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SMPI TM1 V5 and Spring Budget - V26.4

SMPI Changes – TM1 v5.0

Platinum has been updated to accommodate the new reporting requirements for Statutory Money Purchase Illustrations (SMPI) as outlined in TM1 v5.0 effective from 1st October 2023. A new tab on Investments has been introduced to record their volatility group or volatility percentage with the information obtained from the investment providers. This will then be used to determine the growth rate used in SMPI calculations for each investment based on the current tax year’s volatility record. The SMPI assumptions have been updated to illustrate on a single life basis removing the spouse pension option. References to PCLS and a reduced annual pension have been removed from the report templates.

Platinum's Public API has been updated to allow our clients to View, Add and Edit volatility groups and volatility rates per investment per financial year. This facility allows our clients to automate the maintenance of volatility data. The following are the new end points:

Client Money Reconciler - Pooled Bank Account Functionality

The Client Money Reconciler processes has been enhanced to also supported pooled banking. This change allows pooled accounts to be automatically reconciled using an optional pooled account number, which can be imported as part of the file format; hence allowing differentiation between accounts in the pool.

Spring Budget March 2023

Further changes have been made to the Benefit Crystallisation Event process following the changes introduced earlier this year during the Spring Budget. LTA excess lump sum records are now paid out through the existing drawdown pension claim master where taken as income, or a new 'other lump sum' type where taken as an excess lump sum.

Enhanced HMRC protections have been updated to include a new 'Maximum PCLS' field, which is used to limit the available PCLS to members that hold this protection type.

Seeded Data

The new HMRC loan rate and new gilt yields values have been seeded into your Platinum data as part of this release.

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