As we conclude 2024, we reflect on a year of significant milestones and developments at L&P Systems. Here's a recap of the key highlights:
Industry Engagement
IAPF Annual Dinner:Â In February, our UK and Irish teams attended the prestigious Annual Dinner, marking one of the most significant events in the Irish pensions industry calendar. This gathering provided valuable insights and networking opportunities, reinforcing our commitment to industry engagement.
IAPF Awards 2024: We were proud to be shortlisted for Pension Technology Provider of the Year at the IAPF Awards 2024, recognising our dedication to delivering innovative solutions in the pensions sector. In November, we enjoyed a fantastic evening networking with like-minded professionals and celebrating the achievements within the pensions industry.
Product Developments and Certifications
ISO Certification Renewal:Â In March, we successfully renewed our ISO 9001 and 27001 registrations, reaffirming our dedication to quality management and information security standards.
Feature in European Pensions Magazine:Â Following our continued contributions to the pensions industry, we were featured in the Spring 2024 edition of European Pensions Magazine.
Exciting News:Â We are thrilled to announce that Pension Master Version 9 will be released in 2025! This version includes great new benefits designed to enhance user experience, streamline processes, and deliver even greater efficiency. Stay tuned for more updates as we prepare for the launch.
Legislative Updates and Client Support
Ireland’s Automatic Enrolment Scheme: With the Irish government's approval of the Automatic Enrolment Retirement Savings System Bill 2024, we have been proactive in assisting clients to prepare for the upcoming changes, ensuring seamless integration with our systems.
UK Pensions Dashboards: The development of the UK Pensions Dashboards gained momentum this year, with continued emphasis on data readiness and compliance. At L&P Systems, we’ve ensured that our solutions, including Pension Master, support seamless integration with the dashboards, providing clients with the tools they need to stay compliant and prepared.
Labour Budget Highlights:Â We provided a brief overview of the UK 2024 Autumn Budget, detailing key updates impacting the pensions industry, including state pension increases and inheritance tax adjustments.Â
Irelands Standard Fund Threshold (SFT): The Finance Act 2024 has provided for the SFT to increase from €2 million to €2.8 million by 2029, marking the first increase in over a decade.
Irelands Personal Retirement Savings Accounts (PRSAs): The Finance Act 2024 introduced important tax changes to PRSAs:
Employer contributions can now be made up to 100% of an employee’s emoluments (Employer Limit).
Contributions exceeding this limit will be treated as a benefit-in-kind and taxed accordingly.
Employer contributions up to the allowable limit will qualify for a tax deduction for employers.
Digital Operational Resilience Act (DORA): This EU regulation, effective from 17 January 2025, aims to strengthen the ICT security of financial entities, including pension schemes. We are actively preparing our systems to ensure compliance and support for our clients in navigating these new requirements.
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Annual Team Meeting and Outing
This year, we held our annual team meeting, bringing together colleagues from across the UK and Ireland to reflect on our achievements and plan for the year ahead. The meeting was followed by a fantastic team outing, giving everyone the opportunity to connect and celebrate a successful year.
Our achievements this year are a testament to the unwavering dedication and hard work of our staff. Their commitment to delivering exceptional service has been instrumental in our success.
Holiday Cheer and Community Support
At L&P Systems, we are committed to supporting our community and charitable causes. This year, we supported our team member Rachael Yates in the Pretty Muddy 2024 run in Liverpool, where she raised funds for Cancer Research. We also supported the Northwest Cancer Research Charity Gala, helping fund essential cancer research and support services.
This Christmas, we are proud to continue supporting the elderly and families in need within our local area. Instead of donating to a specific charity, we help our community by purchasing items for hampers, funding their distribution, and covering the laundry costs for donated clothes.
This initiative requires significant effort and commitment, and we want to give special thanks to Georgina, our Financial Controller, and her husband Vinnie for organising and supporting it. Their dedication to helping the local community makes this possible.
Holiday Office Hours
Please note, our offices will close on 24th December at 1pm and will reopen on 2nd January 2025 at 8am. During this period, we will provide continued support. Please use your normal method of contact by Zendesk or emailing support@lpsystems.com.
As 2024 comes to a close, we want to thank you for your continued support and partnership. We hope you have a joyful holiday season filled with warmth and cheer, and we look forward to achieving great things together in 2025.
Merry Christmas and a Happy New Year from all of us at L&P Systems!Â