The main changes are:
1. Procedures – links can be set up to
your internal procedures.
2. SMPI. Previously the assumption for annual charges was set at 1% p.a.
and it could be amended by the user each time an SMPI was run. The default
assumption can now be stored on the Changes tab in ‘Other, Assumptions
and Charges’. This can be set at any level and all SMPIs will start with
that assumption.
3. Settings. Allows the master user to customise
the appearance of various items.
4. Payroll – more reports have been added to make the processing of
instructions to banks easier. Details are in the ‘Reports for Bank’
section of the PAYE Processing help file. The
PAYE Module is separate and full details can be provided if you are interested.
5. Scheme Accounts. Omni can produce
Draft Accounts (on the Reports menu) for you to finalise. Once finalised, the numbers
in the accounts can be stored permanently and then will automatically be
included as the previous year figures in next year’s accounts.
6. Arrangements. If a member has more than 1 arrangement,
every pension payment has to be split between the arrangements (pre 2006, TiD
etc) and Omni now keeps a history of the split percentages. This is explained
in the ‘Extra Arrangements’ section of the Pension
Data help file.
7. Data Prints. There are Print buttons on the main Scheme, Member and
Property screens. These now send the data to a Word document.
8. Pension Withdrawals. For Key Features the user can now specify different
assumptions for the ‘What Benefits Might Be’ projections e.g. if
the long-term investment strategy is 100% deposits you may wish to use
assumptions such as 1%, 3% and 5%. Omni may prompt you to change assumptions in
some situations but it is your responsibility to determine whether the 5%, 7%
and 9% basis is appropriate.
9. Recently used schemes. On the main File menu, Omni will show a list of
the 9 most recently used schemes. This enables you to return to a previous
scheme easily. The list will build up from the date v12.7 is installed.
For SIPPs, all of the data that is to be
submitted or has been submitted to HMRC in the APSS313 can be sent to a
spreadsheet with one row for each SIPP.
Reminder: the FSA have been asking SIPP
operators whether they check the Financial Sanctions register. Omni does this
from the Financial
Sanctions Register option in XL Reports, Miscellaneous tab.