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8th October 2014Capped Drawdown stays - New version of Pension Analysis
The proposed changes to the rules effective from next April will give existing pensioners the option to either go into Flexi-Access or remain in capped drawdown.

For those remaining in capped drawdown, there will still be the need for 3 year (or annual if post 75) reviews of the maximum pension limits.

A new version of the pension analysis program is now available to allow for the 150% factor when projecting future years in Key Features and Critical Yield calculations. ...more

4th August 2014Capital Adequacy: FCA Publication of Rules
The FCA have now published the new Capital Adequacy rules for SIPP Providers.

The XL Report entitled Full Valuations now allows for the updated formula.

Omni will automatically adjust the relevant constant depending on the total value of your Assets Under Administration

The program does not currently have any way of identifying whether or not a property is Standard or Non standard - the assumption is that ALL property is standard. ...more

24th March 2014Version 15.3
Omni 15. 3 has been designed to allow for the FCA required changes to Statutory Money Purchase Illustrations (SMPI) and Pre Retirement Projections (Key features illustrations) so that they are now inflation adjusted and therefore remain compliant.

In addition to the above, following on from the 2014 Budget, the program will also deal with the 150% uplift to maximum capped drawdown limits – it will be possible for the system to automatically generate ALL the new limits and store these in one go

If necessary, the system will allow users to calculate new and additional crystallisations using the 150% factor from 27th March 2014 (assuming the client has entered a new drawdown year). ...more

19th March 2014Tax Rates and Limits - 2014/15
The details for the coming 2014/15 tax year are as follows:

Annual Allowance £40,000
Lifetime Allowance £1,250,000

Income Tax Rates:
Personal Allowance £10,000
Basic Rate: 20% up to £31,865
Higher Rate: 40% up to £150,000
Additional Rate: 45%

The information should be entered to the Tax and Base Rates screen in Omni.

5th April 2013Real Time Information
From April 6th 2013, any pension payments have to be reported to HMRC using the new Real Time Information reporting.

The Omni Payroll module is fully compliant with RTI and will also allow the payment and submission of pensioners who are paid on an annual basis.

The payroll program already covers all relevant aspects of PAYE, including bulk updating of tax codes from HMRC. ...more

26th March 2013Versions 14.5 & 14.6
Released in early March 2013, Omni version 14. 5 allows for the 20% uplift for members with pension years commencing from 26th March 2013. This new version also includes an option to automatically uplift existing 100% of GAD limits to the new 120% factor. ...more

28th November 2012Capital Adequacy-FSA Consultation Paper
The FSA have sent out a Consultation Paper proposing wholesale changes to a SIPP operators total capital requirement. This process will involve assessing the total value of all assets under administration.

Using the XL Reports function within Omni and selecting the "Full Valuations" report located in the "Investments" tab, it is possible to generate a report showing the total value of all assets held and a breakdown between standard and non standard assets. ...more

17th October 2012Version 14.4
To be released in late October 2012, Version 14.4 includes improvements to property administration and will allow for the forthcoming gender neutrality changes to the GAD rates.

12th March 2012Version 14.3
New features in 14.3 include improvements to the VAT calculations and Projection Assumptions plus the ability to deal with a BCE5A at age 75.

1st September 2011Version 14.2
Version 14.2 has now been released and includes new features to allow for:
  1. Members who adopt Flexible Drawdown
  2. Members who register for Fixed Protection
  3. Tracking the history of Pension Input Periods

 
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