As a business we do not pre-fund customers’ accounts therefore there is a waiting period while we reclaim the tax relief from HMRC. We send a report to HMRC every month on the 6th with all member net contributions that were made in pervious tax month (6th to the 5th). HMRC then have a lead time of 6 weeks when they send the funds to us. Once we received the funds we then apply this to the accounts.
It normally take between 6-11 weeks for the basic rate tax reclaim to be applied to the SIPP following the date of the contribution.
For future reference, please see the below timescales:
Contribution Period and Reclaim Date
6 April – 5 May - paid on 21 June
6 May – 5 June - paid on 21 July
6 June – 5 July - paid on 21 August
6 July – 5 August - paid on 21 September
6 August – 5 September - paid on 21 October
6 September – 5 October - paid on 21 November
6 October – 5 November - paid on 21 December
6 November – 5 December - paid on 21 January
6 December – 5 January - paid on 21 February
6 January – 5 February - paid on 21 March
6 February – 5 March - paid on 21 April
6 March – 5 April - paid on 21 May