By default, the associated what if scenarios are also updated to the new start date when the start date of a Base Plan is updated. If you select a what if to update and promote, only that what if is updated to the new start date.
And then select Update and Promote.
This is a two step process. Step 1 promotes the plan to the current planning year and Step 2 gives you the opportunity to update values. Step 2 is optional as you can also update values by going into the Dashboard.
Click on Next and it will take you through Step 1, which is promoting the plan and setting a new start date, and then you will move to Step 2 where you can up date the asset values.
The first screen summarises the current plan name and start date and gives you options to set the new plan name and new start date. The default is for the new plan to start on 'today's date' but this can be changed by selecting Set Date Manually in the Entry Method dropdown:
During Step 1 take note of any messages about items which will no longer appear in the plan due to their timing.
At the end of Step 1, click on Promote
A message will appear asking you if you are sure you want to promote i.e. create this new updated plan, click Promote again.
You will now see a screen that confirms Step 1 (promote) has been successful and now you proceed to Step 2, making the updates. Click on Next.
This will takes you through the various areas where you can make updates e.g. incomes, where you have the opportunity to update the figures or delete. To move through the screens, click on Next.
Once you have worked through the update screens you will get a summary and then click Done.
Again a message will appear asking you if you are sure you want to update, click Update.
Once done, check the Dashboard and update any items not included in the Update wizard. You should also check Carryover Assumptions, to ensure that these reflect the correct position and Plan Settings, especially if a warning message has appeared stating that Plan Settings are out of date.
Important Note re Carryover Assumptions - when a plan is updated the software does not automatically update Carryover Assumptions. This is because what was planned to happen may not be what actually happened. Carryover Assumptions should be manually updated when the start date is updated to reflect things such as PETs/CLTs into trusts, lump sums taken from pensions, unused carry forward allowance.
For example, a plan started in 2024 had a discretionary trust purchased in year 1 of the plan for £325,000 which showed as a CLT in the Legacy screen. When the plan is updated to 2025, this CLT for 2024 will not be automatically input in Carryover Assumptions, it will need to be added manually.
Important Note re Plan Settings - when default plan settings are updated for your subscription, existing plans retain their existing plan settings. You can manually update the plan to use the new settings after the start date has been updated. Read how to do this here.
Tip - You can use Let's See > Compare Plans > List View to compare the new base plan to the old one in order to sense check it:
Further reading: