How do I invest in a Collective Investment Account (CIA) which is going to be held within another investment?

The following process is suitable for most offshore business, if you have any questions about your specific provider, please speak to a Platform Specialist or Wealth Management Consultant. 

1. Add a new individual client to represent the Scheme Provider – this client record will be added during the new business process as an Interested party and this client record can be re-used for any future cases from the same provider.

For example you could use the details below

• Client Type: Individual
• Title: Mr
• First name: Example
• Surname: International
• DOB: 1/1/1950

This will then be added as the interested party in the application.

2. Now add another client. This is the product in which the CIA will be held, in other words the offshore bond.

• Select the client type as Corporate and tick Offshore bond
• The corporate name should be entered as:
  • The offshore provider
  • The product type
  • The policy number
  • The client’s surname
  • Example: ‘Example International – Offshore Bond 123abc – Smith’
• Enter the company registration number
• Select the relevant other third-party provider i.e. Example International

3. From this second client record, select to start a quick quote or a new business application.

• Select CIA under account type
• Tick No to withdrawals
• Select the adviser and confirm the advice details

4. In the application journey, enter the remaining client details. Please note, for CIAs invested as an asset of the offshore bond, we deem the offshore bond provider as our client. Therefore, the bond provider’s details should be used here.

5. Confirm and enter the remaining details on this page including the LEI code.

6. In the Add Director details add the named individual (Example International) as created in step 1.

7. Leave the Interested Party blank as this will be confirmed by Quilter, as the application asks you to confirm the name of the offshore provider as under step 2 above. 

8. When selecting the Decision Maker, select the option for Customer which is the offshore bond.

9. Proceed to the contributions page and select a Single Client Payment with Bank Transfer as the payment choice.

10. Enter ‘0’ into the Fees field. Quilter is unable to facilitate any adviser fees for CIA assets of an offshore bond. If you would like to apply fees, please refer to the external bond provider.

11. Proceed to the asset selection page and select the relevant investment options and ensure the percentage allocation adds up to 100%. Confirm the distribution options.

12. Review the details that you have entered into the application to ensure they’re correct.

13. Click Next to generate the documents, review and tick the declarations then press submit to complete the application.

14. The Confirmation Schedule should be provided to the offshore bond provider in addition to any other supporting documents that they might require such as a Collective Investment Account appointment form which allows you to switch assets online.

15. Please note that Quilter cannot accept any requests signed by the underlying client. All requests regarding this type of CIA account must go through an offshore bond provider.

1. A primary authorised signatory must be created, if it has not been previously.

This client record can be re-used for any future cases from the same provider to be selected as the authorised signatory in the application journey.

Use the Add Client option on the platform and input the individual’s details. If there is more than one signatory these will need to be added after the new business application is completed.

Please note that any Corporate Trustees will need to be added as an 'individual'. For example, you could use the details below:

• Client Type: Individual 
• Title: Mr
• First Name: Example
• Surname: Pension
• DOB:1/1/1950

TIP – You can set the client as a ‘quick list client’ to make it easier to locate them when completing the application.

2. The interested party field in the application is used for recording the details of the underlying client(s) of the pension scheme. If the client has not been set up on the platform already, this will need to be added to the platform as a new client before proceeding.

3. Add a new client record for the specific SIPP Scheme.

4. Select the client type as Pension Scheme and tick the box for a SIPP or SSAS as appropriate.

• Enter the pension scheme name. The naming convention should be confirmed with the provider, but it is usually ‘Scheme Name re: Surname & Plan number’. For example: Scheme Electronics Ltd re: Smith – 12345.
• Enter the PSTR or PSO reference.
• Select the relevant scheme provider as the third-party provider (i.e. James Hay SIPP) to complete the client record.

5. From this scheme record, select to start a quick quote or a new business application.

• Select CIA under account type
• Select the adviser and confirm the advice details

6. Enter the remaining details for the Pension Scheme, including the applicable Pension Scheme address, tax reporting country and Legal Entity Identifier code (LEI) code which must be entered. The correspondence address should be that of the Scheme Provider.

The LEI code can be obtained from the pension scheme provider. 

7. For the authorised signatory, search and select the client record that you previously created in Step 1.

• Please note, this client can be used for any future CIAs in SSAS/SIPP applications you create when using this same third-party provider.
• The authorised signatory has the legal responsibility and obligation; depending on the scheme type this could be a corporate scheme trustee, individual trustees or SSAS directors, and will be noted by our back- office team.

8. When selecting the Decision Maker, select the option for Customer, which is the Pension Scheme. Alternatively, Select Other and Individual then enter the details of the appropriate person.

9. Enter the details for the appropriate payments and contributions being made to the plan. Client contributions would represent payments from the SIPP provider.

10. Proceed to the asset selection page and select the relevant investment options and ensure the percentage allocation adds up to 100%. Confirm the distribution options.

11. Review the summary details of the application, access the necessary documents, tick the declarations and submit the application.

12. Information and documents we might need to support your online application are:

• Tax Declaration and COVI for Trust and Corporate Investors
• List of authorised signatories
• Fee Authorisation form signed by trustees (please retain for your records)