Last modified by Megan Kahl on 2022/06/17 08:36
<
From version < 71.1 >
edited by Megan Kahl
on 2022/06/17 08:33
To version < 69.1 >
edited by Megan Kahl
on 2022/06/17 06:50
>
Change comment: There is no comment for this version

Summary

Details

Page properties
Content
... ... @@ -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 (% style="color:#2980b9" %)**“UPs”**(%%) button for the product you want to update:
36 +Double Click on the “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 (% style="color:#2980b9" %)**“Used Unit Prices”**(%%). These are the prices the system is currently using for calculation of member values and benefits.
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.
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 (% style="color:#2980b9" %)‘**ProductID**’(%%) for the product being updated.
63 +To load the unit prices via the import functionality, first determine the ‘**ProductID**’ for the product being updated.
64 64  
65 -To do this, ensure that the Parent is selected, go to (% style="color:#2980b9" %)Client → Investment Products:
65 +To do this, ensure that the Parent is selected, go to 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 (% style="color:#2980b9" %)**ProductID**(%%) for the relevant product:
69 +On the screen that opens, note the **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  
... ... @@ -75,28 +75,29 @@
75 75  
76 76  [[image:Calculating and Loading Interim_Final Rates_html_d5ab4359b6c55057.gif]]
77 77  
78 -Populate the Date, (% style="color:#2980b9" %)**ProductID**(%%) and Unit Price columns:
78 +Populate the Date, **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 (% style="color:#2980b9" %)Accounts → Unit Price Management:
82 +To import the file, go to 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 (% style="color:#2980b9" %)“**Import your unit prices**”(%%) section:
86 +Locate the “**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 (% style="color:#2980b9" %)**Import**(%%) button – Import Unit Prices for Parent Investment Products:
90 +Click on the second **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 +
95 95  Browse to pick up your saved import file:
96 96  
97 97   [[image:Calculating and Loading Interim_Final Rates_html_591f84d57fbc47ca.png||height="162" width="252"]]
98 98  
99 -Select (% style="color:#2980b9" %)**Save** (%%)and (% style="color:#2980b9" %)**Execute.**
100 +Select **Save** and **Execute.**
100 100  
101 101  
102 102  A report will be produced indicating that the headings were recognised.
... ... @@ -106,26 +106,24 @@
106 106  
107 107  To confirm the rates were correctly imported, while on the Parent go to:
108 108  
109 -(% style="color:#2980b9" %)Client → Investment Products.
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:
110 110  
111 -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:
112 -
113 113  [[image:Calculating and Loading Interim_Final Rates_html_c2201debac9c4fd5.png||height="149" width="244"]]
114 114  
115 115  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.
116 116  
117 -(% style="color:#2980b9" %)Go to Accounts → Unit Price Management:
116 +Go to Accounts → Unit Price Management:
118 118  
119 119  [[image:Calculating and Loading Interim_Final Rates_html_570535c211e85663.png||height="191" width="86"]]
120 120  
121 121  
122 -Locate the (% style="color:#2980b9" %)“**Link your investments**”(%%) section:
121 +Locate the “**Link your investments**” section:
123 123  
124 124  [[image:Calculating and Loading Interim_Final Rates_html_b993779320601de0.png||height="114" width="630"]]
125 125  
126 -Click on the(% style="color:#2980b9" %) **fifth** (%%)“Select” button – Update used product prices from the ‘Start Date’ to the End Date’ section.
125 +Click on the **fifth** “Select” button – Update used product prices from the ‘Start Date’ to the End Date’ section.
127 127  
128 -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.
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.
129 129  
130 130   [[image:Calculating and Loading Interim_Final Rates_html_13e8528d92a2925e.png||height="103" width="250"]]
131 131  
... ... @@ -137,10 +137,8 @@
137 137  
138 138  To check that the prices updated correctly, while on the Parent go to:
139 139  
140 -(% style="color:#2980b9" %)Client → Investment Products.
139 +Client → Investment Products. Double click on “Ups” for the product. On the first screen that opens the new prices should appear.
141 141  
142 -Double click on “Ups” for the product. On the first screen that opens the new prices should appear.
143 -
144 144  [[image:Calculating and Loading Interim_Final Rates_html_c148949d49fee58c.png||height="141" width="383"]]
145 145  
146 146  
... ... @@ -156,9 +156,9 @@
156 156  
157 157  __[[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.
158 158  
159 -(% 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.
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.
160 160  
161 -(% 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.
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.
162 162  
163 163  
164 164  === (% style="color:#2980b9" %)**Final – Monthly Retrospective Adjustment**(%%) ===
... ... @@ -172,11 +172,11 @@
172 172  
173 173  [[image:Calculating and Loading Interim_Final Rates_html_aeedf1ec7013a979.png||height="178" width="91"]]
174 174  
175 -Double Click on the(% style="color:#2980b9" %)** “UPs”**(%%) button for the product you want to update:
172 +Double Click on the “UPs” button for the product you want to update:
176 176  
177 177   [[image:Calculating and Loading Interim_Final Rates_html_559d28bc8ecfc4a0.png||height="100" width="381"]]
178 178  
179 -Click on the (% style="color:#2980b9" %)**“New Used Ups” **(%%)button at the bottom of the screen:
176 +Click on the “New Used Ups” button at the bottom of the screen:
180 180  
181 181  [[image:Calculating and Loading Interim_Final Rates_html_7126ffabb5613f89.png||height="59" width="131"]]
182 182  
... ... @@ -184,17 +184,17 @@
184 184  
185 185  [[image:Calculating and Loading Interim_Final Rates_html_fe124aaa0aea5a6d.png||height="143" width="259"]]
186 186  
187 -In this scenario you will need to (% style="color:#2980b9" %)**reprice**(%%) the transactions for the period. While on the Parent, go to
184 +In this scenario you will need to **reprice** the transactions for the period. While on the Parent, go to
188 188  
189 -(% style="color:#2980b9" %)Accounts → Unit Price Management:
186 +Accounts → Unit Price Management:
190 190  
191 191  [[image:Calculating and Loading Interim_Final Rates_html_570535c211e85663.png||height="191" width="86"]]
192 192  
193 -Locate the (% style="color:#2980b9" %)“**Link your investments**” (%%)section:
190 +Locate the “**Link your investments**” section:
194 194  
195 195  [[image:Calculating and Loading Interim_Final Rates_html_b993779320601de0.png||height="103" width="573"]]
196 196  
197 -Click on the (% style="color:#2980b9" %)**third**(%%) “Select” button – Reprice the cashflows for the selected Investment Policy’ section.
194 +Click on the **third** “Select” button – Reprice the cashflows for the selected Investment Policy’ section.
198 198  
199 199  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.
200 200  
... ... @@ -204,7 +204,7 @@
204 204  
205 205   [[image:Calculating and Loading Interim_Final Rates_html_42d6c79cb5c90d09.png||height="164" width="407"]]
206 206  
207 -(% 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.
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.
208 208  
209 209  === (% style="color:#2980b9" %)**Final - Annual Adjustment**(%%) ===
210 210  
... ... @@ -211,7 +211,7 @@
211 211  
212 212  For an Annual Adjustment you will need to calculate the closing unit price via an Asset Liability match. To do so follow this procedure:
213 213  
214 -(% style="color:#2980b9" %)**Liabilities:**
211 +**Liabilities:**
215 215  
216 216  While on the Parent, run the batch ‘Parent Investment Member Product’ at the year-end date:
217 217  
... ... @@ -226,9 +226,8 @@
226 226  
227 227  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.
228 228  
226 +**Assets:**
229 229  
230 -(% style="color:#2980b9" %)**Assets:**
231 -
232 232  The total asset value is usually provided by the Actuary / Fund Accountant.
233 233  
234 234  To calculate the closing unit price at year end, you divide the total asset value by the total UNITS in the product.
... ... @@ -243,21 +243,20 @@
243 243  
244 244  Total Assets = 49 832 892.00 (as received from Accounts)
245 245  
246 -(% style="color:#2980b9" %)**Unit Price**(%%) = 49 832 892.00 ÷ 276442.52339 = (% style="color:#2980b9" %)**180.264929537**
242 +**Unit Price** = 49 832 892.00 ÷ 276442.52339 = **180.264929537**
247 247  
244 +**Allocating on Everest:**
248 248  
249 -(% style="color:#2980b9" %)**Allocating on Everest:**
250 -
251 251  We now need to adjust the Unit Price on Everest. While on the Parent, go to Accounts → Investment Products:
252 252  
253 253  [[image:Calculating and Loading Interim_Final Rates_html_aeedf1ec7013a979.png||height="178" width="91"]]
254 254  
255 255  
256 -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):
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):
257 257  
258 258   [[image:Calculating and Loading Interim_Final Rates_html_559d28bc8ecfc4a0.png||height="100" width="381"]]
259 259  
260 -Click on the (% style="color:#2980b9" %)**“New Used Ups”**(%%) button at the bottom of the screen:
255 +Click on the “New Used Ups” button at the bottom of the screen:
261 261  
262 262  [[image:Calculating and Loading Interim_Final Rates_html_7126ffabb5613f89.png||height="50" width="112"]]
263 263  
... ... @@ -271,13 +271,13 @@
271 271  
272 272  [[image:Calculating and Loading Interim_Final Rates_html_570535c211e85663.png||height="170" width="76"]]
273 273  
274 -Locate the (% style="color:#2980b9" %)“**Link your investments**”(%%) section:
269 +Locate the “**Link your investments**” section:
275 275  
276 276  [[image:Calculating and Loading Interim_Final Rates_html_b993779320601de0.png||height="107" width="593"]]
277 277  
278 -Click on the (% style="color:#2980b9" %)**fifth**(%%) “Select” button – ‘Update used product prices from the ‘Start Date’ to the ‘End Date’ section.
273 +Click on the **fifth** “Select” button – ‘Update used product prices from the ‘Start Date’ to the ‘End Date’ section.
279 279  
280 -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.
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.
281 281  
282 282   [[image:Calculating and Loading Interim_Final Rates_html_9c7ad50c95447944.png||height="96" width="258"]]
283 283  
... ... @@ -295,9 +295,8 @@
295 295  
296 296  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.
297 297  
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.
298 298  
299 -(% 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.
300 -
301 301  Use the unit price calculator to calculate the new prices for the following year:
302 302  
303 303   [[image:Calculating and Loading Interim_Final Rates_html_649a53d74e537d43.png||height="116" width="112"]]
... ... @@ -307,11 +307,11 @@
307 307  
308 308  [[image:Calculating and Loading Interim_Final Rates_html_aeedf1ec7013a979.png||height="178" width="91"]]
309 309  
310 -Double Click on the (% style="color:#2980b9" %)**“UPs” **(%%)button for the product you want to update:
304 +Double Click on the “UPs” button for the product you want to update:
311 311  
312 312   [[image:Calculating and Loading Interim_Final Rates_html_559d28bc8ecfc4a0.png||height="100" width="381"]]
313 313  
314 -Click on the (% style="color:#2980b9" %)**“New Used Ups”**(%%) button at the bottom of the screen:
308 +Click on the “New Used Ups” button at the bottom of the screen:
315 315  
316 316  [[image:Calculating and Loading Interim_Final Rates_html_7126ffabb5613f89.png||height="59" width="131"]]
317 317  
... ... @@ -320,15 +320,15 @@
320 320  [[image:Calculating and Loading Interim_Final Rates_html_fe124aaa0aea5a6d.png||height="143" width="259"]]
321 321  
322 322  
323 -You will need to (% style="color:#2980b9" %)**reprice**(%%) the transactions for the period. While on the Parent, go to Accounts → Unit Price Management:
317 +You will need to **reprice** the transactions for the period. While on the Parent, go to Accounts → Unit Price Management:
324 324  
325 325  [[image:Calculating and Loading Interim_Final Rates_html_570535c211e85663.png||height="191" width="86"]]
326 326  
327 -Locate the (% style="color:#2980b9" %)“**Link your investments**”(%%) section:
321 +Locate the “**Link your investments**” section:
328 328  
329 329  [[image:Calculating and Loading Interim_Final Rates_html_b993779320601de0.png||height="114" width="630"]]
330 330  
331 -Click on the (% style="color:#2980b9" %)**third**(%%) “Select” button – Reprice the cashflows for the selected Investment Policy’ section.
325 +Click on the **third** “Select” button – Reprice the cashflows for the selected Investment Policy’ section.
332 332  
333 333  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.
334 334  

Applications

Navigation

Need help?

If you need help with XWiki you can contact: