Adding a New Wrap

The Adding, Administration and Reporting of a WRAP in CCD is exactly the same as for a SIPP with a couple of differences.

  • In a WRAP the contribution page shows as “Cash Account” in the SIPP it shows as Trustee Bank Account
  • The WRAP and WRAP reports will be found under Investments, SIPP’s are found under Retirement
  • Additional steps have to be taken when adding a SIPP within a WRAP

Please refer to the chapter on SIPP’s for how to add, administer and report a WRAP, below will are the additional steps needed to be taken in CCD when adding a SIPP to the WRAP.

When allocating cash from the cash account to a bank account or contract based asset the contribution will automatically show on the contribution screen of the product. When allocating money from the WRAP cash account to a SIPP within the WRAP on the contribution screens of the WRAP, the decrement will show on the cash account and the SIPP will show on the contracts tab.

When you navigate through to the SIPP (Wrap > details > Assets > Contracts > SIPP) you will find that the contribution has not been carried forward to the SIPP record. This is because the Trustee Bank Account needs to be set up and the initial contribution added, to do this go to the contributions tab of the SIPP and , now set up the Trustee Bank Account and add the contribution in the way explained earlier in this guide.

This only needs to be done for the initial contribution to the SIPP. Once the Trustee Bank Account is set up subsequent allocations from the WRAP cash account will be applied to the SIPP Trustee Bank account in the same way as for other contracts.

Where a SIPP has been set up within a WRAP any detailed reports for the SIPP will only be available by access the SIPP within the WRAP.