Once a transfer has been accepted into the SIPP, any income payments will be reviewed and processed accordingly. The payment date originally submitted will be honored, provided the transfer is received and accepting into the SIPP before the payroll cut off, which is 7 working days prior to the scheduled payment date.
Transfers received after submitted payment date
If the income payment date requested on the New Business application has passed by the time the transfer is received, the following process applies:
- After the transfer is accepted, the first income payment will be moved to the next month’s payroll.
- The original payment date (e.g., 7th of the month) will remain the same but will apply to the following month.
- After the transfer is accepted, the first income payment will be moved to the next available weekly payroll.
- This will then remain the clients annual payment date.
- After the transfer is accepted, the income payment will be moved to the next available weekly payroll.
If the client wishes to receive their first income payment sooner, there are two options:
- Raise a Freshdesk Ticket
- Request to bring the payment date forward.
- This will remain the client’s regular monthly payment date.
- After the first payment, you can raise another Freshdesk ticket to change the date if required.
- Submit a Single Ad-hoc Payment
- Make an additional payment before the scheduled monthly payment.
- The original monthly payment date will remain unchanged.
Important:
If the client chooses to receive two income payments in the same month, ensure they are aware of any potential tax implications.
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