Omni Version 12.7 – June 2009

The main changes are:

1.       Procedures – links can be set up to your internal procedures.

2.       SMPI. Previously the assumption for annual charges was set at 1% p.a. and it could be amended by the user each time an SMPI was run. The default assumption can now be stored on the Changes tab in ‘Other, Assumptions and Charges’. This can be set at any level and all SMPIs will start with that assumption.

3.       Settings. Allows the master user to customise the appearance of various items.

4.       Payroll – more reports have been added to make the processing of instructions to banks easier. Details are in the ‘Reports for Bank’ section of the PAYE Processing help file. The PAYE Module is separate and full details can be provided if you are interested.

5.       Scheme Accounts. Omni can produce Draft Accounts (on the Reports menu) for you to finalise. Once finalised, the numbers in the accounts can be stored permanently and then will automatically be included as the previous year figures in next year’s accounts.

6.       Arrangements. If a member has more than 1 arrangement, every pension payment has to be split between the arrangements (pre 2006, TiD etc) and Omni now keeps a history of the split percentages. This is explained in the ‘Extra Arrangements’ section of the Pension Data help file.

7.       Data Prints. There are Print buttons on the main Scheme, Member and Property screens. These now send the data to a Word document.

8.       Pension Withdrawals. For Key Features the user can now specify different assumptions for the ‘What Benefits Might Be’ projections e.g. if the long-term investment strategy is 100% deposits you may wish to use assumptions such as 1%, 3% and 5%. Omni may prompt you to change assumptions in some situations but it is your responsibility to determine whether the 5%, 7% and 9% basis is appropriate.

9.       Recently used schemes. On the main File menu, Omni will show a list of the 9 most recently used schemes. This enables you to return to a previous scheme easily. The list will build up from the date v12.7 is installed.

 

For SIPPs, all of the data that is to be submitted or has been submitted to HMRC in the APSS313 can be sent to a spreadsheet with one row for each SIPP.

 

Reminder: the FSA have been asking SIPP operators whether they check the Financial Sanctions register. Omni does this from the Financial Sanctions Register option in XL Reports, Miscellaneous tab.