Pension contributions which qualify for the 2020/21 tax year need to be in the pension trustee bank account by 5pm on Thursday 1 April 2021. 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 Tuesday 23 March 2021. 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 to be paid before the end of the 2020/21 tax year. The last payroll date in the current tax year for SIPP is 18 March 2021 and for FPT is 1 April 2021. In order for pension benefits to be paid in the last payroll run, we will require fully completed applications and instructions by 18 February 2021 for SIPP and 1 March 2021 for FPT.
Benefit payment requests need to be submitted prior to these dates together with any valuations as required, to allow sufficient time for us to have completed all necessary statutory checks and calculations relating to the payment of pension benefits. If you require clarification for a particular pension scheme you can contact your usual administrator.