Summary

• Page properties (2 modified, 0 added, 0 removed)

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Page properties

Author

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1		-XWiki.megank
	1	+XWiki.dominiquet

Content

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1		-(% style="text-align: center;" %)
2		-= (% style="color:#2980b9; font-size:28px" %)**SECTION 14 TRANSFER PROCESS **(%%) =
	1	+(% class="wikigeneratedid" id="HSECTION14TRANSFERPROCESS" style="text-align: center;" %)
	2	+(% style="color:#2980b9; font-size:28px" %)**SECTION 14 TRANSFER PROCESS **
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27	27
28	28	(% style="break-before: page; text-align: center;" %)
29		-== (% style="color:#2980b9" %)**Introduction**(%%) ==
	29	+= (% style="color:#2980b9" %)**Introduction**(%%) =
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43	43	(% style="break-before: page; text-align: center;" %)
44		-== (% style="color:#2980b9" %)**Section 14 Process for an Individual Member**(%%) ==
	44	+= (% style="color:#2980b9" %)**Section 14 Process for an Individual Member**(%%) =
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47	47
48		-(% style="color:#2980b9" %)**Section 14 where the member is invested in a Managed Fund**
	48	+== (% style="color:#2980b9" %)**Section 14 where the member is invested in a Managed Fund**(%%) ==
49	49
50		-Generate a Member Statement and ensure that all transactions have been completed and priced. Exit the member using the standard Member Exit Batch. Ensure that the workflow process is completed in full. The Disinvestment Process, which is part of the workflow MUST be done to ensure that the investable portion is moved to Bank for payment. Tax must be applied for on all Section 14 Transfers, in line with SARS’ rules. Payment is then made to the receiving Fund.
	50	+Generate a Member Statement and ensure that all transactions have been completed and priced. Exit the member using the standard Member Exit Batch. Ensure that the workflow process is completed in full. The Disinvestment Process, which is part of the workflow MUST be done to ensure that the investable portion is moved to Bank for payment. Tax must be applied for on all Section 14 Transfers, in line with SARS’ rules. Payment is then made to the receiving Fund. Ensure the workflow is completed so that all relevant accounts are updated.
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52	52
53		-(% style="color:#2980b9" %)**Section 14 where the member is invested in a Unitized Fund**
	53	+== (% style="color:#2980b9" %)**Section 14 where the member is invested in a Unitized Fund**(%%) ==
54	54
55		-Generate a Member Statement and ensure that all transactions have been completed and priced. Exit the member using the standard Member Exit Batch. Ensure that the workflow process is completed in full. The Disinvestment Process, which is part of the workflow MUST be done to ensure that the investable portion is moved to Bank for payment. Execute the transaction in Market and ensure that the transaction is priced before continuing. Tax must be applied for on all Section 14 Transfers, in line with SARS’ rules. Payment is then made to the receiving Fund.
	55	+Generate a Member Statement and ensure that all transactions have been completed and priced. Exit the member using the standard Member Exit Batch. Ensure that the workflow process is completed in full. The Disinvestment Process, which is part of the workflow MUST be done to ensure that the investable portion is moved to Bank for payment. Execute the transaction in Market and ensure that the transaction is priced before continuing. Tax must be applied for on all Section 14 Transfers, in line with SARS’ rules. Payment is then made to the receiving Fund. Ensure the workflow is completed so that all relevant accounts are updated.
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59	59	(% style="break-before: page; text-align: center;" %)
60		-== (% style="color:#2980b9" %)**Bulk Section 14 Process**(%%) ==
	60	+= (% style="color:#2980b9" %)**Bulk Section 14 Process**(%%) =
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64		-=== (% style="color:#2980b9" %)**Bulk Section 14 where the member is invested in a Managed Fund**(%%) ===
	64	+== (% style="color:#2980b9" %)**Bulk Section 14 where the member is invested in a Managed Fund**(%%) ==
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66	66	* Generate a few Member Statements and ensure that all transactions have been completed and priced.
67	67	* Check that there are no Outstanding Contributions.
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77	77	(% style="text-align:center" %)
78	78	[[image:1633327074202-714.png]]
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80		-
	80	+(% style="break-before: page" %)
81	81	A report will generate reflecting the member’s current Fund Credit.
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175	175	A report will generate confirming which benefits have been populated for payment. Only benefits where tax has been received back will be populated. The report will clearly highlight which members are ready for payment and which are not.
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177		-​​​​​​​
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179	179	(% style="text-align:center" %)
180	180	[[image:1633328312880-362.png]]
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183	183	Click on the (% style="color:#2980b9" %)__**cflo**__(%%) button on the member record. A line would have been created for payment.
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186		-​​​​​​​​​​​​​​
187	187
188	188	(% style="text-align:center" %)
189	189	[[image:1633328484167-380.png]]
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200	200	(% style="text-align:center" %)
201		-[[image:1633328582529-671.png]]
	199	+[[image:1633328582529-671.png||height="189" width="466"]]
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204	204	(% style="text-align:center" %)
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216	216	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.
217	217
	216	+(% style="break-before: page" %)
	217	+== (% style="color:#2980b9" %)**Bulk Section 14 where the member is invested in a Unitised Fund**(%%) ==
218	218
219		-=== (% style="color:#2980b9" %)**Bulk Section 14 where the member is invested in a Unitised Fund**(%%) ===
220		-
221	221	1. Generate a few Member Statements and ensure that all transactions have been completed and priced. Also ensure there are no Outstanding Contributions.
222	222	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.
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226	226	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.
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228		-​​​​​​​
229	229
230	230	(% style="text-align:center" %)
231	231	[[image:1633328856464-285.png]]
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244	244	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.
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246		- ​​​​​​​
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248	248	(% style="text-align:center" %)
249	249	[[image:1633328986406-762.png]]
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252	252	Only once the disinvestment process has been finalised in full can the user continue with the process.
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254		-
	250	+(% style="break-before: page" %)
255	255	Select and generate the(% style="color:#2980b9" %) “**Client Member Investment Product**”(%%) batch, once the disinvestment has been actioned and priced.
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257	257	(% style="color:#2980b9" %)**Effective Date:**(%%) Today’s date.
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266	266	A report will generate reflecting the member’s current Fund Credit.
267	267
268		-​​​​​​​
269	269
270	270	(% style="text-align:center" %)
271	271	[[image:1633330357571-100.png]]
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281	281	(% style="text-align:center" %)
282	282	[[image:1633327441733-379.png]]
283	283
284		-
	279	+(% style="break-before: page" %)
285	285	Critical fields that must be considered are:
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317	317	Once the file has been updated, save the file for import into the system.
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	314	+(% style="break-before: page %)
319	319	Select and generate the (% style="color:#2980b9" %)“**Import Unclaimed Benefits**”(%%) batch.
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321	321
322		- ​​​​​​​
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324	324	(% style="text-align:center" %)
325	325	[[image:1633327705654-665.png]]
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346		-​​​​​​​
347	347
348	348	(% style="text-align:center" %)
349	349	[[image:1633327962522-699.png]]
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370	370	Click on the(% style="color:#2980b9" %)** __cflo__ **(%%)button on the member record. A line would have been created for payment.
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372	372
373		-​​​​​​​
374	374
375	375	(% style="text-align:center" %)
376	376	[[image:1633328484167-380.png]]
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386	386	(% style="text-align:center" %)
387		-[[image:1633328582529-671.png]]
	380	+[[image:1633328582529-671.png||height="189" width="466"]]
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408	408	(% style="break-before: page; text-align: center;" %)
409		-== (% style="color:#2980b9" %)**Disclaimer and Copyright**(%%) ==
	402	+= (% style="color:#2980b9" %)**Disclaimer and Copyright**(%%) =
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428	428	This documentation and the software described in it is the exclusive property of EBSphere (Pty) Ltd. This manual or the software may not be copied in whole or part, without the express written consent of EBSphere (Pty) Ltd. Under the law, copying includes translating into another language or format.
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	423	+
430	430	EBSphere (Pty) Limited
431	431
432	432	P.O. Box 785803