Lifetime Allowance Abolition
Amendments for overseas transfers
From 6 April 2024, for transfers to Recognised Overseas Pension Schemes (ROPS) the amount to be transferred must be tested against an overseas allowance. The Platinum Transfer Out screen has been enhanced so that you can record and save values when a member transfers to a ROPS. This allows you to record:
Overseas Transfer Allowances,
any tax charges that are applied, and/or,
a reason why the transfer is exempt from any charge.
Other Lifetime Allowance Abolition Updates
For capped drawdown, the calculation for Basis Pension Amount has been updated.
The following PDFs, and processes where indicated, have been updated:
Serious Ill Health Lump Sum to LSDBA
Scheme Pension, including process, to include LSA and LSDBA
Death Lump Sums to include LSDBA
UFPLS crystallisation event, including process, to include LSA and LSDBA
Report~Pro updates to the MemberReports endpoint, so that member RBCE report data can be accessed via the Public API.
Updates to Platinum’s Public API to support new BCE details.
Properties with 3rd Party Ownership
We have further improved the Platinum property and group property ownership capability when handling external (outside the scheme) co-ownership. Platinum allows you to visualise and control complex ownership arrangements and generate the appropriate valuations. New Property landing pages, grids, API and reports have been added to simplify the user experience.
Payroll FPS Authorisation Process
The Payroll Full Payment Submission (FPS) functionality has been enhanced to increase performance for large bulk runs and improve usability.
The Authorisation process has been updated to display a new summary section which provides a count of the number of records included within the FPS and the total gross value. You can continue to obtain all data on the records within the FPS via the download options. Where there are any records that are not to be authorised, an enhanced linked grid system has been introduced to make this process both faster and easier.
The Update Payroll process within FPS is also updated. The ‘Batch Item Status’ field within the payroll record created now has more robust controls on the ability to Exclude a record from an FPS. A new ‘Excluded By’ field has also been introduced.
Property Invoice Updates
A new field has been introduced to the Properties area, which enhances invoicing capability to allow for flexibility on the payee that invoices are payable to. This field will allow configuration on the payee that is used on all lease invoices raised against the associated property.
Learn Platinum
As with all Platinum upgrades, the Platinum Learn online user guides have been fully updated.
Smaller Changes
This release includes many small changes such as new Report~Pro endpoints for: PIPSummary, ID&V Certificates and Investment Pathway Letter History.
Data has been seeded in for: Gilt Yield and HMRC Loan Rates.