During our technology upgrade we have worked closely with Time4Advice to make sure your electronic valuations and electronic commission and fee reconciliation continue to work as usual.
Changes to Curo
Updating your software
Together with Time4Advice we have ensured that all the required updates have been taken care of so you can relax without any interruptions.
Updating your username and password
We have supplied Time4Advice directly with all the details they need to set up your valuations and fee and commission reconciliation so there is no need for you to update your username and password.
Updating your account numbers
As part of our technology platform upgrade, we have issued new account numbers for all existing accounts. We have already communicated the new account numbers to Time4Advice so they can make the updates on your behalf.
For clients that currently hold both crystallised and uncrystallised holdings in our Collective Retirement Account, we will be creating separate accounts to hold each of these components.
Before Time4Advice can update your account numbers in CURO, you must reconcile the final fee statement (EDI) that we send from the current technology platform. Thereafter, remuneration fee reconciliation will work with either the old or the new account numbering systems.
At 17.00 on Wednesday 25 November, automatic valuations will be temporarily switched off.
On Monday 30 November, Time4Advice will start a two-stage automated update process:
First stage - create second accounts
- Existing Collective Retirement Account (CRA) accounts will have been split into uncrystallised & crystallised sub-accounts following the migration.
- Where they have been split, the existing account will be updated to the new uncrystallised account number, and a complementary second account will be created using the new Crystallised account number under the new system.
- The Crystallised account will have a CURO product type of 'Income Drawdown – SIPP'. The value will be set to zero and all fund holdings will be removed.
- If the existing account was linked to an Income Profile, then a complementary second Income Profile will be created and linked to the Crystallised account.
- This second Income Profile will have the 'Generate Expectations' option set to "No" and any recurring Income frequency turned off.
Second stage - migrate existing accounts
- The existing uncrystallised accounts, and any other accounts that were not split, will be updated to the new account number.
- The old account number will be stored with the account record for reconciliation purposes.
- Any Income Profiles linked to the old account number will be updated to contain both the new & old account numbers.
- Any Contributions linked to the old account number will be updated to contain the new account number.
Once the automated stages have been completed, an e-service valuation will be triggered manually. That will create the fund holdings in the Crystallised accounts, and in doing so it will update their valuations.
In the Plans entity in CURO, Time4Advice will provide a View that will show all of the new Crystallised 'Income Drawdown – SIPP' accounts.
Customer manual checks
Customers will need to make the following checks, and carry out any required corrective actions:
- Check a sample of the plan values to ensure they are as expected.
- Check whether any of the existing Contribution and Withdrawal records, which will all be associated with the uncrystallised plan, need to be re-associated with the crystallised plan.
- Check whether all links to Model Portfolios have been duplicated as expected.
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