Tax year end 2023/24

In readiness for the 2023/24 tax year end, if any of your clients are intending to make any pension contributions or receive any benefit payments prior to the end of the current tax year, below are our cut-off dates for receipt of cleared funds and supporting documentation.

Please note, if these requirements are not met, we cannot guarantee that the transaction you wish to make will fall into the current tax year.

Contributions

Pension contributions which qualify for the 2023/24 tax year need to be cleared in the pension trustee bank account by 5pm on Wednesday 3rd April 2024 at the latest.
If you haven’t yet established an Option SIPP or a Full SIPP for a client that wants to make a contribution in the current tax year, it is possible to establish the SIPP as late as Thursday 14 March 2024 and still make the contribution by Wednesday 3rd April.
In addition, the supporting pension contribution form must also be received by us by 5pm on Wednesday 3rd April 2024 at the latest. This form is available in the literature section of our website for our Option SIPP and Full SIPP, or on the appropriate product page for a closed product, and can be sent to us via email or by post. The relevant contact details are here.

 

Bank transfers

Please note that bank transfers can take up to five working days depending on your client’s bank. We recommend therefore contacting their bank in advance if you wish to contribute by bank transfer.

 

Cheques

Cheque contributions can take up to seven working days to clear and therefore should arrive at our Leicester office no later than Monday 25th March 2024 to allow sufficient time. For more details on the cheque clearing process please contact your client’s bank for details.

If we receive either the funds or the supporting form after the respective cut-off date, the contribution may not qualify for the current tax year.

Note: if your client has a Hornbuckle SIPP there is a fee of £150 + VAT for processing cheques.

 

Pension benefits

In order to pay pension benefits in the current tax year, fully completed applications and instructions must be received by us no later than Thursday 14th March 2024. Funds must also be available in the scheme bank account by Tuesday 19th March 2024 for us to make the payment.
Benefit payment requests need to be submitted prior to these dates, together with any valuations as required, to allow sufficient time for us to complete all necessary statutory checks and calculations relating to the payment. If you require clarification for a particular pension scheme, please contact us using the details below.

If we receive cleared funds or the supporting documentation after the respective cut-off date, we may not be able to make the payment in the current tax year.