Xplan Essentials (UK) - Valuation since inception report v22.12

[mary.galloway]

Welcome to Valuation since inception report

Release Number:  v22.12

The Essentials team has released an enhanced Valuation since inception report, version 22.12, which has been added to the following managed sites in the UK region (please check the URL of your Xplan site in your browser if you are unsure whether this applies to you): 

• xplancentral3

Contents

• Features
• 1. Include SIPP wrapper contributions / withdrawals?
• 2. Include items not under agency?
• 3. Include liabilities?
• Resolved Issues

Features

 The Valuation Since Inception report v22.12 has been enhanced to provide the following features:

• Contributions and withdrawals for SIPP wrappers can now be extracted from either the SIPP wrapper or the underlying plans
• A new option of ‘Include items not under agency’
• Liabilities can be displayed in the Detailed Breakdown report
• Additional help text

As a result 3 new fields have been added to the Valuation since inception wizard:

1. Include SIPP wrapper contributions / withdrawals?
2. Include items not under agency?
3. Include liabilities?

1. Include SIPP wrapper contributions / withdrawals?

New option in Valuation since inception wizard:

In Xplan you can record the contributions and withdrawals in the SIPP wrapper, in the underlying plans or in both.  This new option allows you to choose where the contributions and withdrawals are taken from:

• Yes = contributions and withdrawals will be displayed from the SIPP wrapper level
• No = contributions and withdrawals will be totalled from the underlying plans

The current value will always be taken from the SIPP wrapper as this is the sum of underlying plans.

If you include profit & loss the calculations will be based on the contributions and withdrawals at SIPP wrapper level.

 If you include contributions and withdrawal history the details will be taken from the relative wrapper or underlying plan.

Valuation since inception		Source of data in output
Option	Yes / No	Contributions / withdrawals summary	Contributions / withdrawals history	Current Value	Profit & loss
Include SIPP wrapper contributions / withdrawals?	Yes	SIPP wrapper	SIPP wrapper	SIPP wrapper	SIPP wrapper
Include SIPP wrapper contributions / withdrawals?	No	Underlying plans	Underlying plans	SIPP wrapper	Underlying plans

Example output:

 

2. Include items not under agency?

In Xplan all plans have the field ‘Agency in your name’.  If it is left blank then it is assumed that the agency is in your name, that you are the servicing agent.

It is useful where you are the servicing agent for the plan but you are not providing advice, eg. where a 3rd party is advising, possibly a discretionary fund manager.

This new option in the Valuation since inception report v22.12 allows you to include/exclude plans that are not under your agency.

3. Include liabilities?

The original valuation since inception report only offered a Summary of liabilities.

When you selected the Summary report format, the total liabilities per entity was displayed and deducted from the entity’s current value to create a Net Value.

The enhancements to v22.12 now include the following features:

• The summary of liabilities now excludes liabilities linked to a SIPP wrapper as they have already been accounted for in the SIPP wrapper valuations.
• Liabilities held in wrappers, where the Pension Wrapper field is set to Yes, will now be detailed in the report output within the Underlying Wrapped Products section (underlying plans).

 

• The new question ‘Include liabilities?’ is visible in the Detailed report format and will display the individual liabilities that are not held in a wrapper, eg. where the Pension Wrapper field is set to No.

 

TIP: in order to set the Pension Wrapper field to Yes in the liability, it is important that the liability is linked to the relative property/asset from the asset screen.

 When the asset is linked to the SIPP wrapper then the asset and linked liability will display correctly in the SIPP wrapper.

Example output:

Resolved Issues

Ref	Category	Resolved Issue
CSSSS-1230	Valuation since inception	Valuation since inception report enhancements Enhancements to include: linked liabilities and items not under agency.
CSSSS-1071	Valuation since inception	SIPP wrapper contributions total is incorrect Contributions recorded at SIPP wrapper level were not calculated in the report, instead the total contributions from the underlying plans were displayed.