Paying in to my retirement pension

Mrevertonone

Hi guys …

Hope everyone is good … I have a question for example if we have say £100 a month left to spend … can i pay that amount in to my retirement pension to build that up ? and would UC be ok with that … it would be the same amount every month ?

Regards

Sean

OverlyAnxious

Hi,

Yes, you can pay UC income into a private pension every month without that being a problem.

It is not subject to Deprivation of Capital until it becomes savings, after the end of the following AP in which it was paid. That sounds complicated, but in simple terms, if you're moving the excess from this months UC payment directly into a SIPP, there shouldn't be any issues. If you're expecting to have £100 spare each month, I would be tempted to set up a direct debit to the pension earlier in the month to make sure you're not moving savings into there without realising.

Mrevertonone

Hi OverlyAnxious

Thank you for your reply … i was going to set up a direct debit for the 2nd of each month …

Thank you again

Regards

Sean