SIPP~Pro Key Features

SIPP~Pro is a dedicated database administration system designed to fulfil the statutory, regulatory and professional responsibilities of Scheme Administrators managing self-invested personal pension schemes (SIPPs).

Key features and benefits of SIPP~Pro:

• administration of any number of separate SIPPs, with each SIPP being reportable to HMRC under its own separate registration number
• structured routines for creating new members, including those transferring in drawdown
• calculating and monitoring maximum contributions against basis year earnings
• quality control by constant monitoring and acting on critical events, such as PP10 tax claims, Inland Revenue annual returns and Statutory Money Purchase Illustrations
• full automation of income withdrawal, including the calculation of funds to be vested to achieve a target income and the resultant maximum and minimum income levels
• tracking the value of each cluster of segments, be they vested or non-vested, taking into account the receipt of contributions and TVs and the payment of tax free cash and pension payments
• tracking pension payments against each cluster’s annual limits and the computation of PAYE for payroll payments via bulk production routines
• effective monitoring of all member investments including cash accounts, equities, unit trusts, OEICs, bonds, TIPs, properties, borrowings or other non-unitised holdings
• property management including dealing with syndicated property purchases, multiple leases per property, issuing and tracking rental invoices, and monitoring property risk management requirements
• recording bank account transactions and automatic posting for double-entry bookkeeping purposes – the accounting functionality also deals with split postings and journal entries such as in-specie transfers
• automation of updating the database through a range of data feeds including:
• fund prices feeds, e.g. from Financial Express
• bank transactions e.g. from Bank of Scotland
• investment transactions e.g. fund supermarkets such as Cofunds, in-house investment management systems etc.
• production of annual reviews including income and expenditure analysis, valuation reports and drawdown summaries
• production of Statutory Money Purchase Illustrations, either individually or in bulk, based on standard or non-standard parameters
• scheme invoicing based on annual management and/or transaction based fees – the system can also be customized to deal with banded charges based on funds under management.
• speed of access to all scheme information based on any user-defined queries
• effective communication with all scheme contacts including members, employers and professional advisers
• minimising time involved in completing routine administrative tasks
• maximum utilisation of past endeavours by archiving and retrieving standard paragraphs and letters, and linking with MS Office
• detailed management information and control through the production of key business reports