Transact Online (TOL) – Recent Enhancements
This month we have made some small but significant changes to reports driven by a significant volume of adviser requests. Although we regularly receive top ratings from advisers for client reporting, we always aim to improve where we know it is really important to you, and we can always do more. We have added more contribution information to pension reports and further Internal Rate of Return information to performance analysis. We also highlight tools that can support your wealth planning needs, heightened since the Budget on 30 October 2024.
Contributions to Transact Pensions in Reports
The Contributions to Transact Pensions Report has been expanded to show Employer (Gross), Member (Net) and Tax Relief. The website report shows the current year and the previous three tax years. The XLSX and CSV downloadable reports go back an additional three tax years.
Performance Analysis
Asset Performance is now displayed in chart and table form. The return is cumulative and Internal Rate of Return is annualised.
Functionality that supports Budget change management
Clients’ Pension Beneficiaries – The Chancellor of the Exchequer announced in the October 2024 Budget that unused DC pensions were to be included in the value of someone’s estate for inheritance tax purposes (IHT). Previously, if clients left their pension to their children as beneficiaries, then the value of that pension was usually not part of the estate for IHT. From April 2027 it will be. For that reason, it may be worth reviewing your clients’ pension beneficiary nominations which can be updated online, under the menu path Housekeeping > Pension Beneficiaries. These changes are planned for April 2027 and there is still some technical consultation to be conducted.
Gifts out of income – Transact has a discretionary trust and the ‘lifetime log’ which allows you to keep a record of gifts out of income. The client can draw monies from their pension to the GIA, then move that to the trust. You can find these under Trust Documents.
If you need any help on any aspect of our service, please use Live Chat for a quick response, co-browse to screen share so that we can direct you, or call our highly trained, dedicated Sales & Online Support team who support these functions via (020) 7608 5387.
1. Introduction
2. TOL Recent Enhancements
3. Transact 2025 Charge Reduction
4. Why Some Firms Integrate Directly With Transact
5. Transact & US Trading
6. Succession Planning Update
7. Transact – BlackRock MPS & Growth
8. A Study Of Gifting: Loan Trusts
9. The Name’s Bond: Are Investment Bonds The 007 Of Financial Planning?
10. ISAs – Treatment Of Accounts Following Death
11. Interest On Cash
12. Transact Events 2025