If the new Member Account is to commence from July 1, you should by now have processed End of Year and calculated Member Balances as at June 30.
If the new Member Account is commencing on any date other than July 1, you should by now have completed the procedure to calculate the Member’s Interim Account Balance.
You will now create and populate the new member account and transfer the balance.
From the SETTINGS menu, select Pension Administration.
Select the Member whose account you wish to convert.
The Account data displays. Move to the ACTION column below the Member list and select the type of account you wish to commence.
Select to create an Account Based Pension (ABP) or Transition to Retirement (TRIS) pension, or to make an Internal Transfer (from an existing account to another account owned by the same member.
You can also elect to edit an existing account.
The remainder of these instructions assume you are commencing either an Account-based Pension or a Transition to Retirement Account.
Click the RETRIEVE MEMBER BALANCE button.
If an error message displays telling you there is no Interim Balance, go to FINANCIAL PERIODS on the SETTINGS MENU to check which years have been closed and which Interim Periods have been set-up and finalised. You cannot commence a new account unless either the commencement date is July 1 and the Financial Year ended June 30 in that year has been closed (In the example below you can start a pension on July 1, 2017);
or an interim period has been created and balances computed for that period (refer to Creating a New Interim Period)
If an error message warns that account balances are not available for the selected date, you must either select a date for which account balances have been computed, or close the period immediately preceding the date on which you wish to start the new account.
To complete the account conversion process, you need to fill in all fields on the displayed Member Account screen. These are grouped into sections:
