Transfers Out

New records are entered as Bank Transactions and, once posted, they can be imported to the Transfers Out screen.

The main grid just shows the scheme name, date and amount. To view the rest of the information or to change any information, select the record and then click amend.

Details of overseas schemes have to be entered for the Event Report.

‘LTA used’ – a certificate has to be provided to the receiving scheme which shows the percentage of the lifetime allowance used by BCEs within this scheme and BCEs that took lace in schemes which transferred benefits to this scheme. The LTA used percentages are stored on the Vesting Events screen.

Arrangements

The Arrangements box shows how the transfer value should be taken from each of the member’s subfunds.

Usually a transfer will represent the whole of the member’s funds and when the next fund split is run, the user will answer ‘Yes’ when Omni asks ‘Has the member left the scheme completely’. In this case, Omni will just set all subfunds for that member to zero.

Occasionally a partial transfer is paid and Omni will assume that the whole of the transfer value should be deducted from the member’s unvested fund. The user will answer ‘No’ when Omni asks ‘Has the member left the scheme completely’.

Occasionally a partial transfer can be made from the member’s vested fund. The ‘Vested Fund’ amount will need to be entered in this window for the Fund Split to work correctly.

Similarly, any part of the transfer that relates to the funds vested in the scheme before April 2006 will need to be entered.

If any funds were in drawdown when they were transferred into this scheme and are now being transferred on, those parts relating to previous transfers in drawdown will need to be entered.

When the fund split is carried out, Omni will check the amounts entered here for the subfunds:

a) if the total for the subfunds is zero, Omni will assume that the member has left the scheme or the whole of the transfer was paid from the unvested fund

b) if the total for the subfunds is not zero but does not match the total transfer value, the fund split will terminate and the user will have to clean the data

Death Benefit Distributions

When a member dies, internal distributions of benefits to other SIPPs can be recorded as Internal Death Transfers.