SCHEDULE 4E+W+SSYSTEMS AND PROCESSES REQUIREMENTS

Features and functionality of IT systemsE+W+S

1.  Whether the IT systems have the capacity and capability—E+W+S

(a)to process financial transactions securely and accurately, including the core transactions described in regulation 24(2) of the Administration Regulations(1) (requirements for processing financial transactions);

(b)to make and receive electronic payments;

(c)to accept contributions from multiple sources;

(d)to exchange data with other IT systems, including those used by employers and service providers;

(e)to reconcile data on transactions and produce reports so that those activities can be monitored and transaction errors rectified promptly;

(f)to identify and categorise transactions and payments for authorisation and countersigning at an appropriate level of authority;

(g)to be updated to reflect changes in the legal requirements affecting transactions, payments and records, including changes in tax thresholds, the annual allowance and the lifetime allowance.