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13	13	(% style="text-align:center" %)
14	14	[[image:Calculating and Loading Interim_Final Rates_html_8cba33b1e8c9fa24.gif||height="128" width="463"]]
15	15
	16	+{{info}}
	17	+(% style="text-align: center;" %)
	18	+(% style="color:#2980b9; font-size:22px" %)**TABLE OF CONTENTS**
16	16
	20	+{{toc/}}
17	17
	22	+
	23	+{{/info}}
18	18
	25	+
19	19	(% style="text-align: center;" %)
20	20	== (% style="color:#2980b9" %)**How to calculate and load Interim/Final rates on Everest**(%%) ==
21	21
...	...	@@ -33,11 +33,11 @@
33	33
34	34	[[image:Calculating and Loading Interim_Final Rates_html_aeedf1ec7013a979.png||height="178" width="91"]]
35	35
36		-Double Click on the “UPs” button for the product you want to update:
	43	+Double Click on the (% style="color:#2980b9" %)**“UPs”**(%%) button for the product you want to update:
37	37
38	38	[[image:Calculating and Loading Interim_Final Rates_html_559d28bc8ecfc4a0.png||height="100" width="381"]]
39	39
40		-A screen will open that reflects the “Used Unit Prices”. These are the prices the system is currently using for calculation of member values and benefits.
	47	+A screen will open that reflects the (% style="color:#2980b9" %)**“Used Unit Prices”**(%%). These are the prices the system is currently using for calculation of member values and benefits.
41	41
42	42	[[image:Calculating and Loading Interim_Final Rates_html_c6e0cf71f2b8533.png||height="183" width="393"]]
43	43
...	...	@@ -60,13 +60,13 @@
60	60
61	61	The new prices can be manually loaded in Everest, or the user may utilise the import file and function. Imports are preferred to prevent finger error.
62	62
63		-To load the unit prices via the import functionality, first determine the ‘**ProductID**’ for the product being updated.
	70	+To load the unit prices via the import functionality, first determine the (% style="color:#2980b9" %)‘**ProductID**’(%%) for the product being updated.
64	64
65		-To do this, ensure that the Parent is selected, go to Client → Investment Products:
	72	+To do this, ensure that the Parent is selected, go to (% style="color:#2980b9" %)Client → Investment Products:
66	66
67	67	[[image:Calculating and Loading Interim_Final Rates_html_aeedf1ec7013a979.png||height="178" width="91"]]
68	68
69		-On the screen that opens, note the **ProductID** for the relevant product:
	76	+On the screen that opens, note the (% style="color:#2980b9" %)**ProductID**(%%) for the relevant product:
70	70
71	71	[[image:Calculating and Loading Interim_Final Rates_html_b68b72a894d7efaa.png||height="88" width="366"]]
72	72
...	...	@@ -75,29 +75,28 @@
75	75
76	76	[[image:Calculating and Loading Interim_Final Rates_html_d5ab4359b6c55057.gif]]
77	77
78		-Populate the Date, **ProductID** and Unit Price columns:
	85	+Populate the Date, (% style="color:#2980b9" %)**ProductID**(%%) and Unit Price columns:
79	79
80	80	[[image:Calculating and Loading Interim_Final Rates_html_737d85a651d2cf90.png||height="158" width="139"]]
81	81
82		-To import the file, go to Accounts → Unit Price Management:
	89	+To import the file, go to (% style="color:#2980b9" %)Accounts → Unit Price Management:
83	83
84	84	[[image:Calculating and Loading Interim_Final Rates_html_570535c211e85663.png||height="191" width="86"]]
85	85
86		-Locate the “**Import your unit prices**” section:
	93	+Locate the (% style="color:#2980b9" %)“**Import your unit prices**”(%%) section:
87	87
88	88	[[image:Calculating and Loading Interim_Final Rates_html_4f1b11fda376cd0c.png||height="121" width="294"]]
89	89
90		-Click on the second **Import** button – Import Unit Prices for Parent Investment Products:
	97	+Click on the second (% style="color:#2980b9" %)**Import**(%%) button – Import Unit Prices for Parent Investment Products:
91	91
92	92	[[image:Calculating and Loading Interim_Final Rates_html_4f1b11fda376cd0c.png||height="121" width="294"]]
93	93
94	94
95		-
96	96	Browse to pick up your saved import file:
97	97
98	98	[[image:Calculating and Loading Interim_Final Rates_html_591f84d57fbc47ca.png||height="162" width="252"]]
99	99
100		-Select **Save** and **Execute.**
	106	+Select (% style="color:#2980b9" %)**Save** (%%)and (% style="color:#2980b9" %)**Execute.**
101	101
102	102
103	103	A report will be produced indicating that the headings were recognised.
...	...	@@ -107,24 +107,26 @@
107	107
108	108	To confirm the rates were correctly imported, while on the Parent go to:
109	109
110		-Client → Investment Products. Double click on “UPs” for the product imported. At the bottom of the screen click on the “New Used UPs” button. The screen that opens will reflect the new prices that are ready for use:
	116	+(% style="color:#2980b9" %)Client → Investment Products.
111	111
	118	+Double click on “UPs” for the product imported. At the bottom of the screen click on the “New Used UPs” button. The screen that opens will reflect the new prices that are ready for use:
	119	+
112	112	[[image:Calculating and Loading Interim_Final Rates_html_c2201debac9c4fd5.png||height="149" width="244"]]
113	113
114	114	Once satisfied that the unit prices have been successfully imported, the prices are required to be linked for use in calculating the member values and benefits for the interim rate period.
115	115
116		-Go to Accounts → Unit Price Management:
	124	+(% style="color:#2980b9" %)Go to Accounts → Unit Price Management:
117	117
118	118	[[image:Calculating and Loading Interim_Final Rates_html_570535c211e85663.png||height="191" width="86"]]
119	119
120	120
121		-Locate the “**Link your investments**” section:
	129	+Locate the (% style="color:#2980b9" %)“**Link your investments**”(%%) section:
122	122
123	123	[[image:Calculating and Loading Interim_Final Rates_html_b993779320601de0.png||height="114" width="630"]]
124	124
125		-Click on the **fifth** “Select” button – Update used product prices from the ‘Start Date’ to the End Date’ section.
	133	+Click on the(% style="color:#2980b9" %) **fifth** (%%)“Select” button – Update used product prices from the ‘Start Date’ to the End Date’ section.
126	126
127		-In the screen that opens, select the product you want to update, date range you want to link and select “Test” in the **Custom 1** field. The Parent should be pre-populated but please do check it.
	135	+In the screen that opens, select the product you want to update, date range you want to link and select “Test” in the (% style="color:#2980b9" %)**Custom 1**(%%) field. The Parent should be pre-populated but please do check it.
128	128
129	129	[[image:Calculating and Loading Interim_Final Rates_html_13e8528d92a2925e.png||height="103" width="250"]]
130	130
...	...	@@ -136,8 +136,10 @@
136	136
137	137	To check that the prices updated correctly, while on the Parent go to:
138	138
139		-Client → Investment Products. Double click on “Ups” for the product. On the first screen that opens the new prices should appear.
	147	+(% style="color:#2980b9" %)Client → Investment Products.
140	140
	149	+Double click on “Ups” for the product. On the first screen that opens the new prices should appear.
	150	+
141	141	[[image:Calculating and Loading Interim_Final Rates_html_c148949d49fee58c.png||height="141" width="383"]]
142	142
143	143
...	...	@@ -153,12 +153,12 @@
153	153
154	154	__[[Monthly Retrospective Adjustment>>path:#_Retrospective_monthly]]__– All transactions processed in the interim period will have to be repriced. Any claims processed in the interim period will result in either positive or negative orphan units. If you are going to reprocess the claims and either pay additional or claw back overpayments, then this method will work for you.
155	155
156		-__Annual Adjustment__ – The transactions for the interim period would be unaffected and the active member values would be adjusted at the final once off date.
	166	+(% style="color:#2980b9" %)__Annual Adjustment__(%%) – The transactions for the interim period would be unaffected and the active member values would be adjusted at the final once off date.
157	157
158		-**NB!** With both methods, if you were processing claims for the period AFTER the Final rate was declared for, these claims would also create orphan units. It is best practice to hold payment of claims until the Final Rate is declared.
	168	+(% style="color:#2980b9" %)**NB!** (%%)With both methods, if you were processing claims for the period AFTER the Final rate was declared for, these claims would also create orphan units. It is best practice to hold payment of claims until the Final Rate is declared.
159	159
160	160
161		-=== (% style="color:#2980b9" %)**Final – Monthly Retrospective Adjustment**(%%) ===
	171	+=== (% style="color:#2980b9" %)**Final - Monthly Retrospective Adjustment**(%%) ===
162	162
163	163
164	164	To calculate the monthly retrospective adjustment for the period, use the Unit Price calculator provided by your consultant. OVERRIDE the Interim prices used in the original calculation spreadsheet with the new final rate:
...	...	@@ -169,11 +169,11 @@
169	169
170	170	[[image:Calculating and Loading Interim_Final Rates_html_aeedf1ec7013a979.png||height="178" width="91"]]
171	171
172		-Double Click on the “UPs” button for the product you want to update:
	182	+Double Click on the(% style="color:#2980b9" %)** “UPs”**(%%) button for the product you want to update:
173	173
174	174	[[image:Calculating and Loading Interim_Final Rates_html_559d28bc8ecfc4a0.png||height="100" width="381"]]
175	175
176		-Click on the “New Used Ups” button at the bottom of the screen:
	186	+Click on the (% style="color:#2980b9" %)**“New Used Ups” **(%%)button at the bottom of the screen:
177	177
178	178	[[image:Calculating and Loading Interim_Final Rates_html_7126ffabb5613f89.png||height="59" width="131"]]
179	179
...	...	@@ -181,17 +181,17 @@
181	181
182	182	[[image:Calculating and Loading Interim_Final Rates_html_fe124aaa0aea5a6d.png||height="143" width="259"]]
183	183
184		-In this scenario you will need to **reprice** the transactions for the period. While on the Parent, go to
	194	+In this scenario you will need to (% style="color:#2980b9" %)**reprice**(%%) the transactions for the period. While on the Parent, go to
185	185
186		-Accounts → Unit Price Management:
	196	+(% style="color:#2980b9" %)Accounts → Unit Price Management:
187	187
188	188	[[image:Calculating and Loading Interim_Final Rates_html_570535c211e85663.png||height="191" width="86"]]
189	189
190		-Locate the “**Link your investments**” section:
	200	+Locate the (% style="color:#2980b9" %)“**Link your investments**” (%%)section:
191	191
192	192	[[image:Calculating and Loading Interim_Final Rates_html_b993779320601de0.png||height="103" width="573"]]
193	193
194		-Click on the **third** “Select” button – Reprice the cashflows for the selected Investment Policy’ section.
	204	+Click on the (% style="color:#2980b9" %)**third**(%%) “Select” button – Reprice the cashflows for the selected Investment Policy’ section.
195	195
196	196	In the screen that opens leave the policy row blank, populate the date range you want to link, “Check” = No, and “Confirmed Prices Only” = No.
197	197
...	...	@@ -201,7 +201,7 @@
201	201
202	202	[[image:Calculating and Loading Interim_Final Rates_html_42d6c79cb5c90d09.png||height="164" width="407"]]
203	203
204		-**NB!** If there are transactions that were processed AFTER the year end date, you will need to recalculate the unit prices for that period and reprice the transactions. The reason for this is that the unit price has changed at the year end, which then affects all unit prices thereafter. Follow the exact same procedure detailed above, but for the new year and utilising the new interim price for that year.
	214	+(% style="color:#2980b9" %)**NB!** (%%)If there are transactions that were processed AFTER the year end date, you will need to recalculate the unit prices for that period and reprice the transactions. The reason for this is that the unit price has changed at the year end, which then affects all unit prices thereafter. Follow the exact same procedure detailed above, but for the new year and utilising the new interim price for that year.
205	205
206	206	=== (% style="color:#2980b9" %)**Final - Annual Adjustment**(%%) ===
207	207
...	...	@@ -208,7 +208,7 @@
208	208
209	209	For an Annual Adjustment you will need to calculate the closing unit price via an Asset Liability match. To do so follow this procedure:
210	210
211		-**Liabilities:**
	221	+(% style="color:#2980b9" %)**Liabilities:**
212	212
213	213	While on the Parent, run the batch ‘Parent Investment Member Product’ at the year-end date:
214	214
...	...	@@ -223,8 +223,9 @@
223	223
224	224	The report shows values for Active Members, Exited Members, and a combined total for both. If there are Exited Member values in the product you are calculating, you need to ascertain if the exits have been paid (call the Parent Investment Member Product report using the ‘By Member’ option). If they have been paid, they must be excluded from the Unit Price calculation.
225	225
226		-**Assets:**
227	227
	237	+(% style="color:#2980b9" %)**Assets:**
	238	+
228	228	The total asset value is usually provided by the Actuary / Fund Accountant.
229	229
230	230	To calculate the closing unit price at year end, you divide the total asset value by the total UNITS in the product.
...	...	@@ -239,20 +239,21 @@
239	239
240	240	Total Assets = 49 832 892.00 (as received from Accounts)
241	241
242		-**Unit Price** = 49 832 892.00 ÷ 276442.52339 = **180.264929537**
	253	+(% style="color:#2980b9" %)**Unit Price**(%%) = 49 832 892.00 ÷ 276442.52339 = (% style="color:#2980b9" %)**180.264929537**
243	243
244		-**Allocating on Everest:**
245	245
	256	+(% style="color:#2980b9" %)**Allocating on Everest:**
	257	+
246	246	We now need to adjust the Unit Price on Everest. While on the Parent, go to Accounts → Investment Products:
247	247
248	248	[[image:Calculating and Loading Interim_Final Rates_html_aeedf1ec7013a979.png||height="178" width="91"]]
249	249
250	250
251		-Double Click on the “UPs” button for the product you want to update (note that in this example we need to update the price for BOTH products):
	263	+Double Click on the (% style="color:#2980b9" %)**“UPs” **(%%)button for the product you want to update (note that in this example we need to update the price for BOTH products):
252	252
253	253	[[image:Calculating and Loading Interim_Final Rates_html_559d28bc8ecfc4a0.png||height="100" width="381"]]
254	254
255		-Click on the “New Used Ups” button at the bottom of the screen:
	267	+Click on the (% style="color:#2980b9" %)**“New Used Ups”**(%%) button at the bottom of the screen:
256	256
257	257	[[image:Calculating and Loading Interim_Final Rates_html_7126ffabb5613f89.png||height="50" width="112"]]
258	258
...	...	@@ -266,13 +266,13 @@
266	266
267	267	[[image:Calculating and Loading Interim_Final Rates_html_570535c211e85663.png||height="170" width="76"]]
268	268
269		-Locate the “**Link your investments**” section:
	281	+Locate the (% style="color:#2980b9" %)“**Link your investments**”(%%) section:
270	270
271	271	[[image:Calculating and Loading Interim_Final Rates_html_b993779320601de0.png||height="107" width="593"]]
272	272
273		-Click on the **fifth** “Select” button – ‘Update used product prices from the ‘Start Date’ to the ‘End Date’ section.
	285	+Click on the (% style="color:#2980b9" %)**fifth**(%%) “Select” button – ‘Update used product prices from the ‘Start Date’ to the ‘End Date’ section.
274	274
275		-In the screen that opens, select the product you want to update, date range must be the year end, and select “Test” in the **Custom 1** field. The Parent should be pre-populated but please do check it.
	287	+In the screen that opens, select the product you want to update, date range must be the year end, and select “Test” in the (% style="color:#2980b9" %)**Custom 1**(%%) field. The Parent should be pre-populated but please do check it.
276	276
277	277	[[image:Calculating and Loading Interim_Final Rates_html_9c7ad50c95447944.png||height="96" width="258"]]
278	278
...	...	@@ -290,8 +290,9 @@
290	290
291	291	To test the values, you can run the “Parent Investment Member Product” batch to see that the total member values now match the total asset value.
292	292
293		-**NB!** If there are transactions that were processed AFTER the year end date, you will need to recalculate the unit prices for that period and reprice the transactions. The reason for this is that the unit price has changed at the year end, which then affects all unit prices thereafter.
294	294
	306	+(% style="color:#2980b9" %)**NB!**(%%) If there are transactions that were processed AFTER the year end date, you will need to recalculate the unit prices for that period and reprice the transactions. The reason for this is that the unit price has changed at the year end, which then affects all unit prices thereafter.
	307	+
295	295	Use the unit price calculator to calculate the new prices for the following year:
296	296
297	297	[[image:Calculating and Loading Interim_Final Rates_html_649a53d74e537d43.png||height="116" width="112"]]
...	...	@@ -301,11 +301,11 @@
301	301
302	302	[[image:Calculating and Loading Interim_Final Rates_html_aeedf1ec7013a979.png||height="178" width="91"]]
303	303
304		-Double Click on the “UPs” button for the product you want to update:
	317	+Double Click on the (% style="color:#2980b9" %)**“UPs” **(%%)button for the product you want to update:
305	305
306	306	[[image:Calculating and Loading Interim_Final Rates_html_559d28bc8ecfc4a0.png||height="100" width="381"]]
307	307
308		-Click on the “New Used Ups” button at the bottom of the screen:
	321	+Click on the (% style="color:#2980b9" %)**“New Used Ups”**(%%) button at the bottom of the screen:
309	309
310	310	[[image:Calculating and Loading Interim_Final Rates_html_7126ffabb5613f89.png||height="59" width="131"]]
311	311
...	...	@@ -314,15 +314,15 @@
314	314	[[image:Calculating and Loading Interim_Final Rates_html_fe124aaa0aea5a6d.png||height="143" width="259"]]
315	315
316	316
317		-You will need to **reprice** the transactions for the period. While on the Parent, go to Accounts → Unit Price Management:
	330	+You will need to (% style="color:#2980b9" %)**reprice**(%%) the transactions for the period. While on the Parent, go to Accounts → Unit Price Management:
318	318
319	319	[[image:Calculating and Loading Interim_Final Rates_html_570535c211e85663.png||height="191" width="86"]]
320	320
321		-Locate the “**Link your investments**” section:
	334	+Locate the (% style="color:#2980b9" %)“**Link your investments**”(%%) section:
322	322
323	323	[[image:Calculating and Loading Interim_Final Rates_html_b993779320601de0.png||height="114" width="630"]]
324	324
325		-Click on the **third** “Select” button – Reprice the cashflows for the selected Investment Policy’ section.
	338	+Click on the (% style="color:#2980b9" %)**third**(%%) “Select” button – Reprice the cashflows for the selected Investment Policy’ section.
326	326
327	327	In the screen that opens leave the policy row blank, populate the date range you want to link, “Check” = No, and “Confirmed Prices Only” = No.
328	328