Pension Reforms and New Tax Year Updates

Team Genovo

Here’s a summary of the updates and enhancements we’ve applied to the Genovo suitability report app. to reflect the pension reforms and the other slightly less radical tax and legislative changes that came into effect at the turn of the tax year!

App

Feature	Module	Update / Enhancement
Share Clients / Reports Set up Workgroups	Manage Users	Company Plan users can now share clients and reports with other users within their company and set up collaborative workgroups. Click here to learn more about this exciting new feature.
Section Name	Report Builder	The "Drawdown Review" section has been renamed "Review of Existing Retirement Income Plans"
AMC, TER and OCF	Investment Library Investment Strategy	These fields can now accommodate up to 3 decimal places.

Wizard

Section(s)	Step(s)	Update / Enhancement
Review of Existing Pensions Review of Retirement Income Plans	Charges	We've added "Other Charges"
Review of Existing Pensions	Recommended Action	We've added some new Recommended Actions.
Review of Existing Pensions	Lump Sum Payment	This is a new step that will be triggered if you recommend a lump sum is taken from an existing plan.
Review of Retirement Income Plans	Plan Summary	We've added some new fields.
Review of Retirement Income Plans	Plan Summary	You can now include details of the existing plan's current investment strategy. Click here to see how.
Review of Retirement Income Plans	Plan Summary	We've added the following product types: Flexi-access Drawdown Investment-linked Annuity Phased Flexi-access Drawdown Retirement Trust Scheme
Review of Retirement Income Plans	Benefits & Features	We've added a new step.
Review of Retirement Income Plans	Recommended Action	We've added some new Recommended Actions.
Review of Retirement Income Plans	Recommended Future Withdrawals	This is a new step that will be triggered if you recommend a revised income or further benefits are taken from an existing plan.
Review of Retirement Income Plans	Disadvantages	We've added a new step.
Review of Existing Investments	Recommended Action	We've added some new Recommended Actions.
Pension Benefits Recommendation	Plan Summary	We've added some new fields.
Pension Benefits Recommendation	Plan Summary	We've added the following product types: Flexi-access Drawdown Guaranteed Drawdown Investment-linked Annuity Phased Flexi-access Drawdown Retirement Trust Scheme Uncrystallised Fund Pension Lump Sum
Pension Benefits Recommendation	Charges	We've added "Other Charges"
Pension Benefits Recommendation	Annuity Options	We've changed some of the fields and made the table "intelligent" i.e. If you don't include a value in a row, it wont be included within your report.
Pension Benefits Recommendation	Income Sustainability	This is a new step that will be triggered if you recommend an investment-linked solution.

Report Template Text

Section	Snippet	Update / Enhancement
Introduction	EP Pensions	We've changed the heading from "Retirement Planning" to "Pensions".
Review of Existing Pension Plans	Title & Opening	We've updated the text of this snippet.
Review of Existing Pension Plans	Lump Sum Payment	This is a new snippet.
Review of Existing Pension Plans	Further Info (pension switch)	We've updated the text of this snippet.
Review of Existing Pension Plans	Further Info (fund switch & rebalance)	We've updated the text of this snippet.
Review of Existing Pension Plans	Further Info (draw benefits)	We've updated the text of this snippet.
Review of Existing Pension Plans	Further Info (take cash & transfer)	This is a new snippet.
Review of Existing Retirement Income Plans	Title & Opening	We've updated the text of this snippet.
Review of Existing Retirement Income Plans	Current Investment Strategy	This is a new snippet.
Review of Existing Retirement Income Plans	Benefits & Features	This is a new snippet.
Review of Existing Retirement Income Plans	Recommended Future Withdrawals	This is a new snippet.
Review of Existing Retirement Income Plans	Disadvantages	This is a new snippet.
Review of Existing Retirement Income Plans	Further Info (annuity)	We've updated the text of this snippet.
Review of Existing Retirement Income Plans	Further Info (transfer)	We've updated the text of this snippet.
Review of Existing Retirement Income Plans	Further Info (fund switch & rebalance)	This is a new snippet.
Pension Benefits Recommendation	Annuity Options	We've updated the text of this snippet.
Pension Benefits Recommendation	Income Sustainability	This is a new snippet.
Retirement Planning Recommendation	Income in Retirement	We've updated the text of this snippet.
Risk Warnings	General	We've updated the text of this snippet.
Risk Warnings	Investment-related Recommendations	We've updated the text of this snippet.
Risk Warnings	Investment Switch	We've updated the text of this snippet.
Risk Warnings	ISA	We've updated the text of this snippet.
Risk Warnings	ISA Transfer	We've updated the text of this snippet.
Risk Warnings	Pension Recommendations	We've updated the text of this snippet.
Risk Warnings	Pension Switching	We've updated the text of this snippet.
Risk Warnings	Drawdown	We've updated the text of this snippet.
Risk Warnings	Guaranteed Lifetime Annuity	We've updated the text of this snippet.
Risk Warnings	Fixed Term Annuity	We've updated the text of this snippet.
Risk Warnings	Investment-linked Annuity	We've updated the text of this snippet.
Risk Warnings	Retirement Trust Scheme	We've updated the text of this snippet.
Risk Warnings	Uncrystallised Fund Pension Lump Sum	This is a new snippet.
Appendix - Product Info	Enhanced Annuity	We've updated the text of this snippet.
Appendix - Product Info	Fixed Term Annuity	We've updated the text of this snippet.
Appendix - Product Info	Flexi-access Drawdown	This is a new snippet.
Appendix - Product Info	Guaranteed Drawdown	This is a new snippet.
Appendix - Product Info	Guaranteed Annuity	We've updated the text of this snippet.
Appendix - Product Info	Investment-linked Annuity	We've updated the text of this snippet.
Appendix - Product Info	Phased Flexi-access Drawdown	This is a new snippet.
Appendix - Product Info	Uncrystallised Fund Pension Lump Sum	This is a new snippet.
Appendix - Product Info	Collective Investment Taxation (Private Client)	We've updated the text of this snippet.
Appendix - Product Info	Collective Investment Taxation (Trust Client)	We've updated the text of this snippet.
Appendix - Product Info	Deposit Account	We've updated the text of this snippet.
Appendix - Product Info	Discretionary Managed Portfolio	We've updated the text of this snippet.
Appendix - Product Info	Enterprise Investment Scheme	We've updated the text of this snippet.
Appendix - Product Info	General Investment Account Taxation (Private Client)	We've updated the text of this snippet.
Appendix - Product Info	General Investment Account Taxation (Trust Client)	We've updated the text of this snippet.
Appendix - Product Info	ISA	We've updated the text of this snippet.
Appendix - Product Info	Junior ISA	We've updated the text of this snippet.
Appendix - Glossary of Terms	Pensions	We've updated the text of this snippet.
Appendix - Glossary of Terms	Annuities	We've updated the text of this snippet.
Appendix - Glossary of Terms	Investment-linked Annuity	This is a new snippet.
Appendix - Glossary of Terms	Drawdown	We've updated the text of this snippet.
Appendix - Glossary of Terms	Investment-related	We've updated the text of this snippet.
Appendix - Technical Notes	Pensions	We've updated the text of this snippet.
Appendix - Technical Notes	Pension Benefits	We've updated the text of this snippet.
Appendix - Technical Notes	Inheritance Tax	We've updated the text of this snippet.

Please remember the changes we make to the report template will only take effect in your reports automatically if the Genovo version of the snippet is selected as active in your Report Content Manager (it is by default).  For more information about the Report Content Manager and updating of snippets check out our Knowledge Base.

Let us know what you think

If you’ve got any suggestions – no matter how big or small – as to how we can improve Genovo or there’s a new feature you’d like to see added, we’d love to hear from you. Send us a message with your thoughts and we promise we’ll get back to you.

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