We must ensure our systems reflect both a timely and accurate record of assets held via an investment firm. Therefore the following information on the account will be required by us and by signing our investment agreement the investment firm agrees to provide this information:
Paper contract notes (unless an electronic link is in place with investment firm)
Issued to us within one day of a deal being placed.
Valuations and cash statements (unless provided electronically)
Issued on the report date of the SIPP and on a quarterly basis at the end of March, June, September and December.
Consolidated tax voucher
Issued to us annually.
It is extremely important we receive the above information at the times stated as the funds being invested through investment firm accounts are pension benefits, and as such we have to meet a number of stringent regulatory requirements in reporting the value of these pension assets.
Where we have a sizeable number of accounts with an investment firm, or we believe there to be potential for a large number accounts to be established, we are keen to establish electronic links.
Rather than providing us with hard copy contract notes, we request the investment firm provide us with four types of electronic files. Two daily files reporting stock transactions and cash transactions that have taken place on the previous working day and two monthly files reporting holdings and cash balances held across all accounts as at the close of business at the month end. If these requirements are met then the investment transaction fees charged are reduced.
If you wish to discuss establishing electronic links with us, please contact Leo Lee on 0370 414 7000 or alternatively email us.