To verify a pension payment or commutation, scroll to the Expenses section of the Category selection list to select Benefits Paid.
Select the Member Account from which this benefit was paid.x
Benefits can only be paid from a Member Account.
Mclowd displays the Add Payment screen with relevant data pre-entered.
Verify that all fields are filled with the correct data.
Click the ADD PAYMENT button to save and return to the data transactions screen. The transaction is now marked Allocated.
If you attempt to Allocate a Pension payment to an Accumulation Account, Mclowd™ will display:
The law does not permit pension payments to member accumulation accounts. Transfers out are permitted at member request.
Before paying Benefit payments to members in accumulation mode, Trustees should ensure that a Condition of Release is met.
