Altus Business Systems, the leading financial services software company, is today launching a new software product, the Altus Pensions Gateway, dedicated to helping pension and annuity administrators cope with the increasing complexity of pension payroll and HMRC reporting.
Pension freedoms have created demand for a greater variety of payment types and frequencies, and tax calculations must now cater for both UK and Scottish rates of income tax. The additional complexity in calculating tax and deductions, co-ordinating multiple payment schedules, and reporting to HMRC has added to the burden on administrators. Specifically designed to cater for pension freedoms, the Altus Pension Gateway supports flexible payment schedules across multiple product types, employers and administration functions. It provides fully automated support for RTI reporting and HMRC data updates.
Altus Business Systems Director Ben Cocks comments: “We’ve worked alongside key UK pension companies for many years to help make pension administration more efficient. Offering scheme members the full range of pension freedoms has introduced new challenges and some payroll systems are not well suited to meeting those demands. We think the industry needs a solution designed specifically for the post pension freedoms world and we’ve worked in collaboration with our clients to deliver just that.”