Investments, Transfers & Switching

If you’re actually selling rather than transferring you should refer to “Investments, Selling Units, Funds and Contracts”.

Warning – Transfer-outs and Switches-in should Balance

Your valuations would be incorrect if you switched-into a fund without first having transferred-out of another. So the system will always try to ensure that the total sum of money switched-in matches or is less than the total transferred-out. Transfers-out without matching switches-in create temporary cash holdings in the “Contract Summary” fields called “Uninvested” monies.

Transferring Entire Contract

If an entire investment policy or contract is to be transferred into a new one you should reset its policy stage to the word “Sold”, as described in “Investments, Selling Units, Funds and Contracts”.

Partial or Total Transfer from a Contract WITHOUT Funds

If there are no individual funds, go to the policy’s second screen for “Transactions” and adjust the “Contract Summary” fields. To get the correct growth you should include the total value transferred-out in the “Total dividends, income & sales” field. Then click the “Recalculate totals” button to calculate the overall growth figures, as shown below…

Partial or Total Transfer-out from a Contract WITH Funds

This example is based on a £5000 single premium contract split equally between two funds, as shown below…

Before starting any transfers or switches you should ensure the fund values are correct as at the date of the switch. To do this, starting from the “Funds” screen, above…

• Double-click the first fund
• Edit the current “Units” and “Unit price”
• Click the “=” button next to the current “Value”
• Click “OK” then repeat for the next fund

To Transfer-out All or Part of One Fund

Starting from the “Fund” screen, two above, showing either funds or events…

• Click the “Add” button
• Select “Add an event (e.g. accumulation, switch, etc)” and click “OK”
• To transfer-out the ENTIRE fund…
• Set the “Event type” to “Closure of contract or fund”
• Set the “Action” to either “Transfer-out between…” funds or contracts
• OR to transfer-out PART of the fund (as shown below)…
• Set the “Event type” to “Transaction between acquisition and closure”
• Set the “Action” to “Transfer-out between…” contracts (partial) or funds (partial), as shown below

Note that the “Action” dropdown, shown below, should relate to “funds” if you’re switching within the same contract; or to “contracts” if you’re transferring money out of one contract and into an entirely different one (see also “Understanding Event Types and Actions”).

• Enter the total amount to transfer in the “Nett” field (n.b. this could be from more than one fund)
• Enter the date of the transfer in the “From” field
• Click the “Add” button at the bottom right to select the fund/s to transfer out of

• Select the first existing fund to transfer-out of from the “Fund” drop-down
• The fund’s current value and unit holding will be displayed on the right
• Enter the amount you wish to transfer out of this fund in the “Sum” field
• Enter the “Price” and “Units” with regard to this transfer
• Click “OK”

• If you accidentally try to transfer out the entire fund (which would be a sale), or more than the entire fund (which would be impossible), you’ll receive a warning message like that shown above
• If there are more funds to transfer out of then click the “Add” button and repeat the procedure
• When all done click “OK” on the “Edit Event” pop-up, shown below…

Back at the “Fund” screen, in the example below, you’ll notice…

• There is now a total of £1000.00 of “Uninvested” monies in the Contract Summary (i.e. to re-invest in other funds)
• If the entire fund had been transferred-out then that lines would have a “Current Sum” set to “Sold”
• The information fields at the bottom right of the screen also show that £1000.00 has been transferred out

Switch-into a New or Existing Fund

You cannot switch into a contract or fund unless there are some “Uninvested” monies available in the Contract Summary, as shown above (i.e. generated by previous transfer-outs). These may come from a transfer out of the current contract or other contract/s held by the client.

Starting from the “Fund” screen, above, showing either funds or events…

• Click the “Add” button
• Select “Add an event (e.g. accumulation, switch, etc)” and click “OK” (see also “Understanding Event Types and Actions”)
• To switch-into a new fund…
• Set the “Event type” to “Acquisition of contract or fund”, as shown below
• Set the “Action” to either “Switch-in...” between funds, or from other contract
• OR to switch-into an existing fund…
• Set the “Event type” to “Transaction between acquisition and closure”
• Set the “Action” to “Switch-in to existing fund from…” this contract, or other contract
• In the “Nett” field enter the total amount to be switched-in
• Enter the date of the switch in the “From” field
• Click the “Add” button to add a fund

• If you’re adding units to an existing fund then select the fund in question from the drop-down
• Or if you’re starting a new fund, as illustrated below, click “Yes” to confirm you really mean to do so

• Then select the first new fund, as shown below

• If switching-into more than one fund click the “Add” and repeat for the next fund
• N.B. If switching into a combination of new and existing funds then you’ll need to do one event for the new fund/s and a second for the existing ones.

• Click “OK” when you’ve switch-into all of the funds, as shown above
• Back on the “Funds” screen, below, you should now be able to see both the old and the new funds

• And if you click the “Show events” option you’ll see the “Transfer-out” and “Switch-in” events, as shown below

• Finally note that there are no longer any “Uninvested” monies in the Contract Summary fields.
• Note also that the information fields to the right of the Contract Summary show a history of fund movements for the entire portfolio.