Process guide: Managing income online. Contents. For financial advisers only GUIDE. Current income details. Confirmation. Income history.

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1 For financial advisers only GUIDE Process guide: Managing income online Contents Current income details Income history Income changes Bank details Confirmation Cash alerts Crystallising Contact us Disinvestments

2 Current income details Select the SIPP product from the Modular iplan portfolio menu. To view a summary of your client s current income, select Income Summary from the menu on the left. Details of current income, crystallised & uncrystallised values, payment frequency, arrangement type and payment details can be viewed on the Income Summary page. The uncrystallised values and projected income figures represent the potential benefits from the available uncrystallised funds. Please note that any existing tranche value that has been designated for income, and subsequently recalculated following an additional request, will not be reflected here. These are for indicative purposes only and are subject to fluctuation through market movements. Any charges incurred as part of the income request may reduce the actual amount available. Income Summary data can be exported to Excel, or viewed as a PDF from the bottom right of the income summary screen.

3 Income history To sort a column, select the arrows next to the desired column header to re-organise the data. The date range can be customised. Choose Custom from the dropdown list and enter the date range preferred. To view a summary of income paid to date, choose the SIPP product and select Income History from the menu on the left. Income history data can be exported to Excel or viewed as a PDF. You can find these buttons at the bottom right of the screen. All pension payments are taxed at source. Income is paid on the first of each month, subject to sufficient funds available in the SIPP bank account.

4 Income changes To amend the level of income in place choose Income Summary from the menu on the left. Select Request Change of Income. Crystallised value is the benefits which have been taken. Uncrystallised value is the benefits which have not been taken. If you wish to make a single payment, tick the corresponding box. Single payments are made on the first of the month via Faster Payments. Enter the remaining details and click Next. If the client is converting to Flexi-Access Drawdown from Capped Drawdown, an option will appear alongside the Request Change of Income icon, which will allow you to convert to Flexi-Access Drawdown. Online instructions must be completed ten working days before the end of the month. This will allow payments on the first of the following month.

5 Bank details To view a schedule of the proposed payments, select Payment Schedule from the tranche level changes box. Enter the bank details for the account which will receive the income payments. Bank name and addresses can be found using the sort code and the Fetch Bank Account Details option. Please ensure there is sufficient money in the SIPP bank account. The account name must contain the client s surname. The James Hay system will recall any details held. These can be amended if you wish for income to be paid to an alternate bank account. James Hay can only facilitate income payments into one bank account. If income is already being paid, the existing income will be paid to the new bank account details provided. The Notes and Disclaimers button top right of the screen can provide additional help during the process.

6 Disinvestments Proceed to confirm which funding option should be used to pay the requested amount of income. Sufficient cash must be held within the client s SIPP bank account for income to be paid. Where regular disinvestments are to be made from collective funds, please use the Regular Trading function. For full details please see our Buying, Selling and Switching Collectives guide. The Notes and Disclaimers button top right of the screen can provide additional help during the process.

7 Confirmation Once the funding option has been specified, select Next and continue to the Confirmation page. Review the details, and if they are correct, select Execute Now. The confirmation page will then appear, which needs no further input. Finally, select Finish which will redirect you to the income summary screen. Pending Income Change Requests can be tracked on the Income Summary screen. The Payment Schedule is also available on the confirmation page.

8 Cash alerts Cash Alerts can be set up to alert users when the balance of the SIPP bank account has fallen below a certain level. This is a useful means of ensuring that sufficient funds are available to pay income. Once an alert is in place, you will receive a secure message when the minimum threshold that you ve set has been breached. The Cash Alerts icon will appear alongside the client bank account link. Follow the link and select New Alert. Complete the dropdown fields available and select save. To set up Cash Alerts, select the client and then the relevant product.

9 Crystallising When crystallising part or all of a SIPP, James Hay requires a wet signature from the client. To access our Benefit Payment Forms, select the tools tab from the homepage and choose Literature. Select Modular iplan Literature and choose the Taking money out section of the library. Here you ll find our Benefit Payment Forms. Please call your Service Executive Team or our general enquiry number on for assistance with the Benefit Payment Forms.

10 Contact us If you have any questions, please send us a secure message or call us. Contact us on: James Hay Partnership is the trading name of James Hay Insurance Company Limited (JHIC) (registered in Jersey number 77318); IPS Pensions Limited (IPS) (registered in England number ); James Hay Administration Company Limited (JHAC) (registered in England number ); James Hay Pension Trustees Limited (JHPT) (registered in England number ); James Hay Wrap Managers Limited (JHWM) (registered in England number ); James Hay Wrap Nominee Company Limited (JHWNC) (registered in England number ); PAL Trustees Limited (PAL) (registered in England number ); Santhouse Pensioneer Trustee Company Limited (SPTCL) (registered in England number ); Sarum Trustees Limited (SarumTL) (registered in England number ); Sealgrove Trustees Limited (STL) (registered in England number ); The IPS Partnership Plc (IPS Plc) (registered in England number ); Union Pension Trustees Limited (UPT) (registered in England number ) and Union Pensions Trustees (London) Limited (UPTL) (registered in England number ). JHIC has its registered office at 3rd Floor, 37 Esplanade, St Helier, Jersey, JE2 3QA. IPS, JHAC, JHPT, JHWM, JHWNC, SPTCL, SarumTL, IPS Plc, PAL, STL, UPT and UPTL have their registered office at Dunn s House, St Paul s Road, Salisbury, SP2 7BF. JHIC is regulated by the Jersey Financial Services Commission and JHAC, JHWM, IPS and IPS Plc are authorised and regulated by the Financial Conduct Authority. The provision of Small Self Administered Schemes (SSAS) and trustee and/or administration services for SSAS are not regulated by the FCA. Therefore, IPS and IPS Plc are not regulated by the FCA in relation to these schemes or services.(06/17) JHP 0156 MAR18 LD