The Lemon Fool

Hi

I know I've left it very late!

I need to make an employer contribution from my Ltd company to my YTI SIPP this tax year.

I was sure I had done this in the past by bank transfer but can find no way to do it on the YI website. It says cheque for one offs (I thought I didn't have a cheque book but have dug around and found one, with no cheques taken out of it so I didn't pay by cheque last time) or Direct Debit for ongoing which this is not. A cheque will not get there and be cashed and assigned in time now I don't think.

I'm not sure they will set up a DD in time either as I have to post them a form. Though I expect I could do this then cancel it? I'm not sure they will accept the DD form by soft copy (scanned etc).

But has anyone successfully made a payment from a business account to their SIPP directly in the past? I'm sure I did a transfer and then just emailed them to say it was an employer contribution.

Any suggestions?

Thanks

Mel

Can't you use a debit card? It's how I've always made my Youinvest contributions. Admittedly not employer ones.

It gets credited instantly so could be used up to midnight on 5th April.

Scott.

The business account doesn't have a debit card unfortunately.

And it's not one of the options they give for employer contributions anyway.

I'd just send the money if I knew an account number to send it to, as it was a few years ago I did it, the payment has vanished from the online banking on the company account, or I'd just send it via that.

Mel

It's definitely possible, I've asked them before why they don't make the details available and can't remember their answer but whatever it was it didn't really convince me why they aren't able to do this.

If you call or email them I am sure they will give you the bank details. I believe the reference on the transfer has to be the employee name and SIPP reference but they should confirm that. There is a form for the employee to complete for an additional single contribution, that is available on their site, the last few times we have completed this on the pdf file and emailed it to A J Bell, I think this just allows them to confirm the contribution source and destination.

I did make a personal SIPP contribution by debit card yesterday and I'm sure there was an option to say that this was an employer contribution so this may be an option for some, not for you though without a debit card!

Thank you - I did email them, they said the only way was by cheque.

I will ask them again as I know I did it by transfer before and if you have been able to do it too.....

I have the form.

I've just gone through their "make a payment" and the only option that comes up when you say it is an employer cont is 'cheque'.

I am on the new beta site so maybe that is why?

Mel

Just reread their email, it says this:

Please be advised, employer contributions can be paid by cheque, direct debit or BACS. For a single contribution please make sure the
payment is accompanied by a SIPP additional contribution form. This can be found under the 'Useful Forms' section of our website.

For more information on employer contributions, please see the link below:

https://www.youinvest.co.uk/pensions-an ... tributions


But that link does not mention BACs or how to do it!

Mel

To make a payment via BACs please contact us via secure message for our bank details. from https://www.youinvest.co.uk/faq/can-my- ... te-my-sipp

PinkDalek wrote:To make a payment via BACs please contact us via secure message for our bank details. from https://www.youinvest.co.uk/faq/can-my- ... te-my-sipp

Thank you!

I am 99% sure that is what I asked them in my first email when they sent the reply above, but I've definitely asked them in today's email.

How annoying that they bury it away so much!

Hopefully I can sort it all out tomorrow.



Mel

I have the BACS details and did a bank transfer recently. I made the payment and emailed them a scan of the form the same day and the payment was credited next working day.

Regards, Puffster

puffster wrote:I have the BACS details and did a bank transfer recently. I made the payment and emailed them a scan of the form the same day and the payment was credited next working day.

I'd imagine the OP may even make the payment via Faster Payments (if available to her and within her bank's business limits) but I doubt the contribution will be credited any faster.

melonfool wrote:Hopefully I can sort it all out tomorrow.

Success?

They've not replied to my message!



Mel

Right, email received at last - I'll make the payment tomorrow.

Mel

Glad to hear you sorted it out!

I wish I knew why this option is so difficult to use, it seems to me it should be easy for everyone and YouInvest should provide the details on their website.