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Version 27.0 - LTA Abolishment & Tax Year 2024/25 Requirements

Our Tax Year End release introduces the extensive features required to support post 6th April 2024 regulatory changes around the abolishment of the Lifetime Allowance (LTA.)   This includes fundamental changes to our drawdown processes to support both pre and post 6th April 2024 crystallisations.


Member Benefits

We have updated the member benefits processes following the introduction of the Lump Sum Death Benefit Allowance (LSDBA) and Lump Sum Allowance (LSA).  On upgrade Platinum will perform a transitional calculation to convert LTA% used to LSDBA/LSA available for members in drawdown.  This process will also look at existing protection and convert this to the appropriate protected allowance for your clients. Where necessary, you can amend the auto-calculated amount.




Report~Pro

Reporting has been made available for LSDBA and LSA Statements in Report~Pro.  The new statements can be customised to your requirements and branded accordingly.




Beneficiaries as Members

We have enhanced the process for creating records for beneficiaries receiving death benefits to allow us to accommodate the LTA abolishment regulation change. Beneficiaries will now be created in the same way as new members records and plans can be flagged as beneficiary plans and linked back to the deceased member.    This allows for both pension and beneficiary benefits to be administered within the same member record whilst also allowing for unique payroll reporting where applicable.  

 

iFreedom

The Member Benefits display in our iFreedom application now includes LSDBA and LSA overviews.  


If you would like to know more about how iFreedom can enhance the service you provide to your members and their advisers please contact your Delta relationship manager.

 



Payroll Reporting Tax Year 2024/25

Platinum has been updated with the RTI parameters for the new tax year and the new Scottish tax band information has been seeded into the System Configuration area.  This release also incorporates the new banding into payroll calculations for members with Scottish tax codes.


SMPI

SMPI annuity rates have been seeded in for the new tax year as well as updates to the accumulation rates for volatility groups following the latest guidance in TM1 v5.1 from the Financial Reporting Council.

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