Wealth Management Software plc (WMS) is continuing to respond to the UK pensions simplification proposal with the development of its LISA® Pensions V2 software solution, which will fully administer the new structure. The development of the software is in direct response to the Finance Act 2004 that will be amended at some point this year.
Commenting on the development of LISA® Pensions V2, Paul Foll, Group Sales Director at WMS said.
‘The government has committed itself to a single new pensions regime that will replace the eight schemes in existence today. As an established software supplier in the pensions field, we are responding to these changes with the development of LISA® Pensions V2, which will be launched in time for the new structure which officially commences in April 2006’.
‘The industry should be well aware that, by April 2006, every single pensions administrator in the UK must have familiarised itself with the new legislation, implemented new pensions software, prepared a conversion route for existing pensions records, and also converted such records. All in the short space of twelve months’
‘In our opinion there is worrying complacency in the industry about the changes required for A-day. In our view all IT departments should by now have defined a way forward and started work on their conversion programme in order to meet the fast approaching deadline’
‘Pension Administrators should be fully aware of the major areas of new functionality that need to be evaluated, such as income draw down. In addition a client communication strategy needs to be put in place so that pensions scheme members can elect their new choices.
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