Many customers want to ensure they are making use of their pension annual allowance as we approach the end of the tax year.
Pension allowances work differently to ISAs in the sense that you can sometimes carry forward some of your annual pension allowance to another tax year.
If you are concerned about your payment making it in time for the end of the tax year, or you are trying to make a payment after the key dates outlined below, please contact our support team as we may be able to help. See our extended support hours
All payments into a Nutmeg personal pension are by direct debit. You will need to complete the set-up of your pension pot and direct debits before you can submit a payment. If you have cancelled your direct debit, you will need to set-up a new one.
If you haven't made a payment into your pension in the last 12 months, your direct debit is likely to have expired, this means that you will also need to set-up your direct debit again.
Friday 20 March 2020 — If it is the first payment you are making into your pension
The first payment takes 10 business days to process. If you have not paid into your pension before, your deadline for payments to ensure they reach us before tax year end is Friday 20 March 2020.
Things to consider:
- We may need to ask you for documents to verify your identity or support your direct debit set-up. In these scenarios it may take a little longer to get your pension set up and the first payment collected in time for the end of the tax year.
Friday 27 March 2020 — If you have made payments from the same bank account previously
If you have previously made direct debit payments to your pension you will need to make sure that you submit a one-off contribution payment by 4pm on Friday 27 March 2020.
Pension rules apply and tax rules may change in future. If you need help with pensions, please seek financial advice. As with all investing, your capital is at risk. The value of your portfolio with Nutmeg can go down as well as up and you may get back less than you invest
If you have missed these deadlines and want to make a payment into your pension before the end of the tax year please contact us. We may be able to accept a different form of payment from you up until 3 April 2020.