Member Data

Adding a New Member

The grid on the Members, Member Details screen displays the members of the scheme. The gird does not allow editing or adding new members.

There is a 'New Member' button that allows the user to enter the name for a new member. Once the member's name has been entered and the 'Save' button has been clicked the new member record cannot be deleted.

Once the name of the new member has been saved, all of the other member data can be added in the normal way.

The sex of the spouse or partner can be entered. If this is left blank, then the calculations will assume that the spouse is the opposite sex.

Member Status

When you change the member status the previous status is recorded. Past statuses can be viewed by clicking on the History button to access the Member Status History screen. The date each status ended can be recorded and past statuses can also be entered.

There are separate statuses for Beneficiaries (after a member’s death). ‘Beneficiary, Flexi - Tax Free’ applies where the member died after 6^th April 2015 and before age 75. ‘Beneficiary, Flexi – Taxed’ applies where a member dies after age 75.

Contributions Tab

‘Cont Split %’ is used if there is more than 1 member to show how contributions are split between the members (if there is a regular plan).

Employment Status is used for the SIPP RAS annual return.

If the NI number has been left blank, the Reason for no NI number is visible. This is used for the Relief at Source Annual Return. The options can be ‘aged under 16’, ‘a citizen of a country outside the UK who is not resident in the UK’ or you can type a free text reason provided by the member. The return won’t allow the reason to exceed 100 characters. That return won’t allow temporary NI numbers – you would need to leave the NI number blank and enter a reason.

‘UK Country of Residence’ is used for reclaiming tax relief on contributions paid net where you have to specify those whose country is Scotland or Wales. This will generally be updated once a year using a file supplied by HMRC and imported into Omni via System, Residency for Tax Reclaims. Where a member starts contributions during a tax year the country can be entered on this screen manually for the first tax year.

Past PIPs can be stored - see Pension Input Periods.

The ‘Expected Monthly Contributions’ panel is used to store details of regular contributions. This information will be used to generate bank transactions for each month’s contributions. The Date Checks Completed field can store when the Anti Money Laundering checks for the setting up the regular amounts were completed.

The Plan Reference is only visible for SIPPs. Where 2 or more SIPP members share a common investment portfolio (similar to a SSAS where each asset is not allocated to any member), there is no need to set up a separate scheme record for each member. Simply use 1 scheme record with several members. The plan reference for each SIPP can be stored in the ‘Plan Reference’ field. This does not apply where members invest in an asset in fixed proportions – separate scheme records are needed, with a separate scheme record for the jointly held investment.

Compliance Tab

The PSD panel stores the details needed for the quarterly Product Sales Data return to the FSA. See also – PSD returns

The Cancellation panel:

Members of SIPPs have the option to change their mind for the SIPP itself (as well as for transfers). The information on the Member Data screen relates to the SIPP itself – information relating to cancellation of transfer is stored on the ‘Member, Transfer In’ screen.

The administrator has to send a notice to the member reminding about the option. The “Issue Notice” button is a short cut to the data merge and can be used in the same way as other merges. The member has 30 days from the date of receipt to cancel. When the ‘Date Cancellation Notice Issued’ is entered, Omni will show the a message saying ‘Rights expire on ’, with a date that is 33 days after the notice was issued. The 33 days is based on 2 day postal delivery plus a Sunday plus 30 days. It is only intended as a guide because the date the member receives the notice is unknown.

For a new SIPP, the member can lapse the 30 day period (but not for transfers) and, if this happens the date can be entered. Similarly if a member cancels a SIPP, the date can be recorded. Reports on both of these items can be produced in Excel Reports.

Identification – information relating to the member’s identity and their address can be stored.

Projections Tab

If the Setting on the Calculations tab of the Settings screen is ticked, a Projections tab will be shown, where you can store the different fees and charges for the Key Features and critical yields.

There is a button to ‘Produce SMPI’ which will take into account the information stored on contributions. The SMPI allows for the lifetime allowance (LTA) and for the enhanced and fixed protection regimes but not for primary and individual. It assumes that the LTA will be fixed at £1,073,100 until April 2026 and then increase with inflation. If there is a fund in excess of the LTA it assumes that this will be taken as a lump sum and the amount of taxable payable is shown.

Adviser Charges Tab

The basis of the charges due to be paid to the Adviser for each member can be stored. This enables a report of all Adviser Charges for all members to be produced in XLreports with the option to create worklog entries.

Authority Letters

If a member has authorised the administrator to release information to a third party, the details can be stored.

Latest Pathway

The Pathway details for the latest drawdown BCE are shown. This could be the last “proceeded” BCE or a current “Proposed” BCE. If the BCE is still Proposed the details can be edited but not otherwise. For the full BCE pathways history use the Vestings screen.

Fund Shares

The history of the member’s fund share is shown as amounts and also as a percentage of the overall fund.