Setting Up a New Bank Account in a SIPP

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.

The following screen will show the fields that need to be completed when setting up a new Bank Account:

Within the SIPP ‘Contributions’ screen the decrement to the Bank Account will be displayed:

There will also be a record of this contribution in the ‘Bank accounts’ tab within the ‘Contributions’ screen:

The Bank Accounts, Directly Held and Contracts Tabs within the Trustee Bank Account are for information only, additions and decrements cannot be made here and must be done through the main Trustee Bank account tab.