Setting Up Your Private Pension/SIPP Scheme Pension Payments
How to Get Started
To set up your Private Pension/SIPP Scheme pension payments through SmartWork, follow these simple steps:
To begin, please complete the SmartWork Private Pension/SIPP Scheme form, which can be accessed through this link.
Before filling out the form, we recommend familiarising yourself with the information available on our Knowledge Base. This will help you understand the process and clarify any questions you may have regarding SmartWork’s handling of pension contributions.
If you would like to receive a pay projection that includes your new pension amount before making a decision, please reach out to our team at sales@smartwork.com.
Once you have submitted the form, our team will carefully review it to ensure that all necessary details are provided. We will then send you a confirmation email confirming the setup of your pension payments from the specified date.
If you are utilising an Independent Financial Advisor (IFA) as an intermediary, please inform us accordingly.
Important Information
Please ensure that the form is completed with as much detail as possible. If there are any uncertainties, we kindly request that you hold off on submitting the form until you have obtained the necessary information. To initiate onward payments to a SIPP, please complete the form provided here.
To set up the SIPP, please notify SmartWork of the amount you wish us to allocate on the form. If agreed, the contribution amount will be fixed for your current assignment. An administration fee of £25 will be applied if the contribution levels are changed mid-assignment.
Please note that you cannot allocate 100% of the Contract/Assignment Income to a private pension, and that as a minimum, you have received minimum wage plus holiday pay for the time you have worked.
You can select a Fixed Percentage or Fixed Amount per week or month, depending on your billing cycle. For Example:
Fixed Percentage: If the Contract Income/Invoice Value for a week’s work is £1,000, and you select a 10% Fixed Percentage, £100 will be allocated to your pension as a Gross Employer Contribution.
Fixed Amount: If you select a Fixed Amount of £250, that amount will be allocated to your pension as a Gross Employer Contribution.
SmartWork will transfer your contribution to the chosen pension provider by BACS payment around the 10th of each month. Please note that SmartWork will not set up Direct Debits or Standing Orders with the providers. The cost/fee of operating the scheme is £25 per month, or £5 per week, which will be reflected on your payslip.
Please note that the annual allowance limit for the current tax year is £60,000. This limit includes all your contributions, tax relief, and employer contributions across all your pension arrangements. If you exceed this limit, a tax charge, known as the annual allowance charge, will be incurred.
Please note that SmartWork is unable to monitor your allowance on your behalf. It is important that you check with your pension advisor or financial planner before you decide on the level of contribution. We are not regulated by the FCA and, as such, are unable to offer any financial or retirement planning advice.
We work with the following SIPP providers:
Aegon
AJ BELL
Aviva
Close Brothers
Fidelity
Fundamental
Hargreaves Lansdown
Interactive Investor
Novia Financial
Pension Bee
Royal London
Scottish Widows
St James Place
Standard Life
Sippdeal Trustees Ltd
ii SIPP Through SmartWork
We’ve teamed up with Interactive Investor to offer our contractors the option to set up an SIPP in just a few easy steps. You can contact your business manager to guide you through the process or click on this dedicated link to start: https://www.ii.co.uk/ii-partners/smartwork-umbrella
Interactive Investor is a flat-fee SIPP provider and the second-largest investment platform in the UK by assets under administration. With the ii SIPP, you will pay a simple, flat fee. Most other pension providers charge percentage fees that grow with your pension. You can also use the ii SIPP to bring together other pensions so you can manage everything in one place via their website or user-friendly app.
If you have any questions, you can also reach out directly to the ii welcome team via email or phone, who will happily assist you: Email: welcometeam@ii.co.uk, Phone: 0345 646 2390
Additional Information
Further information can be found at https://www.gov.uk/tax-on-your-private-pension/annual-allowance, or alternatively, be sure to seek independent advice from a financial advisor should you need it.