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Pension contributions deadline for the 2019/20 tax year

By Katy Clark

In the news

Jan 28, 2020

Pension Contributions

Pension contributions which qualify for the 2019/20 tax year need to be in the pension trustee bank account by 5pm on Friday 3 April 2020. The funds must show as received in the scheme bank account by close of business on that date, at the latest.

Should we receive the funds after this deadline, the contribution will not qualify for this current tax year. Please note that bank transfers can take up to five working days depending on your bank. We recommend contacting your bank in advance of making the payment.

Cheque contributions should arrive at our offices by Wednesday 25 March 2020. Funds can take up to seven working days to clear, using this payment method. For more details on the cheque clearing process please contact your bank directly.

Pension Benefits

Pension benefits to be paid before the end of the 2019/20 tax year. The last payroll date in the current tax year for SIPP is 18 March 2020 and for FPT and SSAS is 1 April 2020. In order for pension to be paid in the last payroll run, we will require fully completed applications and instructions by 18 February 2020 for SIPP and 1 March 2020 for FPT and SSAS respectively.

Benefit payment requests need to be submitted prior to these dates together with any valuations as required, to allowing sufficient time for us to have completed all necessary statutory checks and calculations relating to the payment of benefits. If you require clarification for a particular pension scheme you can contact your usual administrator.

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