplace DC pension to II and don't remember seeing any warnings, they may be just warnings the OP has read elsewhere?

MallyGirl

I transferred my workplace pension to II in the summer - with a value much greater than £60k - and do not remember any such warning. There is also text about £60k allowance remaining on the SIPP page which I think is new, at least I don't remember seeing it in the past 

mikrt

Thanks all, Regarding the warning I saw, I have just tried to screenshot it but am unable due to security.

If I'd read it properly, instead of panicing, I may not have worried so much.

I had 2 pension providers and I have already transferred, 2 months ago, a small amount ~£10k in the ii SIPP.

I keep checking it to update on transfer in of the transfer from SL (SL has been zero since last Monday).

Above the SIPP account value of ~£10k, it states "Remaining allowance £60,000". Maybe "warning" was too strong, and should I have said "notice"

Of course, now I can see that if £60k was the transfer limit, it would be less whatever my current value is.