Important information for Investment Managers 

The new Nucleus Platform – Important information for Investment Managers 

The James Hay upgrade took place over the weekend of 7 and 8 February and the new Nucleus Platform is now available.

This page outlines some changes you should be aware of now we've upgraded, and any actions you need to take. 

Please note, a small number of James Hay products were not upgraded. These changes do not apply to customers with these products.

As previously communicated, any instructions received for after the cut-off dates for James Hay Online will now need to be resubmitted on the new platform.

New bank details and customer reference numbers 

What's changed

We'll be allocating new customer reference numbers now we've upgraded, which will replace any existing James Hay member and plan numbers. Please be aware that these will be different to the numerical format used today, and will move to an alpha-numeric sequence, for example NJ1042267-001.

We've also set up new product bank accounts. Payments on the new platform should be made to the new bank accounts, using the new reference numbers, to allow auto-matching and avoid any delays.

Actions you need to take

In the first few weeks after the upgrade takes place, we'll send you confirmation of old and new reference numbers and updated bank details. We'll have a temporary redirection process in place for the first two months, however, please ensure you update your records as soon as possible. Failure to do so could lead to delays or returned payments. 

Improvements to cash management

What's changed

On the new Nucleus Platform, if there’s insufficient cash available to pay fees, charges, and regular income, automated proportional disinvestment will take place (where possible) to help cover them, including from Investment Management Accounts. Please be aware, you may receive additional requests as a result of this new process. 

Actions you need to take

Where appropriate, please ensure you continue to work with advisers and clients to confirm which underlying assets to sell to ensure there is available cash.

Regular sell instructions for income

What's changed

Customers will continue to have the ability to create regular sell instructions on the new platform to ensure there's enough cash to pay fees, charges, and income payments.

They'll also be able to specify that income is funded from disinvestments from Investment Manager Accounts (where applicable). This will generate an initial request, with subsequent instructions sent at the relevant frequency, asking for funds to cover the full amount of income.

Actions you need to take

Please work with advisers and clients to ensure cash is available to fulfil regular sell instructions, otherwise payments may not be made.

Flexible income payment dates

What's changed

Previously, all pension income withdrawals were set for the first of the month, and we asked you to send funds by the twenty-second of the preceding month. On the new Nucleus Platform, customers can choose any date between the first and twenty-eighth of the month for future payments.

Upgraded customers have been moved across with their current date, however, please be aware that going forward you may receive requests for money at any time between these dates.

Actions you need to take

If you have specific dates on which you make payments to Nucleus to facilitate income, please make advisers aware, and plan for this accordingly.

New process for inbound valuation and asset holding files

What's changed

We've changed the email address that you’ll need to use to send us valuation and asset holding (Capital Adequacy) files. We'll be in touch with the new details in a separate communication.

If you previously sent these via SFTP, we've changed the SFTP location, and we'll be in touch shortly to let you know the details.

Actions you need to take

If you send files by email, you'll need to update the email address.

If you're using SFTP, we've outlined the steps you now need to take below.

  • Provide your IP address for Whitelisting. 
  • We’ll then provide access and supply new logon credentials. 
  • We’ll ask you to test access to ensure the SFTP is working accordingly ahead of the upgrade. 

We'll work closely with you to ensure the new process is followed now we've upgraded. However, please be aware that failure to receive files through the correct methods may lead to incorrect valuations and delays to benefit calculations. 

Should you have any questions regarding the information contained in this webpage, please contact imsupport@jameshay.co.uk


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