How do I transfer money from a contract within a SIPP to a new contract within the SIPP?

Go to the existing contract within the SIPP where the money is currently held by SIPP > Details > Assets > Contract > click into the required contract and navigate to the details of the contract.

Adjust the value of the contract in 1 of 2 ways depending on how the value is recorded. If the value is recorded as a snapshot value then adjust down by the amount being transferred. If a summary valuation is recorded adjust the funds held or the number of units remaining in the funds to reflect the new valuation after the transfer has been made.

Before Adjustment

After Adjustment

Now navigate to the contributions screen of the SIPP and add the amount taken from the existing contract to the TBA. Do not click on the link Auto Fill as the updated balance does not need to change .

From the contribution screen of the SIPP click on the pen at the end of the transferred in amount

At the bottom of the screen check the 2 boxes Exclude contribution for Trustee account total figure and Reallocation from bank account. This will ensure that this is not included as a new contribution to the SIPP.

The money can now be allocated to a new contract within the SIPP in the normal way from the contributions screen of the SIPP as the money is sitting in the TBA but the amount has not been shown in the total contributions to the SIPP. When allocating the payment do no adjust the balance of the TBA – complete the contract details as normal ensuring you complete the value of this contract. Return to the contributions screen click on the pen icon at the end of the decrement and check the 2 boxes as above. The SIPP reports will now show as below: