To be able to open a SIPP account for a client, you need to have completed the 'Pension Details' section within the Client Details tab on the client record. See here for more help with this.

How to open a SIPP

• Go to the Adviser Portal and log in. 
• Locate your client in the system, either via the Clients tab in the top menu, or by using the Client Search function, and open their client record.

• In the client profile, click Create new account.

• Enter an appropriate name for the account, and choose Pension as the wrapper type. N.B. If the mandatory pension details are not captured in the client profile, you will now be prompted to update the profile before you can continue.
• A Product Provider field will appear where you will choose Soderberg Pension.

• You are then prompted to choose the crystallisation status. 

Accumulation = an Uncrystallised SIPP, new or existing

Drawdown = a new drawdown that is being created with Soderberg & Partners

Drawdown Transfer = for transferring in drawdown accounts from other providers, and splitting existing drawdown transfer accounts in to more than one investment strategy. If you choose this option, you will be asked to enter a Group Name, and the system provides you with a message for guidance, but we recommend that you use this field to help you identify where a drawdown account came from, and consequentially whether there are other drawdown transfer accounts on platform within the same group.

Beneficiary Drawdown = where a client has received/is receiving the pension as part of a death case. As above, a group name will be required in this case.

• Answer the question Have you triggered the money purchase allowance rules? (if Yes, a date is requested), and Is the SIPP being opened as a result of opting out or not joining an employer scheme?

• Input information about the beneficiaries of the pension. At least one nominee must be selected, and the proportion cannot be greater than 100%. If you have previously opened a SIPP account, the system will automatically pull through the existing selection, and you may change this if you like, but please note this will automatically update the beneficiary across all SIPP accounts.

• Proceed to complete the account management and investment strategy sections as appropriate.

• Enter the Adviser fee if applicable. N.B. for discretionary managed models, the fees will pull through automatically from the model setup.

• Click Review and double check that all the information is correct. If not, click Edit. If all is in order, select Submit. 

• If this is the first pension account this client has had opened for them, the account is created with a status of Pending, and transactions blocked until the client logs in to their client portal and accepts SIPP terms. If the client already had other SIPP wrappers and has therefore already agreed to the Pension terms, the account goes straight to an Active state and you can begin transacting.

• Pension Terms, our Key Features Document and a pension declaration is generated and made available in the Client Portal. The client gets an email notification prompting them to log in. 
• The Client logs in, and views and accepts the terms. The account status is then updated to Active and transactions are now enabled. 

• A Pension declaration and Pension cancellation letter is generated and made available in the Client Portal. You can also view this within the Notifications tab on the client's record.