What's New in v28.0
We are excited to announce the release of version 28.0, which brings some new features, technical improvements, and payroll updates for the new tax year.
FPS New Data Items for 2025/26 Tax Year
Standalone Lump Sum
To conform to the updates to the RTI Schema for the 2025/26 tax year, Platinum's flexi access crystallisation event process has been updated to introduce standalone lump sums. Where any portion of the lump sum is taxable, the claim can be processed through Platinum's payroll functionality. The Full Payment Submission (FPS) module is also updated to accommodate this change, including a new data item 'StandAloneLumpSum' in the submission.
Pension Commencement Excess Lump Sum (PCELS)
A new data item has been introduced for the reporting of PCELS through Payroll RTI. The Full Payment Submission (FPS) module has been updated to include the data item for these payments to conform with reporting requirements for the next tax year.
Payroll - Update to Cumulative Totals
Platinum’s payroll functionality now includes a new grid to manage a member’s cumulative totals, enabling the recording of cumulative gross income and cumulative tax for each tax year and payroll ID. This grid integrates with Platinum’s Full Payment Submission (FPS) module, where cumulative values are read from the grid and updated upon successful submission.
Additionally, a new field, 'RTI Payroll ID', has been introduced in the Platinum payroll screens. This field displays the payId value included in the FPS submission for the associated payroll record.
Member Benefits - Additional Lump Sum Benefits - SIPP Updates to Small Pots
SIPP Small Pots functionality has been enhanced to allow Small Pot payments to any qualifying member. Small Pots can now be paid on plans that have fully crystallised funds, fully uncrystallised funds, or a combination of funds.
The following validations have been added to ensure that you comply with the regulations around Small Pot payments:
Warnings to ensure the member is of appropriate age on payment of a Small Pot.
Warnings if the value of a Small Pot payment is higher or lower than the total plan balance.
A Small Pot payment cannot not exceed the regulatory limit. (Currently £10,000)
Small Pot Paid Dates cannot be in the future.
Regular Payment and Regular Contribution Profiles for the plan the small pot is being paid from are automatically stopped on creation of a Small Pots payment.
SMPI
New Annuity Rates have been seeded into Platinum for the 2025/26 Tax Year.
Report~Pro Endpoints
New endpoints have been introduced in Report~Pro to enhance reporting capabilities related to third-party property ownership. These additions provide the ability to incorporate this supplementary information into your reports and extracts, offering a more comprehensive and detailed view of property ownership data.
Technical Improvements
The invoicing process has undergone significant enhancements to improve its capacity for managing larger batch volumes more efficiently. These improvements ensure that the system can handle increased loads with greater speed and reliability, reducing the risk of processing delays and maintaining overall system performance.