Wrap help

Yes. Your adviser can update this directly on the Wrap platform. You can also give us a call on 0345 279 1001 to let us know and we will update your account. Call charges will vary. We will require evidence for some changes, such as change of name or National Insurance Number (NINO).

We’re sorry to hear your loved one has passed away. Your financial adviser or solicitor can contact us on your behalf or you can give us a call on 0345 279 1001 and we can discuss the next steps with you. Call charges will vary.

Yes. We require a signed Death benefit nomination form in order to add a beneficiary to your SIPP. If you would like to remove an existing beneficiary, please confirm this in a signed letter. Forms and letters should be posted to: Standard Life, Dundas House, 20 Brandon Street, Edinburgh, EH3 5PP.

In order to allocate pension monies following a divorce we normally require a Pension Sharing Order. There are also other legal documents required, depending on which country’s courts have confirmed the divorce. You should speak to your solicitor or financial adviser about what is required.

If you would like information about how we process Pension Sharing Orders, please call the platform support team on 0345 279 1001. Call charges will vary.

We will need a signed instruction from you to close your plan. You will also need a bank account that has been verified for withdrawals on your Wrap account in order for us to send your monies to you. Please include the following in your letter and post it to:Standard Life, Dundas House, 20 Brandon Street, Edinburgh, EH3 5PP.

• Name
• Contact details 
• Plan number
• Confirmation which sub-account is to be closed (ISA/PP/entire Wrap account)
• Which bank account we should pay out to (this cannot be a third party bank account)
• Your signature

If your account balance is less than £250, you can tell us over the phone that you would like us to close the account. This process does not apply to SIPPs. You must transfer your plan to another provider or take drawdown. Please call our customer centre on 0345 279 1001. Call charges will vary.

We will pick up this request within 5 working days of receiving it. If you have investments, we will need to sell them down to cash before paying the proceeds to your verified bank account. It can take 10-18 working days to complete an account closure from when we receive your instruction.

Closing a Wrap account is different from transferring it to another provider. If you would like to transfer your Wrap products, please see the section on Withdrawals, payments, and transfers.

The platform charge is calculated monthly, based on the value of your Platform Eligible Assets (PEAs) on the last working day of the previous month. This calculation is done for each product held on the Wrap platform. The charge is equal to 1/12^th of your annual platform charge, as shown on your Summary of Charges document.

Your annual platform charge is calculated on a tiered basis, shown below. The charge may change as your Wrap account value increases or decreases. If you have any questions about your platform charges, please speak to your adviser or call the Wrap customer centre on 0345 279 1001. You can also refer to your Terms and Conditions.

From April 2020, the Wrap platform charge has been reduced and simplified from 6 tiers to 4. The starting rate for the platform charge has been reduced from 0.40% to 0.35%. The annual product administration charge for the Wrap SIPP has also been reduced from 15% to 5%. See below for the new Wrap pricing structure.

The platform charge is deducted from your Wrap account on the 5^th of the month.

The platform charge is applied to your Personal Portfolio (PP) and/or ISA are deducted from your Wrap Cash account. In the case where there are insufficient funds in Wrap Cash, the platform will move cash from within PP or ISA cash into wrap cash. If there isn’t enough cash available in your PP or ISA, investments will be sold down to cover the charge. This process is called auto-disinvestment.

The platform charge on your SIPP are deducted from the cash account within your SIPP. SIPP charges cannot be taken from Wrap Cash. When there is insufficient cash within your SIPP to cover your platform charge, investments will be sold down to cover this.

For more information about charges, including the platform charge, product administration charge, dealing charges, and auto-disinvestment please speak to your financial adviser or call the Wrap customer centre on 0345 279 1001.

SIPP: Your SIPP OAC is calculated based on the value on the morning of your policy anniversary date. Depending on the frequency of your OAC, this could mean that it is calculated monthly, quarterly, semi-annually, or annually on the date you opened your SIPP. The charge will be equal to the annual % OAC divided by the frequency of the charge. For example, if your adviser takes a monthly fee, each month we will pay out 1/12th of the OAC.

Personal portfolio & ISA: The OAC for all other products is usually calculated based on the value of your account on the morning of the charge due date. The charge will be equal to the annual % OAC divided by the frequency of the charge. For example, if your adviser takes a monthly fee, each month we will pay out 1/12th of the OAC. Your adviser may also choose to take a fixed fee.

If you have any questions about your OAC, please speak to your financial adviser.

Those charges applied to your Personal Portfolio, ISA, and the Onshore bond are deducted from your Wrap Cash account. In the case where there are insufficient funds in Wrap Cash, the platform will move cash from the product into Wrap Cash. If there is not enough cash available in your PP or ISA, investments will be sold down to cover the charge. This process is called auto-disinvestment.

Adviser charges for the Wrap SIPP or Offshore bond can be deducted from the cash account within the product or from Wrap Cash. You should discuss with your financial adviser which option is best for you.

For more information about auto-disinvestment, call the Wrap customer centre on 0345 279 1001. If you have any questions about adviser charges, please speak to your financial adviser.

Depending on your level of access, you may be able to view your charges being deducted from your account on the Transaction history tab on the portal – make sure you have set your view to ‘Cash’. You can also see this on your Statement.

If there has been insufficient cash in Wrap Cash to fund PP and/or ISA platform charges, you will see the narration: ‘Cash movement to fund Wrap Cash’. This is the platform moving cash from your product into Wrap Cash in order to take the charge as they are not taken directly from the ISA or PP.

From April 2020, the Standard Life Wrap is offering a ‘Drawdown price lock’ which allows your adviser to ‘lock in’ your platform charge at its current rate. The price lock takes into account the value of all platform eligible assets (PEAs), but only applies to the Wrap SIPP and can only be used when your SIPP is in drawdown. The platform charge for your other products will continue to change as the value of your PEAs changes.

The drawdown price lock might not be suitable at this time and mat not be right for everyone. Please speak to your adviser for more information or to request a price lock. There may be a charge for this.

Each Wrap client automatically has access to a Wrap cash account. Wrap cash is the hub of your Wrap. In addition, the Wrap platform also operates cash accounts at a product level. The interest rates on all these accounts are variable and may go up and down regularly. Here are the annual gross interest rates which we currently pay:

Cash account for Wrap SIPP
A minimum rate of interest equal to the Bank of England base rate on the day in question less 1% will be payable. However, Standard Life Assurance Limited currently choose to pay a higher rate of interest of 0.00% gross per annum.

Cash account for International Portfolio Bond for wrap
From 23 March 2020 the interest rate payable is 0.00% gross per annum. Please note that the interest rate may vary from time to time.

Charges are per annum.

If you would like to take a withdrawal from your ISA, personal portfolio, Bonds, or Wrap Cash, please get in touch with your financial adviser. For information about taking money out of your SIPP, please see the section on drawdown.

You will receive your personal portfolio or ISA withdrawal 10 working days from when your adviser instructs it on the Wrap platform.

If you would like to make a payment into your Wrap account, please get in touch with your financial adviser.

We do not accept standing order payments. If you would like to contribute regularly into your Wrap Account, please speak to your financial adviser. If we don’t have one on file, we will need a Direct Debit Mandate signed and posted to: Standard Life, Dundas House, 20 Brandon Street, Edinburgh, EH3 5PP.

You can select a payment date from the 1^st to the 28^th of the month as your direct debit collection date. These take some time to process so please keep these timescales in mind:

• If it is a new direct debit instruction (DDI), we will need to receive the Direct Debit Mandate no later than 11 working days before the collection date.
• When there is an active instruction, we must receive any changes at least 6 working days before the collection date.
• If you have an active DDI on your Wrap account but we have not collected from your bank within the last 6 months, we will need to re-instate the instruction. This will add an extra 2 days to the timescales for collection.
• Timescales for Wrap Bonds differ, please call 0345 279 1001.

You will see your payment applied to your Wrap account within 3 working days of it having been received. It is important to be aware that different banks process payments using different timescales. Check with your bank to find out how long it will take for us to receive the payment.

If you would like to add new bank account details to your Wrap account, please contact your financial adviser.

If you would like to verify a bank account for withdrawals, you will need to provide your adviser with evidence that proves your ownership of that bank account. They can then call us to verify it on your Wrap account.

It is also important to note that we can only verify bank accounts for withdrawals if the name matches the one on the Wrap account. This means we can only use your personal bank account, or a joint account which includes your name, when processing a withdrawal. Third party bank accounts cannot be used for withdrawals. This is for your protection as well as ours.

Yes. If you would like to transfer some or all of your products to another provider, we suggest you speak to your financial adviser. If you would prefer to instruct the transfer yourself, you will need to contact that provider and they will go through the process with you. They will then send the transfer request to us on your behalf.

This does not include bonds as these cannot be transferred.

Yes. Please speak to your financial adviser who will be able to set this up for you.

Bonds cannot be transferred onto the Wrap platform.

Our bank: HSBC Bank Plc, 31 Holborn, Holborn Circus, London, EC1N 2HR.

If you would prefer to send a cheque, please make these payable to: Standard Life Savings Ltd. and post them to: Standard Life, Dundas House, 20 Brandon Street, Edinburgh, EH3 5PP.

Please speak to your financial adviser about what funds are available and which fund selection is right for you.

Your financial adviser can instruct a buy, sell, or switch of funds. Please contact your adviser to discuss your options and to instruct a trade.

You will get the price available at the next Valuation Point after your deal has been placed. These differ for each fund.

Once deals are placed by your adviser, mutual funds take 3-5 working days to fully settle and insured funds take 2 working days to settle. There can only be one deal ongoing at any time per fund. This means you must wait for the sale of a fund to settle before you can sell further units of that fund.

If you would like to instruct your first move to drawdown, including taking Tax Free Cash, please speak to your financial adviser. Keep in mind, you normally cannot take money out of your pension until you are 55.

If you would like to change your regular drawdown instruction, or take a single payment, your adviser can instruct this for you. If you would like to instruct this yourself, please call our customer centre on 0345 279 1001. Call charges will vary.

Your adviser can instruct this for you. If you would like to take out Tax Free Cash (TFC) yourself, please call our customer centre on 0345 279 1001. Call charges will vary. You can only do this if your SIPP is already in drawdown.

You can view how much TFC you have remaining on the portal – simply go to the Account details section and select SIPP account details to view your balance. If you have a protected Lifetime Allowance (LTA), your TFC may not show correctly. Please call the customer centre on 0345 279 1001 to confirm the TFC you have remaining.

You will receive your drawdown income within 10 - 12 working days of giving us your instruction. If you have requested a tax free cash single payment, you will receive this within 6 - 8 working days of your instruction. If you have set up regular drawdown income, you will receive your monies on the selected date, keeping in mind the timescales above.

If the expected payment date for your income falls on a weekend or bank holiday, you will receive your drawdown monies on the previous working day.

Your Lifetime Allowance is the maximum amount you can take out of your pension pot (across all of your pension holdings) before incurring a tax charge. For more information about lifetime allowances and to see the current allowance for this tax year, please visit the gov.uk page.

If you would like to know how much of your allowance you have used from your Wrap SIPP, please call the customer centre on 0345 279 1001. Call charges will vary.

You can view the tax code we currently hold for you on MyPlatform – simply click on the link to open your SIPP account details.

If you feel the tax code we hold is incorrect, please contact HMRC on 0300 200 3300, call charges will vary. Unfortunately we are unable to accept any changes to your tax code over the phone or via post – these must come from HMRC directly.

HMRC provide us with your tax code electronically and automatically. If you have recently taken drawdown for the first time, you may be on an emergency tax code. This is temporary and will be updated once HMRC have a better idea of your income.

If you feel you have been over-taxed and have received a single payment under flexi-access drawdown, you can apply for a refund through HMRC.

If would like to reclaim tax on single or regular payments under capped drawdown, or for a regular payment under flexi-access drawdown, please contact HMRC on 0300 200 3300. Call charges will vary.

You will require our PAYE reference which is: 961/FZ56287.

Your P60 is issued to you annually around mid-April. A copy is also stored in your document library on MyPlatform. Alternatively, you can give our customer centre a call on 0345 279 1001 and request that we send you a new copy in the post. Call charges will vary.

Yes, please call our support team on Standard Life, Dundas House, 20 Brandon Street, Edinburgh, EH3 5PP and they will be happy to issue a contribution statement to you in the post. This is different from your annual statement. Call charges will vary.

The annual allowance for ISA contributions for the 2020/2021 tax year is £20,000. This can be divided over different ISAs, but not two of the same kind. This means you can contribute into a cash ISA and a stocks and shares ISA, but not into two different cash ISAs, or two different stocks and shares ISAs in the same tax year. Find out more about the ISA allowance on HMRC’s website or speak to you financial adviser.

You can now register for online access through our new secure provider, Okta. If you have not previously had Wrap online access, please speak to your adviser first as they will need to set you up with a profile.

Please contact your adviser for their website link to MyPlatform. If you already have the URL, go to the login screen, select ‘Client Login’ and follow the instructions. If you have never been set up with a Wrap login account before, please call your adviser to be signed up with access.

If you’ve forgotten your password, go to your login page and select the ‘Forgot password’ link. If you’ve forgotten your username, please call the Wrap customer centre on 0345 279 1001.

You can give our Wrap customer centre a call on 0345 279 1001 and we will be happy to provide you with any guidance or information you need about MyPlatform.

Okta is our new online access provider. The Okta sign-in system provides secure connection between you and your Wrap account information. Okta protects your information with extensive security measure and controls that are audited by third parties. You can have confidence that your details are safe and secure.

This is an annual document which will be sent to you around the start of each year. The first time we sent this document was February 2019. This document provides a summary, in monetary and percentage terms, of the charges you paid over the preceding 12 months. This way you can more easily keep track of how much you are paying in fees.

Your Charges Summary is a snapshot of your annual fees as a percentage figure. The platform charge is calculated on a tiered structure and can change as your Wrap account value increases or decreases. For more information about your charges summary, please speak to your financial adviser, or call the Wrap customer centre on 0345 279 1001.

A Charges Information Document is produced when you are buying or switching into a fund you don’t already hold. This shows your charges on a transactional basis and is calculated differently than your Charges Summary. We will send your CID as a password-protected document after we have taken your instruction. This will be sent along with any KIIDs if applicable. If you would like more information about your CID, please call our customer centre on 0345 279 1001. Call charges will vary.

Your statement provides you with a detailed breakdown of all of the transactions which occurred on your Wrap account within the time frame stated on the first page. Your statement will show you: charges, money in/out, cash transfers between Wrap products, the purchase and sale of investments, as well as an opening and closing value for the period.

For ISAs and Personal Portfolio, we provide statements on a quarterly basis. For the SIPP, Onshore bonds, and Offshore Bonds, these are provided annually. Unfortunately we cannot generate ad hoc SIPP/Onshore/Offshore bond statements.

Your contract notes are evidence of the purchases or sales of mutual funds or securities on your Wrap products. Your contract note shows you which fund(s) were sold, how many units, what that unit price was at the time of sale, and the settlement date of the transaction. By ‘settlement date’ we mean the date that the transaction was completed, or in other words, when the cash from a sale is available to use or the fund you purchased has now been fully registered in your name. The settlement date is not the same as the date of the actual purchase or sale of the fund(s).

Yes. If you would like to go paperless please call our customer centre on 0345 279 1001 and we will be happy to update your account. Call charges will vary. If you have not opted out of contract notes, we can switch those off for you as well. Due to the nature of the document, these are not automatically switched off when you go paperless, so please make sure to mention to our customer representative that you would also like to opt out of receiving contract notes. All of your documents will be available for you to download from the Document Library on MyPlatform. Unfortunately, we cannot send these documents via email as this is not a secure method of communication.