7IM SIPP Best Practice

In order to ensure we process all instructions timely and efficiently and to avoid any errors and delays, please take note of the following best practice points:

Contributions

To ensure no delays in contributions being applied, please note the following:

Make sure you use the most recent 7IM SIPP Contributions/7IM SIPP Top Up Contribution form. Do not use old forms.
Tick the Tax Eligibility section if the member is eligible for tax relief.
Confirm the Carry Forward section.
Complete a 7IM Contribution form before funding is paid to 7IM SIPP Money In Account. We will not apply any contribution until we receive the appropriate contribution form.
Ensure you reference all payments paid into 7IM SIPP Money In account with members’ correct IM SIPP reference, without which we cannot apply any contribution(s). Make sure you use the correct 7IM SIPP Money In bank account details. Do not send any direct payments to Pershing.
To fund a 7IM SIPP from an existing 7IM account, please state this on the contribution/top up form. We will assume the contribution is being funded via payment to SIPP Money In account if you do not do so.
We cannot accept payments for multiple members or multiple tax years per member.
We do not accept test payments, as they would prevent the application of real contributions.
Any value discrepancies between the expectation provided on the contribution form and funds received into our bank account will cause a delay in any contribution being applied.
If you know a member’s contribution has exceeded their UK-relevant earnings, please contact 7IM immediately to instruct a refund of excess contribution lump sum. We are unable to process refunds based on members exceeding their annual allowance.

SIPP Payroll Tax Workshop

You can find more information on SIPP Payroll Tax by viewing our workshop presentation. These slides are for information purposes only and based on current practice at the time of publication. 7IM are not tax advisers therefore clients are advised to seek independent tax advice. Taxation depends on individual circumstances and may be subject to future change.

View presentation

Taking benefits

Normal payroll cut-offs will apply during tax year-end. The final payroll for 2024/25 is 01 April. All requests must be received on or before 17 March. All Taking Benefit, Pension Income or Pension Income Amendment forms must be fully completed. The member must have passed bank verification checks or provided a bank statement (in the case of first requests change of bank account details) and sales must have been placed with cash available.
Please ensure you have completed the most recent Taking Benefits, Pension Income or Pension Income Amendment form. Completing incorrect forms or old forms may result in rejection and or delay.
We will have several Taking Benefit instructions that cannot be processed due to pending transfers. We will require transfers to be fully completed and applied ahead of the member being added to the appropriate payroll. A transfer must be completed and applied by 19 March for the member to make the 01 April payroll.
Tax Free Cash requests will be processed and paid within five working days of transfer completion.
For new requests, 7IM requires P45 or HMRC starter checklist. Failure to provide this will result in the application of emergency tax.
Any ad-hoc UFPLS request will not be treated similarly to PCLS - Tax Free Cash. We require a payroll, and requests must be placed no later than 17 March to make final payroll on 01 April as per our Key dates and support for 2024-25 tax year-end page.

New SIPP Accounts Openings

Please complete all applications via Platform and upload them on or before 27 March. This is for adult SIPPs only (18 years and over). Junior SIPPs require the 7IM SIPP Application form to be completed manually.
For Junior SIPPs, please provide a certified ID. Failure to provide this will place the application on hold. Junior SIPPs can only be opened if we have an existing 7IM account open for a registered contact.
Please confirm funding on all account applications. Any applications failing to state this will be placed on hold until we receive the full application.