You can pay into your Plum SIPP in two ways:

  1. Transfer in from other pension plans

  2. Make new contributions

Transfers in from other pension plans

  • You can transfer pension benefits from other suitable pension schemes.

  • There is no minimum or maximum amount.

  • Transfers from funds that are in drawdown are not currently accepted.

  • Transfers from defined benefit pension schemes and schemes that provide safeguarded benefits are not accepted.

Making contributions

If you are eligible to make UK tax relievable pension contributions the payment options are:

  • One-off contributions

  • Regular contributions

It is generally recognised that making regular contributions is a good habit to get into, but you are not committed to maintaining them.

Through the Plum SIPP you have the flexibility to decrease or even stop your regular contributions, should you need to. Equally, you can choose to increase them if you feel you can afford to contribute more on a regular basis or even make additional one-off contributions when it suits you. Remember though, that reducing or stopping contributions, even temporarily, will reduce the possible value of your pension fund at retirement.

How to contribute to your Plum SIPP

Using Plum, there are three ways in which you can contribute to the Plum SIPP:

(1) Manually, investing from your Plum Pockets balance

(2) Manually, investing from your Main linked bank account

(3) Regularly, by investing parts of your Plum Auto-deposits using the Splitter function.

*Plum SIPP does not currently offer drawdown products. This means that if you wish to draw benefits or to purchase a lifetime annuity, you will need to transfer your Plum SIPP fund to another pension plan.

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