Once money has been spent from the Trustee Account, or from the Bank Accounts, it is important to ensure that the account balances are kept up to date. If not, the valuation on the ‘Summary’ page of the SIPP holding and any valuation report will show incorrect values:
It is therefore important to ensure that when any money is spent from the Trustee Account, or the Bank Account, that the balance is amended.
This can be done automatically when allocating money from the Trustee Account, using the ‘Auto fill’ link, which has been referred to throughout this guide when either adding or allocating money within the Trustee Account. However, this automatic update will not be taking into account any interest etc. on the account.
If you wish to record a more precise balance of the Trustee Account, it can be updated manually.