XL Reports – Retirements

Retirements Due

A list of all members whose status is Active or Deferred who are due to retire within the dates specified. Any members without a normal retirement date are excluded – these can be identified using ‘Member Data Missing’ on the Member tab.

Pre Retirement Packs 1

FSA rules require SIPP operators to provide Pre Retirement Packs to all members, 6 months before their intended retirement date. These are also known as Open Market Options. The Pack 1 button sets the date range to cover all retirements in the month which is 6 months from the current month.

Pre Retirement Packs 2

A further letter has to be sent 2 months before the member’s intended retirement date. The Pack 2 button sets the date range to cover all retirements in the month which is 2 months from the current month.

Pre Retirement Packs 3

To avoid packs being forgotten because an Active member’s retirement date is in the past, the Pack 3 button sets the date range to cover all retirement dates for active members in the past.

Administrator

If you subscribe to the Omni Worklog module, when you run the report you will be asked if you wish to add the retirements to the Worklog. If so the records will be allocated to the administrator chosen in the Administrator box.

GAD Limit Recalculations Due – separate help file

Pension available

All members with status of ‘Pensioner’ are listed with date of birth, date pension started, latest review date and latest pension. Details of the pension limits and the balance available for the current year are also shown.

The normal filters are available. The status filter can be set to ‘Live’ and ‘Pensioners’ to avoid any ex-pensioners or tests being included. Archived members are automatically ignored.

If there is no data in the Planned Payments grid on the Pensioners screen and no pension has been paid this year, Omni assumes that the members is in drawdown but not drawing income.

At the end, a summary shows the number of members

Under 75 who are taking income

Under 75 who are not taking income

Over 75

total number of SIPP members (all statuses)

The percentages of total SIPP members in each category are also shown.

Omni expects members who have funds in drawdown but are not taking income to have a member status of ‘Lump sum Taken But Not Pension’ or ‘Pensioner’. If this is not the case, then you will have to identify these members by other reports e.g. Lump Sums Paid with Event Reports.

Pensioner Data

This report list all pensioners (filtered on the member status being any type of pensioner) with data on the Planned Pension Payments, Paying Bank Account, payment methods and the member’s receiving bank account. It can take a while to produce.

Ex-Pensioners

This is the same as the Pensioner Data report except:

1. it asks for a start date i.e. for all members who left after a given date (it defaults to 6th April in previous calendar year)

2. the list is filtered on members with 'Date Pension Ceased' (from the Members, Pensions screen) after the selected date but including all member statuses

3. column E is changed from Date Pension Started to Date Pension Ceased

4. the report is sorted on column E, Date Pension Ceased, with earliest first

Flexi Access

Flexible Drawdown (v14.2)

After selecting the end of a tax year, a list is produced of all members with a date in the Flexible Drawdown box on the Members, Pensions screen before that date, showing the total drawdown for the selected tax year. The total drawdown is calculated from the pensions shown on ‘Benefit Payments’ tab where the date in the ‘Pay day’ column falls in the tax year. If this column is blank the pension payment is ignore because Omni does not know which tax year the net pension and tax relates to. If the fund has been exhausted, the date it was exhausted is shown.

Before running this report for the final time, the users should check the country of residence for each Flexible Drawdown member and update any changes from the previous tax year.

If a member has not drawn any pension in the tax year, the member will still be included.

Members with a date in ‘Date Fund exhausted’ that is before the start of the selected tax year, will still be included in a section at the bottom of the report, with an explanation note.

Large Withdrawals

A list of all members who have drawn more than a specified percentage over the previous 12 months.

FCA Withdrawal Analysis

A report showing the partial withdrawal data required for the FCA’s quarterly returns. The withdrawals for each pensioner are shown, followed by 2 matrices which show the average rates of withdrawal broken down between age bands and also between bands based on the fund size.