|Once CCD has been upgraded any SIPP record will need to be tidied up. The amount of work required will depend on the amount of information recorded on the previous version of CCD. This article will show you how to move contributions from Directly held to Trustee account and then how to match up these contribution records to assets within the SIPP. If after reading this article you need more help, training can be arranged by contacting Customer services on 0800 028 0033 option 2.|
Once an upgrade has been done, your SIPP contributions will show on the Directly held tab:
These contributions should be in the Trustee account tab as they are the contributions which were invested in the SIPP. Therefore, in this case both contributions need to be moved.
This is done using Move contribution records to the trustee bank account.
Once the button is clicked, the contributions to be moved need to be selected by clicking in the Move field.
It may not be possible to move all contributions, as one of them will be the original record for the SIPP and everything links to this record. If this happens, carry on and move the other contributions. A note can be added to the contribution to explain why it has been left here.
Once the contributions to be moved have been selected click Move selected contributions to the trustee bank account. Select Continue to the pop up that will appear:
The contributions will now show in the Trustee account tab:
Now that the contributions have been moved these contributions can now to linked to the assets that they have originally purchased.
Any assets that were on the SIPP prior to upgrade will still be showing in Details > Assets:
In here you will find tabs for Bank accounts, Directly held and Contracts. The assets will be showing in one of these tabs:
Now that the assets have been found, they need to be linked to the contributions so we can see how much the client spent on them. This needs to be done if you plan to use the SIPP reports.
In the example shown here, the client invested £200 in shares and £10,000 in purchasing the commercial property. Navigate back to the Trustee account tab within Contributions and select Allocate contribution:
The following pop up will appear:
As the assets already exist in CCD, use Existing:
Complete the fields and choose which asset this contribution will be linked to and finish this screen off:
Once done, click Add Contribution and update trustee Account balance. Answer the following question:
Answer the following question as No - as the asset is already set up:
The contribution will now show in the Trustee account and Directly held tab within Contribution:
Repeat this with the other asset. The Trustee account and Directly held tabs will now have been updated with the amount of money spent on each asset:
Any notes can be added to the contributions by clicking on the pen and paper icon at the end of the contribution line.