How do I update SIPP balances?

This article will explain how to update the bank account balances in a SIPP.

Once money has been spent from the trustee account or bank account, it is important to ensure that the balance of these accounts is kept up to date. If not, the valuation on the Summary page of the SIPP holding will show incorrect and any valuation report will also show incorrectly.

You will firstly need the SIPP holding and the trustee account created please refer to the relevant articles for further information.

It is important to ensure that when money is spent from the trustee account or the bank accounts that the balance is amended.

This can be done automatically when adding and allocating from the trustee account using 'auto fill' to update the balance based on the contribution amount. However this automatic update will not be taking into account any interest, charges, etc. on the account.

A more precise balance can be recorded in the SIPP holding > Details > Assets > Bank accounts:
The trustee account balance can be updated by clicking into the Current balance field.

Any other bank account balances can be updated by selecting the bank account from the Bank account tab.  You will then need to click onto the bank account to be updated and then into Details to update the balance.

When updating the bank account balances you may wish to use the Notes field to record any useful information about the balance update: