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Payroll cut-off dates

Once a pension commencement lump sum (PCLS) has been paid, the remaining fund can be drawn as income.

Capped drawdown limits the amount of income that can be taken in a year, known as a reference year. With flexi-access drawdown, there is no limit and the fund value can be fully depleted if required.

Suffolk Life has a monthly payroll, and income can be made at various frequencies. Each monthly payroll has a cut-off date for finalising payments and a date by which funds must be in the plan's main SIPP bank account to make the payment. The payment, net of income tax, reaches the investor's personal account on the last working day of the month.

Details of the 2017/18 payroll dates are below:

Monthly payroll cut-off date to establish, amend or cancel income paymentsFinal date funds must be in the main SIPP bank account to make paymentDate net payment reaches investor's personal account

Frequency of payment

There are various frequencies of payment to suit your clients from:

  • nil
  • monthly
  • quarterly
  • half yearly
  • yearly; or
  • adhoc.

To establish, change or stop income payments we require an instruction before the monthly payroll cut-off date. Please refer to the above table.

You or your client can instruct us by telephone, letter or fax.

Bank accounts

We are only able to make payments to a personal account in the investor's name, including joint accounts.

Payments are made to a UK bank account or to an account that can accept BACS. Your client may need to speak to their bank if they are unsure whether their account is suitable.


Cleared funds must be in the plan's main SIPP account by the cut-off date specified in the table above.

It is the investor's responsibility to ensure sufficient funds are held in the plan's main SIPP account to cover the income payment. If there are insufficient funds, the income payment cannot be paid that month and will instead be paid the following month.

We will require instructions to sell daily traded assets to raise required funds at least 10 working days before the cut-off date to allow us and the investment provider time to process the instruction. Some assets take a longer time to sell than others, and we cannot guarantee that sufficient funds will be available in time to process the income payment in the required month.

Drawdown and income fees

Please refer to the relevant Schedule of fees which can be downloaded from the literature library.


Income tax will be deducted in accordance to the tax code issued directly from HMRC by way of a PAYE Coding Notice, or a P45 issued by a transferring pension scheme. If Suffolk Life has not been notified of a tax code either from HMRC direct or a transferring pension scheme, we will have to apply an emergency rate of tax on a week one, month one basis.

A P60 will be issued at the end of May each year for the previous tax year detailing any income paid in the tax year detailing any income paid in the tax year.    



This information is intended for investment professionals and should not be relied upon by private customers or any other persons.