Closure of Connect
We are very sorry to inform you that the Connect service will be closing on Wednesday 31st May 2023. This means that you will need to take action on any Connect accounts that your clients currently hold. Your options are to; re-register or cash transfer the investments to another provider or to re-register to our own share register. Alternatively, if you prefer, you can request via Connect, to encash the investments and have the cash paid to your clients’ verified bank account.
We understand that this may be disappointing, and we are very sorry for the inconvenience that this may cause, however, from a review that was undertaken, we do not believe that the Connect Service will provide the long-term administration solution for our clients that we had originally envisaged and as such we have taken the difficult but right decision to close the service.
Yes. We wrote to all clients with investments on Connect during the week of 13th February 2023 to advise them of the closure.
Please discuss all options below with your clients. In all scenarios, there may be additional costs. Please note that on receipt of closures or transfer away requests, we will cancel any future adviser fee payments.
13th March 2023 – After this date, we will not accept any new requests to set up accounts, add monies to an existing account or transfer in from another provider. Any transactions in progress will be permitted to finalise. We will continue to collect regular payments until we receive a transfer away or encashment request until the end of April 2023. We will continue to accept transfer away requests from new providers until 31st May 2023
28th April 2023 – If regular payments are being collected, these will be cancelled on this date
31st May 2023 – After this date, we will not accept any more transfer away requests from new providers.
5th June 2023 – This will be the valuation date for all remaining accounts to be encashed by Premier Miton and proceeds paid to nominated bank or building society accounts. The payments are made by BACS so can take up to 4 days to show in accounts. If there are transfer aways in progress, we will not encash the holding and we will permit the transfer to complete.
Adviser fee payments will continue until we receive a transfer away request from the new provider or you encash the account via Connect. If you are transferring away, please speak to the new provider to establish your future fee payments.
Please request the transfer from the new chosen provider, they will provide information regarding their requirements. They will then contact us to instruct the transfer to them. You can transfer the Connect holdings whilst your client remains invested in the same Premier Miton funds (called re-registration), however, some providers will only allow you to transfer by encashing your funds first, so you should check this with the new provider.
If the new provider requests our contact details to submit the transfer request, these are as follows;
Plan manager: Premier Fund Managers Limited (Connect)
Address: PO Box 24132, Edinburgh, EH3 1GG
Email address: [email protected]
Telephone number: 01315 241 900 option 1
Call us on 0333 456 1122 or email us at [email protected] and we can provide the necessary application form. As above, you can transfer the Connect holdings and remain invested in the same Premier Miton funds. Please note that this service does not facilitate adviser fee payments from the investments. Your clients should read the Prospectus and KIID for the funds prior to selecting this option .
If we receive a transfer away or withdrawal request, we will stop collecting any more regular payments. With either option, we would still ask that your client contacts their bank to stop the direct debit payments as well. The final collection for regular payments will be 28th April 2023, if your client has not stopped the payments prior to this date.
We will pay the proceeds to the nominated bank account provided when you set up the Connect account. If this is not currently a verified bank account, we will ask for evidence before making the payment. The evidence we require validates the authenticity of the account, so it could be a bank statement or void cheque from the client. We would expect the proceeds to be paid within 8 working days of the instruction being keyed on to Connect. This includes the time to sell the investments and make the payment via the BACs process, which can take up to 4 working days to show in bank accounts.
If you take no action, Premier Miton will encash the Connect account(s) on the 5th June 2023 and pay the proceeds to the client’s nominated bank account
All withdrawals from SIPP accounts are paid to Embark and maintained within their SIPP wrapper. Please contact Embark to make them aware of any encashment request and what you would like to do with the proceeds
Investments held within an ISA or SIPP wrapper are not liable to capital gains tax. Any investments held outside a tax-efficient wrapper may incur a tax liability depending on personal tax circumstances, however, re-registering Connect accounts to alternative providers does not require investments to be encashed.
If they hold the fund on Connect on the ex-dividend date, income will be due and payable by Premier Fund Managers. Please see the individual fund factsheets for the ex-dividend dates. Any income received after the account has been closed or transferred away will be sent to their nominated bank account or onwards to the new provider (depending on the option you select). If the new provider cannot accept residual payments, we will make the payment directly to the client’s nominated bank account.
The adviser portal and customer portal will remain available until Connect is closed, but we recommend downloading and saving any important information as soon as possible (eg Tax Vouchers and Regular Statements). Once Connect has closed, please contact us on 0333 456 1122 or email us at [email protected] for any Connect related enquiries.
Clients will receive a closing statement including their Costs and Charges summary and a Consolidated Tax Statement on or around 31 December 2023, the regular quarterly statements will continue to be issued until these closing statements are issued. Please ask your clients to retain this information as evidence of their holding and final transactions. You can access copies of the quarterly statements via Connect.
Adviser fees and charges
Frequency is set per firm/network when your firm registers to use Connect and can be paid in the following ways;
Initial advice charge
Weekly: Paid on the Monday after we have received cleared funds.
Monthly: Paid on the 26th of the month during which cleared funds were received.
Ongoing advice charge
Weekly: Collected from the client’s account each month based on the date the account was first opened; paid weekly on the following Monday.
Monthly: Paid on the 26th of the month.
All payments are made by BACs and can take up to 4 working days to clear in the nominated bank account.
Statements can be viewed and downloaded within the adviser services dashboard.
No. Your clients can hold cash within their product accounts which can be used to facilitate adviser fees. If there is insufficient cash available in the product account, there will be a sale of investments (on a pro-rata basis) to raise sufficient cash if needed.
The adviser initial charge is taken directly from your client’s account prior to investment and will be paid once the Charges Information Document, signed by your client, has been uploaded to your client’s document library.
The Unused ISA allowance report within the adviser services dashboard (see ‘business reporting’) will cover your clients’ ISA contributions and any unused ISA allowance for the current tax year but only applies to investments through Connect.
Withdrawals and natural income
There are a number of options available to your client. Natural income, which is any income generated by the underlying investments held within a Premier Miton fund and paid out as a dividend/interest per share/unit, can be paid to your client’s bank account or re-invested to buy further shares in the fund or retained as cash within their product account. You can change the way that income is paid out to your clients at any time, if instructed by them.
For individual clients: dividend payments are displayed within your client’s transaction history, under transaction type. You can filter by dividend and run a report which will show all dividend payments made to your client. This information can also be downloaded as an excel document.
For fund specific: within corporate actions, you can run a dividend report which will show ex-dividend dates, payment dates, dividend payments and the dividend payment status for specific Premier Miton funds.
Yes. Your client can specify to receive withdrawals from a fund and they can apply the disinvestment equally across their Premier Miton funds or pro-rata across all Premier Miton funds they hold within their portfolio. The first payment will need to be at least 10 working days in the future, from the day the instruction was made.
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