What happens next?
Thank you for completing your application pack!
We are delighted you have decided to move your plans to the Saltus Platform and thank you for returning the application pack so promptly to us. At this stage we would like to provide a little more insight into what happens next.
Instructing your existing provider
Now you have returned your application pack, we will instruct your existing provider and let them know that you are transferring your plans.
Transfers typically take a number of weeks to organise, so we will keep in touch should there be a delay or something unexpected happens.
Your existing provider might ask us for additional paperwork or information. Where possible, both for convenience and speed, we will use email communication to convey these additional requests to you.
During this period, you might receive correspondence referring to either Multrees or Barnett Waddingham. Don’t be alarmed or surprised if you see these names crop up as they provide two vital components for the Saltus Platform.
- Multrees Investment Services Ltd are the underlying custodian for the Saltus Platform. Saltus, like many high net-worth wealth managers, think it’s best practice to use a specialist third-party provider with global expertise to be the registered keeper of your investments.
- Barnett Waddingham is a large specialist pension provider who we believe are among the best in the UK. They sit behind the scenes and power the Saltus SIPP.
Saltus online portal
Once your new Saltus Platform account is open, we will provide you with on-line access to the Saltus Portal. In the “Documents” section you will find:
- Terms & Conditions for the Saltus Platform and your new plans
- If you are moving a SIPP, a Saltus SIPP Illustration and Application Playback
You will not see detailed plan information or asset valuations while your transfers are “in flight” from your existing provider. However, we will be monitoring these closely so that once those transferred funds arrive at Saltus, you will receive a confirmation email from Saltus titled “Safe receipt of funds”, and the plan information will then update and display on the Saltus Portal in the following days.
If you are moving a SIPP, in addition, Saltus will provide an Expression of Wishes form that will allow you to nominate beneficiaries for your Saltus SIPP. Please look out for an email with a DocuSign link to complete and return to Saltus directly.
Residual Cash
Following the transfer of your assets to Saltus, you may find that a small cash balance accrues in your old plan. This occurs as dividends and other natural income are paid out on assets you previously held in your plan, creating a residual cash balance. All providers have a process for sweeping this residual cash across at regular intervals following a transfer out, usually every few months for up to 12 months after a transfer out is completed. This is completely normal and does not require any action from you. If any particularly large balances accrue, we will arrange to instruct the ceding provider to pay this across sooner so that the funds can be invested into your new Saltus Portfolio without delay.
You will hear from Imperial Chartered and Saltus over the coming days and weeks as your transfers progress.
In the meantime, if you have any remaining questions, please do not hesitate to get in touch.