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Investments, Single Premium Contract with Funds

Start the policy as described in “Investments, Starting Policies, Contracts and Accounts

At the bottom of the first screen, as shown below, after entering the “Policy start” and “Until” details…

On the “Transactions” or “Funds” screen, as shown below…

On the “Add Fund for…” pop-up, shown below…

You should come to a “Locate Fund” dialogue (see below)

You’ll return to the “Add Fund for…” pop-up, shown below, where you should complete the “Original” column as follows…

Now in the “Current” column…

Once you’ve completed the first fund selection you’ll be returned to the “Edit Event” pop-up (n.b. the “Event” in this case is an “Initial purchase” for £5000 split equally between two funds). If the investment has multiple funds click the “Add” button and repeat the above process for each one, as shown below…

Click “OK” when you’ve finished adding funds on the “Edit Event” pop-up, above, after which  you should agree to the prompt to “Recalculate totals”…

…and then you’ll be returned to the “Transactions” screen, shown below…

Finding The Correct Fund Name

One of the biggest problems with this process is knowing the fund name, which only comes with experience. For example a “Clerical Medical” fund might be called exactly that, or perhaps “Cler Med” or “Fidelity Cler Med”, etc. Sometimes an insurer might use a totally different fund manager, like the “Edinburgh Fund Managers”. If in doubt refer to the financial adviser who sold the product or the provider of your data-feed for investment fund prices (e.g. Financial Express).

Initial Accumulations (or Extra Units)

Sometimes an investment is allocated extra units (e.g. to represent 105% or 110% of the initial premium). Do not enter these in the “Original” column. Instead you should enter these in the “Current” column.

See also “Life, Commission”, “Set-up, Policy Notes” and “Life, Compliance”.