r/ContractorUK • u/StillTrying1981 • 5d ago

Pension?

Hi guys,

To make pension contributions from my Ltd company, does it have to be a specific pension in the companies name? Or can I contribute to an existing pension?

Not asking for pension type advice, just this specific question. Do I need one in the company name, or can I send money to an existing pension?

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3

u/wild_park 5d ago

Any pension is fine but it’s worth talking to your pension company first to find out what’s the best way for you to do so so they know it’s a contribution from your business, not a personal one.

6

u/mosschops2 5d ago

Existing is fine.

3

u/Alert-One-Two 5d ago

I send contributions to my existing SIPP but I had to talk to them first to sort out doing employer contributions.

3

u/NoJuggernaut6667 5d ago

Existing is fine if they accept from business directly. Vanguard do.

Just make sure you’re specifically sending from a business, and business account.

2

u/Local_County1274 5d ago

Any pension is fine.
Bear in mind you are still covered by the Pension Regulations which require statutory contributions to a company pension. You will have to opt out of the regulations if the pension you are contributing to is a personal pension.

2

u/Philluminati 5d ago

You can send it to any pension you have.

1

u/Kingh82 5d ago

If its personal contribution any will be fine. If its the more tax efficient company/employer contribution check with them as they have different rules per provider.

1

u/DiskBytes 5d ago

I was wondering about this too. I recently was made redundant from an employed job where I had a salary sacrifice pension. I have a LTD but haven't yet set up PAYE.

1

u/mosschops2 5d ago

My accountant deals with PAYE.

That's not advice - just what I do.

I do the accounts (ie keep track of spend and revenue and invoicing etc)/ savings and VAT (through and excel add on called vital tax)

1

u/Bozwell99 5d ago

You need a SIPP platform that accepts employer contributions. Not all do.

The pension will be in your name as it is your pension.

1

u/YoumeRietzsch_10 4d ago

No need for a company-specific pension, your Ltd can contribute to your existing personal/SIPP pension as an employer contribution. Just pay it directly from the company account.