Contributions and Funds

See Options menu (Alt + P) for more options.

Double click on any record to edit the details.

For each Fund Value a note can be stored by double clicking the record.

Contributions can be deleted via the Amend window, by users with the necessary rights.

ROR = rate of investment return earned over the period ending on the date shown.

Proj Rate = Middle assumption to be used for projections (see below).

Contributions

The type of contribution can be selected from Employee, Employer, Member Over 75, Tax Relief and Non-relievable.

When entering a new contribution, there is an option to show if it was an in-specie contribution, as well as the nature of the asset and the asset value. This will be flagged when producing the report to reclaim tax relief on the contribution.

For Anti Money Laundering purposes, the Source of Funds can be stored with the date checks were completed and the fact that evidence was obtained,

Contribution Warnings

On the Contribution Split screen, when entering a contribution Omni checks whether the member has protection or flexible drawdown. A setting can disable this temporarily.

Deleting Fund Values

Deleting fund values that have already been split has always been an area of concern, especially if subsequent fund values have also been split (the program did not delete the subsequent splits). The program now will only allow a fund value to be deleted if the fund splits for that date have already been deleted.

Vested Fund Values

The vested fund is a separate sub-fund within the member's main fund. The ‘pre 2006 vested fund’ is the part of the vested fund that is derived from pensions that were in payment at April 2006. It is necessary to keep separate records of the fund value relating to pre 2006 vesting events and post 2006 vesting events. The pre 2006 vested funds do not suffer extra BCE at age 75. The post 2006 vested funds do suffer that BCE.

To derive the separate sub-funds the software needs details of the pension payments relating to the different sources. In practice, the vested fund at 2006 may be drawn more slowly than the post 2006 funds (to avoid or reduce the risk of the tax charge at 75. The idea would be to take withdrawals from post 2006 funds first.

Middle Assumption for Projections

On the Fund Value screen (found by double clicking a fund value record) the Middle Assumption for Projections can be stored. This is determined by the user taking into account the nature of the investments and the long term strategy. For instance, with all funds on deposit, it might be set to 3%. When running the Pension Analysis program, it will use this middle assumption, with the other assumptions being set 2% either side.

If it is left at zero, the Pension Analysis program will use the standard assumptions (5%, 7% and 9% in 2011).

Excel

If you select one of the fund values in the left grid and then click the Excel button, a spreadsheet is produced showing the split of the chosen fund value between the members and between the unvested, vested arrangements etc.