Changes for page Section 14 transfer

Last modified by Megan Kahl on 2022/08/03 09:03
<
From version < 98.1 >
edited by Dominique Tricerri
on 2021/12/01 13:46
To version < 89.1 >
edited by Megan Kahl
on 2021/10/04 07:05
>
Change comment: There is no comment for this version

Summary

Details

Page properties
Author
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1 -XWiki.dominiquet
1 +XWiki.megank
Content
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1 -(% class="wikigeneratedid" id="HSECTION14TRANSFERPROCESS" style="text-align: center;" %)
2 -(% style="color:#2980b9; font-size:28px" %)**SECTION 14 TRANSFER PROCESS **
1 +(% style="text-align: center;" %)
2 += (% style="color:#2980b9; font-size:28px" %)**SECTION 14 TRANSFER PROCESS **(%%) =
3 3  
4 4  
5 5  
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26 26  
27 27  
28 28  (% style="break-before: page; text-align: center;" %)
29 -= (% style="color:#2980b9" %)**Introduction**(%%) =
29 +== (% style="color:#2980b9" %)**Introduction**(%%) ==
30 30  
31 31  
32 32  
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41 41  
42 42  
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**(%%) ==
45 45  
46 46  
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. Ensure the workflow is completed so that all relevant accounts are updated.
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.
51 51  
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. Ensure the workflow is completed so that all relevant accounts are updated.
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.
56 56  
57 57  
58 58  
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**(%%) ==
61 61  
62 62  
63 63  
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**(%%) ===
65 65  
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]]
79 79  
80 -(% style="break-before: page" %)
80 +
81 81  A report will generate reflecting the member’s current Fund Credit.
82 82  
83 83  
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174 174  
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.
176 176  
177 +​​​​​​​
177 177  
178 178  (% style="text-align:center" %)
179 179  [[image:1633328312880-362.png]]
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182 182  Click on the (% style="color:#2980b9" %)__**cflo**__(%%) button on the member record. A line would have been created for payment.
183 183  
184 184  
186 +​​​​​​​​​​​​​​
185 185  
186 186  (% style="text-align:center" %)
187 187  [[image:1633328484167-380.png]]
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196 196  
197 197  
198 198  (% style="text-align:center" %)
199 -[[image:1633328582529-671.png||height="189" width="466"]]
201 +[[image:1633328582529-671.png]]
200 200  
201 201  
202 202  (% style="text-align:center" %)
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213 213  
214 214  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.
215 215  
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 +
219 219  1. Generate a few Member Statements and ensure that all transactions have been completed and priced. Also ensure there are no Outstanding Contributions.
220 220  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.
221 221  
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223 223  
224 224  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.
225 225  
228 +​​​​​​​
226 226  
227 227  (% style="text-align:center" %)
228 228  [[image:1633328856464-285.png]]
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240 240  
241 241  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  
246 + ​​​​​​​
243 243  
244 244  (% style="text-align:center" %)
245 245  [[image:1633328986406-762.png]]
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247 247  
248 248  Only once the disinvestment process has been finalised in full can the user continue with the process.
249 249  
250 -(% style="break-before: page %)
254 +
251 251  Select and generate the(% style="color:#2980b9" %) “**Client Member Investment Product**”(%%) batch, once the disinvestment has been actioned and priced.
252 252  
253 253  (% style="color:#2980b9" %)**Effective Date:**(%%) Today’s date.
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261 261  
262 262  A report will generate reflecting the member’s current Fund Credit.
263 263  
268 +​​​​​​​
264 264  
265 265  (% style="text-align:center" %)
266 266  [[image:1633330357571-100.png]]
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314 314  Select and generate the (% style="color:#2980b9" %)“**Import Unclaimed Benefits**”(%%) batch.
315 315  
316 316  
322 + ​​​​​​​
317 317  
318 318  (% style="text-align:center" %)
319 319  [[image:1633327705654-665.png]]
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378 378  
379 379  
380 380  (% style="text-align:center" %)
381 -[[image:1633328582529-671.png||height="189" width="466"]]
387 +[[image:1633328582529-671.png]]
382 382  
383 383  
384 384  
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400 400  
401 401  
402 402  (% style="break-before: page; text-align: center;" %)
403 -= (% style="color:#2980b9" %)**Disclaimer and Copyright**(%%) =
409 +== (% style="color:#2980b9" %)**Disclaimer and Copyright**(%%) ==
404 404  
405 405  
406 406  
... ... @@ -421,7 +421,6 @@
421 421  
422 422  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.
423 423  
424 -
425 425  EBSphere (Pty) Limited
426 426  
427 427  P.O. Box 785803

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