Personal pension provider disallowing lump sum payment/increase in montly payments into pension

L

Lookingforadvic

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Hi, just discovered after contacting our Personal pension provider, that they will not allow us to make a lump sum payment into our pension. We need to deposit a few grand into our pension before 12th November in order to avoid paying the same amount to Revenue. Can our pension provider just decide that. They said we also cannot increase our monthly payments moving forward either. Seems to go against the whole pension plan ethos of saving for retirement.


Two questions.

1. Do we have to take out another personal pension now in order to meet the 12th November deadline to take advantage of the pension relief on tax??? ( Hubby is self employed).

2. Anybody suggest a quick personal pension provider that can facilitate us for our 12th November deadline?

2. After we sort the 12th Nov deadline, can we move our pension pot away from our current personal pension provider who won't allow us to increase our monthly payments either?

Thanks in advance
 
What was the reason they gave for saying that?

Most providers have a minimum for single premium contributions but it normally gets applied if you send it in.

Are you on an old contract where you have initial units?

Kevin
www.thepensionstore.ie
 
kevhenry said:
What was the reason they gave for saying that?

Most providers have a minimum for single premium contributions but it normally gets applied if you send it in.

Are you on an old contract where you have initial units?

Kevin
www.thepensionstore.ie
Click to expand...
Thanks Kevin, one with standard life (he took out 30 years ago in 1990) and the other with Ark Life Pensions (taken out in 2002).. When we asked why we could not increase or make lump sum payment, they just advised that the plans changed and it was not permitted any more. No other explanation given.....very unfair really.
 
Yes, not exactly a user friendly policy.

Was he able to apply lump sums last year?

As in, has this 'change' taken place within the last 12 months or is it going back a while?

You would be tight on time but it's still possible to do it. However, you would only know if it's worthwhile moving your funds after Nov 12th by making a comparison between the current fund value and the transfer value because they're unlikely to be the same if it's an older contract.

They would be able to tell you if you ask the question.

Kevin
www.thepensionstore.ie
 
kevhenry said:
Yes, not exactly a user friendly policy.

Was he able to apply lump sums last year?

As in, has this 'change' taken place within the last 12 months or is it going back a while?

You would be tight on time but it's still possible to do it. However, you would only know if it's worthwhile moving your funds after Nov 12th by making a comparison between the current fund value and the transfer value because they're unlikely to be the same if it's an older contract.

They would be able to tell you if you ask the question.

Kevin
www.thepensionstore.ie
Click to expand...
Kevin it was a few years since he made previous lump sum payments....I tried Irish life about 3 days ago to help us to set up new personal pension but they haven't as yet gotten back to us.... Does it normally take this long to give your money to a pension company?
 
If you have a broker or an advisor from the company then that would usually speed things up from your side.

But, if you want to make that contribution then you need a new plan set up and the cheque to be stamped with the provider before that date.

Kevin
www.thepensionstore.ie
 
Do anyone know can you start a pension in 2019 and make a single premium contribution relating to tax year 2018 ?
 
...true , but can you start the pension in 2019 and claim tax relief on contributions made before yesterday ?
 
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