Once there is money in the Trustee Account it can be allocated to various assets within the SIPP. For SIPP reports to display correctly money must come into and out of the Trustee Account. This would need to happen whether cash or an In-specie transfer is entered into the SIPP.
This section deals with allocating money to new Holdings (assets) within the SIPP. If a policy is being transferred in specie into the SIPP then at this stage it will be classed as a “New” policy to the SIPP , this is different to being classed as “New Business”. Later in the guide it will look at allocating money to existing Holdings (assets) within the SIPP.
There are a series of screens and pop ups which need to be completed:
The following sections will look at setting up each of the new Holdings in turn, within the SIPP.
As with the Trustee Bank account when setting up a new asset within the SIPP you will see a three part screen.