Changes for page Section 14 transfer

Last modified by Megan Kahl on 2022/08/03 09:03
<
From version < 79.1 >
edited by Megan Kahl
on 2021/10/04 06:23
To version < 85.1 >
edited by Megan Kahl
on 2021/10/04 06:31
>
Change comment: There is no comment for this version

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1 1  (% style="text-align: center;" %)
2 -= (% style="color:#2980b9; font-size:28px" %)**Section 14 Transfer Process**(%%) =
2 += (% style="color:#2980b9; font-size:28px" %)**SECTION 14 TRANSFER PROCESS **(%%) =
3 3  
4 4  
5 5  
... ... @@ -67,11 +67,10 @@
67 67  * Check that there are no Outstanding Contributions.
68 68  * Ensure that the banking details of the receiving Fund has been loaded in the (% style="color:#2980b9" %)Administration > Financial Settings > System Bank Accounts > Transfer Funds (Bank Account Type)(%%) screen. Should the user not have access to this screen ensure that someone who does have access loads the banking details before commencing the process.
69 69  
70 +Select and generate the(% style="color:#2980b9" %) “**Client Member Investment Product”** (%%)batch.
70 70  
71 -Select and generate the(% style="color:#2980b9" %) “**Client Member Investment Product”** (%%)batch.
72 +(% style="color:#2980b9" %)**Effective Date:**(%%)** **Today’s date.
72 72  
73 -Effective Date: (% style="color:#2980b9" %)Today’s date.
74 -
75 75  Click on (% style="color:#2980b9" %)“**Save**” (%%)and (% style="color:#2980b9" %)“**Execute**”.
76 76  
77 77  
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89 89  Using the (% style="color:#2980b9" %)**Import Unclaimed Benefit Template**(%%), create a file for import. This template will process the member’s exits in Bulk and write up the payment to be paid into the transferring Fund.
90 90  
91 91  
92 -​​​​​​​
93 93  
94 94  (% style="text-align:center" %)
95 95  [[image:1633327441733-379.png]]
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150 150  Two reports will generate. The first being confirmation of the fields that were required and what was supplied to generate the report.
151 151  
152 152  
153 -The second report will confirm if the import was successful or not. If the import was not successful, the errors will need to be rectified before the import is run again. The(% style="color:#e74c3c" %) batch ref number(%%) of the successful import, as highlighted below, (% style="color:#2980b9" %)**must**(%%)** **be kept as it will be used later in the process.
151 +The second report will confirm if the import was successful or not. If the import was not successful, the errors will need to be rectified before the import is run again. The(% style="color:#e74c3c" %) batch ref number(%%) of the successful import, as highlighted below, (% style="color:#2980b9" %)**must**(%%)** **be kept as it will be used later in the process.
154 154  
155 155  ​​​​​​​
156 156  
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205 205  [[image:1633328582529-671.png]]
206 206  
207 207  
208 -[[image:Section 14 Transfer Process_html_2541c1ea5f14a2ee.png||height="92" width="596"]]
206 +(% style="text-align:center" %)
207 +[[image:1633328678458-232.png]]
209 209  
210 210  
211 -Select __eft__ hyperlink and a batch editor screen will open to generate the Payment.
210 +Select (% style="color:#2980b9" %)**__eft__ **(%%)hyperlink and a batch editor screen will open to generate the Payment.
212 212  
212 + ​​​​
213 213  
214 -[[image:Section 14 Transfer Process_html_6fb6bea9bace00ee.gif||alt="Shape36"]] [[image:Section 14 Transfer Process_html_bef0d58a1354411a.png||height="156" width="596"]]
214 +(% style="text-align:center" %)
215 +[[image:1633328773306-793.png]]
215 215  
216 216  
217 217  The payment can be approved on the Payment Management screen as a bulk payment. The process has been completed and the necessary payment records have been created.
218 218  
219 219  
220 -Bulk Section 14 where the member is invested in a Unitised Fund
221 +(% style="color:#2980b9" %)**Bulk Section 14 where the member is invested in a Unitised Fund**
221 221  
222 222  1. Generate a few Member Statements and ensure that all transactions have been completed and priced. Also ensure there are no Outstanding Contributions.
223 223  1. Ensure that the banking details of the receiving Fund has been loaded in the Administration > Financial Settings > System Bank Accounts > Transfer Funds (Bank Account Type) screen. Should the user not have access to this screen ensure that some who does have access loads the banking details.
224 224  
225 -Ensure that the client has been selected. Go to the Accounts – Investment Switch Menu option and create the switch, moving 100% of the member’s Fund Credit into the bank account.
226 +Ensure that the client has been selected.
226 226  
228 +Go to the (% style="color:#2980b9" %)Accounts > Investment Switch Menu(%%) option and create the switch, moving 100% of the member’s Fund Credit into the bank account.
227 227  
228 -[[image:Section 14 Transfer Process_html_c9a8f5eb63e4ea98.gif||alt="Shape38"]] [[image:Section 14 Transfer Process_html_8dd7da9fee6333c0.gif||alt="Shape37"]] [[image:Section 14 Transfer Process_html_914ecb34dc025696.png||height="77" width="596"]]
230 +​​​​​​​
229 229  
232 +(% style="text-align:center" %)
233 +[[image:1633328856464-285.png]]
230 230  
231 -The system has the option to import the member switch as well. Should only a select number of members be transferring out, the preferred option would be to complete the **“Investment Switches Import”** template and import the members for switching.
232 232  
236 +The system has the option to import the member switch as well. Should only a select number of members be transferring out, the preferred option would be to complete the (% style="color:#2980b9" %)**“Investment Switches Import”** (%%)template and import the members for switching.
233 233  
234 -[[image:Section 14 Transfer Process_html_cdc9ae73d6e83c03.png||height="90" width="596"]]
235 235  
239 +(% style="text-align:center" %)
240 +[[image:1633328913530-279.png]]
236 236  
237 -Please refer to the **Investment Switches** guide for the full process to be followed.
238 238  
243 +Please refer to the (% style="color:#2980b9" %)**Investment Switches**(%%) guide for the full process to be followed.
239 239  
240 -Once the switch has been generated (as per the Investment Switches guide), go to Accounts > Cashflow Unit Prices screen at a Parent level to obtain the number of units that must be disinvested from the market.
241 241  
246 +Once the switch has been generated (as per the Investment Switches guide), go to (% style="color:#2980b9" %)Accounts > Cashflow Unit Prices (%%)screen at a Parent level to obtain the number of units that must be disinvested from the market.
242 242  
243 -[[image:Section 14 Transfer Process_html_5db01f746f85e705.gif||alt="Shape39"]] [[image:Section 14 Transfer Process_html_6b3e5fe8042b37fa.png||height="56" width="596"]]
248 + ​​​​​​​
244 244  
250 +(% style="text-align:center" %)
251 +[[image:1633328986406-762.png]]
245 245  
253 +
246 246  Only once the disinvestment process has been finalised in full can the user continue with the process.
247 247  
248 248  
249 -Select and generate the “**Client Member Investment Product**” batch, once the disinvestment has been actioned and priced.
257 +Select and generate the(% style="color:#2980b9" %) “**Client Member Investment Product**”(%%) batch, once the disinvestment has been actioned and priced.
250 250  
251 -Effective Date: Today’s date.
259 +(% style="color:#2980b9" %)**Effective Date:**(%%) Today’s date.
252 252  
253 -Click on “**Save**” and “**Execute**”.
261 +Click on (% style="color:#2980b9" %)“**Save**”(%%) and (% style="color:#2980b9" %)“**Execute**”.
254 254  
255 255  
256 256  [[image:Section 14 Transfer Process_html_5a5c356aa4481b66.png||height="138" width="596"]]
257 257  
266 +
258 258  A report will generate reflecting the member’s current Fund Credit.
259 259  
260 260  
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