BATH, England, February 20, 2018 /PRNewswire/ --
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."
About Altus Business Systems:
Altus Business Systems is dedicated to improving the operational efficiency of the financial services industry. Many of the leading financial services companies across the UK and mainland Europe depend on our investment automation software to keep their business critical processes running smoothly. https://www.altus.co.uk/business-systems/
Notes to editors
For more information, please contact:
Products Marketing Executive
Altus Business Systems
Tel: +44(0)1225-438-005 / +44(0)7970-195-581
SOURCE Altus Business Systems