This is a single payment made into a pension plan, making it different from the regular contributions that are deducted from your earnings. Because it’s ad hoc, you have the flexibility of making a payment when you can afford it.
As a pension provider we can’t give financial advice – this article is for information only. If you need advice about the amount of your one-off contribution payment or more information about tax allowances and rules, you can pay to speak to a retirement adviser, or contact the MoneyHelper service for free, impartial guidance.
HMRC requires that all single contributions are paid across to the pension provider before the tax year end deadline of 5 April. Payment process per individual pension providers might vary, so they should be contacted directly to understand their processes and requirements.
At Smart Pension we have simplified and streamlined our processes. If you are a Smart Pension member please see your two options below:
Employer’s normal payroll
It’s easier to manage your pension savings if your money is all in one place. To save yourself admin time and potentially reduce the fees you pay, you could put your old pension savings together in your Smart Pension account. Read our transfer guide before deciding.
If you would like further information on single contributions or the pension scheme that Smart Pension offers please contact FCSA@smartpension.co.uk.
Launched in 2015, Smart Pension exceeds £4bn in assets under management (AUM) and now serves over one million members and more than 70,000 employers. It is powered by Keystone, Smart’s global savings and investments technology platform.
Aquiline Capital Partners, Barclays, Chrysalis Investments, DWS Group, Fidelity International Strategic Ventures, J.P. Morgan, Legal & General Investment Management, Link Group and Natixis Investment Managers are all investors in Smart Pension.