- Go to the client and next to the tax wrapper click on Quick Actions > Add single payment/transfer
- Confirm if advice has been given
- Add the contribution value, payment frequency, start date and bank account
- Select the method of payment
- Complete the next steps in the process.
Choosing the correct payment method
It is important to choose the correct payment and referencing method to allow us to quickly apply the monies. Your client can select from the following payment options:- Cash Account – this option allows you to move money from the Cash Account to another tax wrapper within the same account.
Cheque – this option allows your client to send a contribution via cheque. If choosing this option please make the cheque payable to Standard Life Savings for Cash Account, ISA, Personal Portfolio and bond only payments and Standard Life Assurance for Wrap SIPP. The cheque should be sent to abrdn Client Servicing, Sunderland, SR43 4EE
- BACS/Faster Payment – this option allows your client to send a contribution via their bank. We have different holding accounts depending on the product so please use the below details:
Platform & Product: Wrap SIPP
Account name: Standard Life Assurance
Account number: 42288230
Sort code: 40-03-28
Payment reference: D Number
Platform & Product: Wrap and Fundzone (ISA, PP and bond only and excludes any transfer monies)
Account name: Standard Life Savings
Account number: 02288311
Sort code: 40-03-28
Payment reference: WP Number
- Direct Debit – this gives the client the option to take payments direct from their bank account. To allow us to do this we require sight of the original direct debit instruction.
New Direct Debit
This can be posted to us or uploaded to the client’s document library with email confirmation sent to wrap_servicing@abrdn.com. We will apply new direct debit instructions within 10 working days with the first payment collected no sooner than 5-10 working days after applied. You can also complete an online Direct Debit but only if the client is present at the point the bank details are entered.
How to add and/or verify bank account for Direct Debit payments
Find support on adding bank details.
Existing Direct Debits
If your client has already submitted a Direct Debit instruction but this has not been used within 12 months please call our Client Engagement Hub on 0345 279 1001 who will reinstate the Direct Debit within 48 hours.
Can I amend or cancel a payment?
You can cancel or edit any active payments as long as we’re not in the process of collecting / receiving the payment. This is approximately 10 working days before collection date.
You can amend the payment in by going to the Transactions tab and update Transactions to Payments/Withdrawals. Select the edit or cancel option under the actions column to make any changes. You may need to add this in by selecting the table editor and clicking “actions”.
How long does it take for monies to be applied to Wrap?
On receipt of the money, we will apply it to the Wrap platform within 72 hours. If you have chosen to buy into funds this process will start once the money is on the platform. If your client has made their contribution by cheque for Cash Account, Personal Portfolio or ISA we will place/allow you to trade after 2 working days from application. For SIPP or Bonds the trades will commence straight away. Please note, cheques can still bounce up to 10 working days after receipt.
To view your client's active contributions go to Clients > Select product name > Active instructions
Frequently asked questions
How do I view a breakdown of payments that have gone out to the client?
You can view a summary of payments in by going to the product tile, click on the Wrapper and go to the Payments In tab.
To see a breakdown of payments, including individual amounts and dates, go to the Transactions Tab and update Transactions to Cash. Amend the date range as needed and filter the Transaction Type to Capital In.
How do I check my client’s current ISA subscriptions?
Before topping up your client’s ISA, it is good practice to check their current ISA subscription. For multiple clients you can run our ISA Subscription Report by going to Client Base > Reports > Request > ISA Subs Request. For individual clients you can check this by going to Client > Track Orders > ISA Subs.
What do I do if my client has over-subscribed?
We will receive a Notice of Discovery from HMRC and we will amend this on your behalf by moving the error monies to the Personal Portfolio. We factor in the growth by looking at the value of the ISA at the end of the relevant Tax Year.
Can I get a full breakdown of my client’s SIPP contributions?
Yes. You can call the Client Engagement Hub on 0345 279 1001 to request a certificate of contributions paid. This document is sent within 24 hours and will break down gross and net contributions.
How do I pay in employer/employee contributions?
Follow the steps, however it’s important you correctly identify the Payee:
- Individual – GROSS payments entered on Wrap, paid direct from the individual
- Individual Salary Deduction – GROSS payment is entered on Wrap, but we collect the net amount only
- Employer – These are entered as GROSS payments and we collect the GROSS amount.
What do I do if my client has exceeded their Money Purchase Annual Allowance?
If your client has paid in more than their annual allowance, they will be subject to a charge. You may wish us to pay part or all of the Annual Allowance tax charge from your client’s plan. If so, please refer to our Annual Allowance Charge form.
Can I set up an ISA payment for the new Tax Year?
If your client wants to make a payment for the new tax year, the monies will need to be placed in either Cash Account or Personal Portfolio. You can move the monies into an ISA after the 6th April.