The Control Account acts as a clearing and transactional account for all payments made to and from the Retirement Account. It is linked to the Bank of England base rate.
Movements captured include
| Money in | Money out |
- Client payments
- Payments made by another individual on behalf of a client (third-party payments)
- Employer payments
- Drawdown to drawdown transfer
- Other transfers
- Designation of funds to Retirement Income from Retirement Planning
- Tax relief on client and third-party payments (Retirement Planning only)
- Proceeds from the sale of assets
- Positive balance adjustments
- Fund Supermarket rebates
|
- Service charge
- Adviser payment charge(s)
- Property management charge
- Settlement of a deferred charge
- Purchase of assets
- Transfer out
- Retirement benefits
- Income payments (Retirement Income only)
- Designation of funds from Retirement Planning to Retirement Income
|
If you invest in Scottish Widows funds only, your client may not need to use the Control Account.
You and your client can access the Control Account(s) online (your client will have read-only access).
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