Summary

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

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 **(%%) =
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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**(%%) ==
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32	32
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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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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.
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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. 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.
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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		-(% style="break-before: page" %)
	80	+
81	81	A report will generate reflecting the member’s current Fund Credit.
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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.
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	185	+​​​​​​​
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186	186	(% style="text-align:center" %)
187	187	[[image:1633328484167-380.png]]
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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**(%%) ==
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	218	+=== (% style="color:#2980b9" %)**Bulk Section 14 where the member is invested in a Unitised Fund**(%%) ===
	219	+
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.
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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.
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	227	+​​​​​​​
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227	227	(% style="text-align:center" %)
228	228	[[image:1633328856464-285.png]]
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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.
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	245	+ ​​​​​​​
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244	244	(% style="text-align:center" %)
245	245	[[image:1633328986406-762.png]]
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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 %)
	253	+
251	251	Select and generate the(% style="color:#2980b9" %) “**Client Member Investment Product**”(%%) batch, once the disinvestment has been actioned and priced.
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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.
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	267	+​​​​​​​
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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.
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	321	+ ​​​​​​​
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318	318	(% style="text-align:center" %)
319	319	[[image:1633327705654-665.png]]
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402	402	(% style="break-before: page; text-align: center;" %)
403		-= (% style="color:#2980b9" %)**Disclaimer and Copyright**(%%) =
	408	+== (% style="color:#2980b9" %)**Disclaimer and Copyright**(%%) ==
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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