Group Customer Invoicing, updates to the Transfer Out process and enhancements to Cash Warnings reporting

Group Customer Invoicing  

Platinum’s Customer Invoicing functionality has been enhanced to enable the configuration and generation of customer fee invoices for members of SIPP true groups and asset groups.   

This new feature allows you to default customer invoicing preferences for asset groups, create group specific fee structures that can be linked to the group as well as creating line items at group and member level.   

When the invoice bank transaction is created for asset groups, ownership transactions are created ensuring ownership records are current after each bank transaction entered.  

 

Partial Transfers Out for Crystallised Funds 

Our Transfer Out process has been improved to allow you to determine how partially transferred out benefits can be proportioned against a plan.  This release includes the ability to allocate UCF or drawdown funds to a transfer out transaction.  Validations have also been added for crystallised transfers to remind users that all crystallised funds should be transferred together. 

Cash Warnings  

We have streamlined our Cash Warnings automation process so that members are now assessed only once every 90 days.  This also allows for improved reporting – see Report~Pro section. 

Member Residency Status (RS) & Relevant UK Individual (RUKI) 

 The SIPP and SSAS create member process has been updated so that a member’s RUKI and Residency Status are now both optional. This provides you with the ability to create a member if this information is unknown. The contribution processes are also updated such that RUKI is optional. 

Complementing these changes, the RAS Tax Reclaim process is now simplified, and rather than displaying data of all records being processed, it now displays summary information including a count of contributions and the corresponding total amount being reclaimed. It also validates and displays any contributions where RUKI is not recorded. 

Valuation Grid for Borrowings 

A new grid has been introduced in the Borrowings area, providing ability to record the value of a borrowing at a given date. This will allow you to retain a history of values for each borrowing record. The create borrowing process is also enhanced to include the ability to easily add such valuation(s) within the create process. 

A new system configuration drop-down list option has been introduced to configure a Valuation Source that can be entered against each valuation. 

Each borrowing’s ‘Amount Outstanding’ and ‘Amount Outstanding As At’ is now determined from the most recent valuation. As the result of this release, a valuation record has been automatically calculated and populated in the ‘Amount Outstanding’ field with the date of the valuation.   

Report Pro: 

Cash Warnings Reporting 

 Report~Pro has been enhanced to include information of each cash warnings assessment that occurs at member level. This includes details such as the member’s uncrystallised fund value, crystallised fund value and cash like percentage at the point of each assessment. To ensure manageable reporting, the assessment process has been streamlined to once every 90 days.   

Transfers Out Reporting 

Following the update to transfers out, these new areas of functionality have been added to Report~Pro so that you can create letters or build reports with details of any full or partial transfers out.