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Can I pay my pension from my business account?

Can I make pension contributions from my business account? Yes, a sole trader or partner can contribute into their own pension. A sole trader or partner can also make an employer contribution to any employee’s pensions.

Can my limited company pay into my SIPP?

The short answer is yes – in fact, pension contributions are among the few remaining tax breaks available to limited companies. Putting money into your pension isn’t only about saving for your retirement, but is also a tax-efficient way of using profits from your business.

What is a reasonable pension management charge?

The annual management charge on a pension can be a flat fee or a percentage of your overall pot. The average annual charge is 1.09%, according to pension adviser Profile Pensions, but this is still quite high with anything over 1% classed as expensive by the firm.

Can I create my own pension fund?

If you want to start saving in a pension or save more than your current scheme allows, you can save into a personal pension.

Can you pay into pension if not working?

Even if you’re not in paid employment you can pay into a personal pension and still get tax relief. You can even save into a pension scheme for your children or grandchildren. Personal pensions can also be used alongside a workplace pension.

Should my company pay into my pension?

What your employer must do. Your employer must automatically enrol you into a pension scheme and make contributions to your pension if you’re eligible for automatic enrolment. If your employer does not have to enrol you by law, you can still join their pension scheme if you want to. Your employer cannot refuse.

Can my limited company pay into my private pension?

Making employer pension contributions directly from your limited company. Your limited company can contribute pre-taxed company income to your pension. This means that in total, your company can save up to 38.8% by paying money directly into your pension rather than paying money in the form of a salary.

How do I get my employer to pay into my SIPP?

Your employer can pay into your SIPP by cheque, Direct Debit or BACS. Each time your employer makes a single contribution to your SIPP, you’ll need to send us a completed SIPP additional contribution form. If you want your employer to make a payment by BACS, please send us a secure message asking for our bank details.

Is PensionBee a good idea?

If you want to purchase an annuity or transfer your pension pot to another pension provider in order to access full drawdown then you are free to do so. So PensionBee is still best suited to those still growing their pension pot rather than those wanting to take an income from it.

Why are pension charges so high?

High charges are more often found in older pension schemes. So rounding up your old plans and transferring them to a more modern pension with lower fees could save you a lot of money. It’s not just about the savings – you may benefit from higher investment returns in your pot.

Do I need a financial advisor to manage my pension?

There is no legal requirement to seek financial advice when making withdrawals from your pension but it is often wise to do so.

Can I manage pension myself?

Yes, in most cases you can move the funds in your workplace pension into a SIPP and manage them yourself. A SIPP can be much more flexible than most workplace pension schemes, with more investment choice as well as a range of investment funds for every level of expertise.