Fund Split – Allocated Fees

The vast majority of fees paid by SSASs and SIPPs do not need to be allocated to any particular member. The fund split program will allow the fees to reduce the rate of investment return and so the fees will be automatically allocated between the members and also between each member’s subfunds.

Occasionally, a fee may relate to a specific member (referred to as an Allocated Fee). When entering the bank transaction for the fee, the member should be selected and the fund split calculations will then deduct it from that member’s share of the fund.

When running the fund split, if a fee is allocated to a member, Omni will calculate the total of the transactions for that member (plus the initial fund value) for each vested subfund (without interest). If the total for a subfund equals the overall total for that member then there are no funds in other vested subfunds nor any unvested funds. The whole of the fee is then allocated to that subfund. Otherwise, a screen is displayed for the user to enter the split between the subfunds (vested, pre 2006 or TiD). By default, the fee allocated to the unvested subfund cannot be negative. There is a Setting on the Calculations tab which allows the fee allocated to the unvested subfund to be negative.

Main Fund Split help.