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New summary screen to provide quick access to key information as well as a more efficient overview of your client's account.
Quick and easy access to key information, including:
New PIA Income Summary that can be used with clients to aid income and retirement planning discussions.
Offering you an overview of your clients' drawdown arrangements and the income being paid, you can see the before and after effect of a one-off income payment or any changes that you make to regular income from a drawdown arrangement.
It also provides projection illustrations to help you see what their pension may be worth in the future, and a comparative lifetime annuity quote to help illustrate the effect of income being taken.
Through consumer testing we've simplified the three most frequently used client facing outputs.
We've updated our Charges information document, Welcome letter and Payments out document to:
We've made it easier for you to set up, record and view your clients' death benefit options, so you can be confident their funds will be passed on in the most tax-efficient way.
We've enhanced our auto-disinvestment functionality to allow investments held in model portfolios to be sold automatically, when there is insufficient cash to cover charges.
Tax will no longer be deducted at source on dividends paid from UK shares held individually or in a fund such a Unit Trust, OEIC or Investment Trust (however, distributions paid from interest bearing funds and savings interest will continue to have tax deducted). Tax payers may need to pay tax after their £5,000 annual dividend allowance has been used by completing a self-assessment tax return (but there's no additional tax to pay if investments are held in the Elevate ISA or PIA).
The platform has been updated to reflect the lifetime allowance reduction to £1m.
The pension input period must be in line with the fiscal year. This means clients can no longer choose a specific end date.
The allowance for tax relief on pension contributions will be tapered for those with adjusted annual incomes over £150,000. So, for every £2 of adjusted income over this amount the individual's annual allowance will be reduced by £1, from £40,000 down to a minimum of £10,000.
Where death occurs after age 75, lump sum death benefits paid to an individual will be taxed at the recipient's marginal rate (where previously 45% tax would have been applied).
From 6 April 2016, the Scottish rate of Income Tax will apply to account holders living in Scotland. The rate applies to income received from employment or from a pension. It does not apply to investment income or interest payments. The overall rate will remain the same as the UK rate for the 2016/17 tax year so there will be no immediate change in the taxation pension income for Scottish residents.
However they will have a change to their tax code which is now prefixed with an 'S'. This will be shown on the P60 that we send to clients at the end of every tax year for those taking pension income and the P45 for those who have stopped taking pension income.
We will not accept transfers against your advice where the transfer is from a Defined Benefit scheme or a Defined Contribution Scheme which has safeguarded benefits.
Enhance the options available at retirement from the Elevate PIA.
What does this mean to you?
During the transition into retirement many of your clients may continue working to help supplement their income. Now you can offer them the ability to fund their retirement income using tax-free cash alongside their income.
With regular drawdown your clients can choose:
Improving your online journey.
In response to your feedback we've completely overhauled the contract note layout making it easier to use.
New options on Elevate allow you set up one-off income payments from drawdown faster, saving you and your clients time.
Our new improved wizard allows you to quickly see if the Elevate PIA is suitable for clients and reduces the need to rekey data.
Providing flexibility to make the most of new pension freedoms to access pension benefits.
Providing flexibility to make the most of new pension freedoms to access pension benefits
New options on Elevate to convert clients to flexi-access drawdown and consolidate multiple drawdown arrangements
Elevate PIA has been updated to give clients more flexibility about when they take pension benefits.
We listen to your feedback so we can
understand how to make investing easier for you and your clients.
Our two latest enhancements -
Portfolioscan™ 2.0 and the Contributions & Withdrawals Report are available
now to help you with portfolio analysis and reporting.
The all new Portfolioscan™ has been
redesigned to help you bring even clearer, comprehensive analysis to your
What does this mean for
The flexible new reporting options mean
it’s easy to tailor analysis and insights to the needs of each client, and add
even more value to your client experience.
video or read our step-by-step
help guide for more user tips.
A brand new reporting tool that gives you
improved visibility of business flows into and out of Elevate and your client
The Elevate Individual Savings Account
(Elevate ISA) now supports all features of the new ISA (NISA) announced in the
Higher investment limits, new flexible
cash options and an improved annual interest rate on cash for your clients.
Importantly, there is no change to the way
you key contributions onto Elevate for the new ISA. So if your clients want to
take advantage of the new limits its business as usual on Elevate.
A series of new usability improvements
(all in the Elevate new business wizard) are now live on Elevate.
We believe these improvements will help to
make your day to day business on Elevate even easier – saving you time.
Elevate is now ready to fulfil our FATCA
(Foreign Account Tax Compliance Act) reporting obligations. Read our quick guide
to FATCA, to see what this means for you and your clients.
Elevate 6.0 focuses on improving usability
on the platform, making it easier than ever for you to work using Elevate and
putting you in greater control of your business.
This has been completely overhauled using
feedback and usability testing.
THIS MEANS: It’s now
simpler, shorter, clearer and easier to understand than ever before.
We’ve also made a number of changes to
meet FCA guidance around ‘real term’ forecasts.
This is new functionality allowing
investments to be sold and the proceeds automatically paid out to an external
bank account from a single adviser instruction.
Selecting the destination account, the
investments to be sold, any cap for the payment out and the submission of the
payment out can all be done in a single visit.
THIS MEANS: Improved
efficiency, helping to save you time and also means your clients will receive
their money faster.
We’ve added greater flexibility and
speeded things up by allowing settled Elevate GIA Cash to be used for payments
into the Elevate ISA and Elevate PIA.
THIS MEANS: You can now
move money directly between wrappers helping to save time.
We’ve given you even greater control by
allowing you to make changes to client details, such as name, address, date of
birth and so on.
THIS MEANS: You get
greater control, which saves you time and helps to reduce errors.
We’ve integrated our bank account
validation process into Elevate, which means we can provide you with instant
confirmation that your client’s bank account has been automatically validated
and no further paperwork will be required.
THIS MEANS: Saving time
and giving you peace-of-mind with immediate validation.
Elevates’ full two-way integration with Dynamic Planner