You can make contributions to your Plum SIPP in two ways:
1. Transfers from Other Pension Plans:
You can transfer pension benefits from other suitable pension schemes.
There are no specific minimum or maximum transfer amounts.
Currently, transfers from funds in drawdown are not accepted.
Transfers from defined benefit pension schemes and schemes that provide safeguarded benefits are not accepted.
2. Making Contributions:
If you're eligible to make UK tax-relievable pension contributions, you have the following payment options:
One-off contributions
Regular contributions
It's generally a good practice to make regular contributions, but you are not obligated to maintain them.
Through Plum SIPP, you have the flexibility to decrease or stop your regular contributions if needed. You can also choose to increase them if you can afford to contribute more regularly or make additional one-off contributions when it's convenient for you. Keep in mind that reducing or halting contributions, even temporarily, may reduce the potential value of your pension fund at retirement.
How to Contribute to Your Plum SIPP:
Using Plum, there are three methods to contribute to your Plum SIPP:
Manually, by investing from your Primary Pocket’s balance.
Manually, by investing from your primary linked bank account.
Automatically/Regularly, by investing portions of your Plum Auto-deposits through the Splitter function.