Delta Financial Systems Limited

Budget 2014

Wednesday’s Budget 2014 brought about some significant changes to the pension industry and, with only a short deadline to understand and implement them, Delta has once again risen to the challenge. Since the announcement the team at Delta have been working on enhancing SIPP~Pro and SSAS~Pro to accommodate the immediate changes and they will be ready for deployment shortly.

 As a reminder the immediate changes with effect from 27th March 2014 are:

  • Maximum Income is increased from 120% to 150% of GAD Basis Pension;
  • Minimum Income Requirement for Flexible Drawdown is reduced from £20,000 to £12,000;
  • Trivial commutation amount increases from £18,000 to £30,000;
  • Trivial pots amount (for personal pensions) increases from £2,000 to £10,000 and the number of pots that can be paid in this way increases from two to three.

We will be sending out further guidance by email in the next couple of days to ensure our clients are able to comply with the new rules.

Delta Financial Systems Limited

Generic Investment Feed Module

The recent FCA SIPP Operators Thematic Review questionnaire specifically asked for details of Assets Under Administration (AUA) and the frequency of valuations performed on specific assets.  Keeping records up to date can be an onerous task, especially where a large number of fund managers, stock brokers and platforms are in use.

The Generic Investment Feed Module is designed to help SIPP~Pro users update portfolio values in Holdings records in bulk accepting files from any number of investment providers in a range of formats including CSV, XML and Excel spreadsheets.

The files just need to contain three pieces of data, namely holding reference, value and date and the module matches portfolio values to member records and updates SIPP~Pro in bulk. The Module can be used as frequently as required for any number of fund managers.

Please contact the Support Team if you would like to see a remote demonstration of the Generic Investment Feed Module in action.

Delta Financial Systems Limited

Scottish Tax Rates

As you may be aware, the Scottish Act was passed earlier this year and a new tax system for Scotland will come into force from 2016.  This will allow Scotland to set its own tax rates.

Whilst the changes do not take effect until 2018 we have been considering the implications for SIPP~Pro and SSAS~Pro and will be introducing changes at this time to enable differentiation between Scottish and non-Scottish members for the purposes of applying tax relief.