Administrator (Functionality)

FUNCTIONALITY	DESCRIPTION

Member and income All functions for member and employer are available to the administrator and are not repeated in this section.
Capture of membership liabilities, e.g. prior claims, divorce court orders, etc.	Details regarding members' liabilities for which the fund contributions are used as surety. Liabilities include divorce court orders.
Capture of transfer value details	Details include: - date of transfer - type of transfer - pensionable service date - tax free amount - employee contributions - transferring fund
Capture of ad hoc notes for a membership	Capture of additional information about a member.
Facility provided to capture backdated salary (individual or bulk) and membership group changes	This is used in the exit and income process for determining expected contributions versus received contributions. The system will recalculate the expected contributions based on the backdated salary or fund rule changes.
Reporting of late monthly member and contribution data	At any time of the month a report of pay centres for which the monthly cycle has not been opened or completed or was completed after the FSB NOTIFICATION DAYS from due date. The FSB NOTIFICATION DAYS is captured on the system under infrastructure. It is the number of days grace after the due date that the employer has to pay the contributions into the fund's account, i.e. Section 13A of the Pensions Fund Act. The report can be viewed online.
Reporting on status of monthly member and contribution processing	A report of the status of monthly cycles per grouping of pay centres linked to an admin user.
Income files processed	Once the members' records have been updated, admin users are informed via e-mail that files are available for processing. Users can select the following options for EFT's: - Yes - No - Income - Invest These options result in the following: - Yes = EFT's will be generated to transfer contributions, fees and premiums from the employer's bank account to the fund's bank account and transfer investment monies from the fund's bank account to the asset managers and premiums to the underwriter's bank accounts. - No = No EFT's will be generated. - Income = EFT's will be generated to transfer contributions, fees and premiums from the employer's bank account to the fund's bank account only. - Invest = EFT's will be generated only to transfer investment monies from the fund's bank account to the asset managers.
Splitting of members' contributions according to the members' investment allocations or the fund's default investment allocation or investment group allocation if no member allocation recorded	Members' contributions are allocated to the investment portfolios according to their investment allocations, or if an allocation has not been captured for them, the allocation captured at a fund level or an investment category. If fund does not provide member investment choice, the member's contributions are allocated according to the allocation captured at a fund level or at an investment membership group level. Members can be automatically allocated to an investment membership group based on their age.
Authorisation of income processing	Batches are selected and authorised and accounting data generated. The date of investment may be entered for those batches that are not processed as EFT. This is enabled via additional security.
Production of reports (per pay centre) of investment splits	Total of amount to be invested per investment portfolio and per pay centre.
Production of report of inclusive costs deducted from contributions and exclusive costs per pay centre
Accounting entries	Contributions, investment splits, fund totals for contributions, risk premiums, admin fees, late payment interest and ad hoc fund payments are linked to accounting activities. All the data stored within the system for the income/expenses for members and the fund are stored as datetimestamped double entry accounting entries according to pre-defined accounting rules that are set up by the administrator.
Production of business transactions to record contribution, investment, fee, late contribution interest, and premium transactions according to the accounting rules	Members' contributions recorded in a contribution account per income type and investment splits recorded per income type and portfolio in an investment account. There are various choices of recording the fee contribution, risk premium contribution and reserve contributions, either to be recorded at a fund level in a reserve or expense account depending on accounting rules with corresponding member level transactions.
Production of EFT's to collect contributions, interest, fees, and premiums from designated bank accounts	If EFT option was selected then details are written to an EFT file according to the fund EFT rules. EFT rules are set up for the fund per income type and define what bank accounts are debited and credited.
Production of EFT's to transfer investment amounts to investment managers' bank accounts	If EFT option was selected, then EFT's created according to fund EFT rules. If NET INVESTMENT INDICATOR set to Y for investment fund, then EFT's will not be produced. This enables investments to be done at a fund level on a monthly basis for a net amount (income less expected benefit payments).
Production of advices for investment managers of amounts invested (member listing) Production of disinvestment advices for negative or recovery contributions.	Investment advice produced automatically for printing per portfolio with investment manager details (name, contact person, fax number). Not produced if NET INVESTMENT INDICATOR set to Y for investment fund. A listing of the details for all of the members included in the advice is also available. For each of the disinvestment and investment advices, there is a facility to extract the detail of the summarised advices.
Production of EFT's to transfer premiums to underwriters	If EFT option selected, EFT's created according to fund EFT rules using bank account details setup.
Late payment interest	Calculation of late payment interest at member level for late contributions. This is based on two parameters of interest in alignment with PF13A.

Allocation of investment returns
Unitised Investments
Unitisation of members' investments	Once the unit price has been captured for the relevant investment portfolio, the business transactions recorded in the members' un-unitised investment accounts are automatically unitised.
Production of business transactions to record members' units	Business transactions are created to record the units allocated in the members' unitised investment accounts
Recalculation of members' units if unit price is corrected or the date of investment or disinvestment is corrected	If a unit price is changed after it has been used to unitise transactions, a correction price can be captured for the same date. The number of units calculated using the original price will be recalculated automatically and new BT's created. If investment or disinvestment transactions have been created with a date different from the date used by the asset manager the date can be corrected. In the case of investments, the number of units purchased will be recalculated based on the unit price for the correct date. In the case of disinvestments the amount realised will be recalculated.
Capture of asset manager investment statement	The capture of an asset manager statement and the automatic reconciliation and resultant reporting to show differences and where a correction of the date of transactions is required. If a 100% switch had been processed and after the date correction, there are units in the portfolio, the system will create a 100% switch for authorisation. A comprehensive report is produced in each of these cases for the user to make decisions.
Update of members' investment market values for e.g. linked investment products where the member's investment is split into a number of investments and the split is maintained by the product packager	A file received from the investment manager is loaded into the system and business transactions are created to record the growth or decline in the market value of the members' investments. A separate income type (GRO) is used to record the growth, as the investment manager does not record the split between employee and employer contributions. The market value of the member's investment is the total of the investment accounts per income type including GRO. The members' investments are unitised using a price of R1.00.

Bonus / Interest Allocation Investments
Monthly member bonus calculations	For member investments allocated to a portfolio for which a bonus rate is declared monthly, bonuses are calculated automatically each month using the final bonus rate captured for the month. Bonuses are calculated on the member's balance as at the start of the month and on the transactions recorded during the month including the bonus for the previous month. Bonuses are calculated from the due date or actual transaction date (depending on the fund rules) of each transaction for the number of days from the day after due date/transaction date (inclusive) to the end of the current month. The bonus calculation will only include transactions recorded as at the date the bonus calculation is done. Transactions recorded after the bonus calculation will be included in the next calculation after the transaction is recorded but bonuses will be calculated from the day after due date/transaction date. If the due date is for a month prior to the bonus month the bonus rate applicable to each of the prior months is used to calculate the bonus for that month.
Production of business transactions to record member monthly bonuses	Business transactions are created to record the bonuses in the members' investment accounts with a due date and business effective date equal to the last day of the month for which the bonus is calculated.
Request for quarterly, six-monthly or annual bonus calculations	For investments allocated to a portfolio for which a bonus rate is declared at various intervals, once the final bonus rate for a portfolio has been captured, the calculation of the bonuses can be requested by capturing a bonus request online. If the bonus rate has been changed or corrected, a request to recalculate the bonuses for the period can be captured. If the actuaries require a provisional bonus run, then the valuation report can be used. It will calculate the bonuses using a provisional rate that can be captured. This can be done as many times as is required.
Quarterly, six-monthly or annual bonus calculations	Bonuses are calculated on the member's balance as at the start of the bonus period and on the transactions recorded during the bonus period. Bonuses are calculated from the due date or transaction date (depending on the fund rules) of each transaction for the number of days from day after due date/transaction date (inclusive) to the end of the bonus period and compounded monthly. Only transactions recorded, as at the date of the bonus calculation will be included in the calculation. If transactions are captured after the run but for the previous bonus period, then in the next run, the correct interest will be calculated.
Bonus calculations on member exit	Monthly bonuses: Benefit realization process checks if bonus calculation for the previous month of exit has taken place. It will calculate for the month of exit. Quarterly, six-monthly or annual bonuses: Bonuses calculated using interim bonus rate and calculating to the date of exit.
Production of business transactions to record member annual bonuses	Business transactions are created to record the bonuses in the members' investment accounts with a due date and business effective date equal to the last day of the period for which the bonus is calculated.
Bonus corrections as a result of bonus rate corrections	If a monthly bonus rate is corrected, the bonuses for the relevant period will be recalculated automatically during the monthly bonus calculation. If the quarterly, six-monthly or annual bonus rate is corrected a bonus recalculation can be requested. A bonus adjustment will be calculated for the difference between the original rate and the correction rate. Separate accounting activities are used to record the bonus adjustments (increase or decrease) so that they can be identified.

Ad hoc Member Income
Processing of member transfer values (bulk or individual) or additional income outside of the monthly cycle	A file of member transfer values or any other ad hoc payments can be created, which is then formatted and loaded into the system. Any income type that has been selected for the fund can be processed, e.g. employee past service contributions, employer past service contributions, employee past service interest, etc.

Apportionment of income and expenses / distribution
Apportionment per investment portfolio	For recoupment per investment portfolio of: - tax arrears - tax adjustments - asset management fees and the distribution of unit trust dividends. Capture of details of amount or number of units to be apportioned to members for income (e.g. unit trust dividends), or expenses (e.g. investment management fees), for unitized investment portfolios.
Apportionment per investment in all portfolios	For the recoupment or distribution in proportion to members' investments in all investment portfolios. This can be done for all members or a specific group of members for an amount.
Apportionment per reserve	For the recoupment across all investment portfolios of reserve shortfalls or the distribution of reserve surpluses. Amount apportioned in proportion to each member's contribution to the specified reserves during the period specified. The reserves are specified by the selection of one or more income types. The income type with which the apportionment is recorded can be specified. If surplus, monies are invested as per the member's investment allocation. This can be done for all members or a specific group of members. Achieved with capture of amount to be apportioned, the reserve into which members contributed and the period for which the contribution to the reserve must be taken into account.
Apportionment to members of income or expenses according to distribution structure, and realization of member's units to cover expenses	Distribution structure set up in global data and defined whether apportionment is for live members only or for live and/or exited members and which accounting activities are to be used. Exited members are members with a current zero balance but a balance in the portfolio as at the effective date of distribution, i.e. members who are liable for a share of the expense or are entitled to a portion of the distribution, but their benefit payment has been processed as at the date of processing the distribution. The process will write these monies off to a clearing account from the member's account.
Production of business transactions to record apportionments	All adjustments to a member's account are written using double entry accounting transactions.
Production of advices for investment managers for units/amounts to be disinvested	Whether money must be disinvested or not is determined from the appropriate distribution structure.

Investment switching
Capture of individual switches by members via internet or by administrator online	Indications of when switch will take place, i.e. switching rules and pricing frequency. Facility to confirm switch and print details. Indication of switching fee percentage and minimum/maximum amounts. Actual switch fee amount cannot be calculated as the value of the units being switched is based on current price and the actual price is not yet available.
Switching by percentage of investment in a portfolio and into multiple portfolios by selected percentages	Switching between unitized and non-interest/interest portfolios.
Automatic electronic informing of the Administration Manager if a member switches or changes allocation or both.	When a member performs daily switching or changes in allocation, (or both), an email will automatically be sent to the Administration Manager, in order to arrange for change in Investment portfolio.
Charging of switching fee as a percentage of proceeds of switch out of an investment portfolio with a maximum and minimum amount	Fee charged per switch – one switch is defined as a switch out of one investment portfolio into any number of other portfolios.
Ability to restrict members to change allocations but not switch	Various combinations available at an investment category.
Ability to limit a member's exposure across portfolios	A limit is provided that may restrict a member to a specific number of portfolios. The system will manage that the member's exposure will not exceed this limit across the switches, investment balances and allocations.
Ability to restrict the switch into or out of structured portfolios on a fixed date annually.	A member can only allocate future contributions to these portfolios if they already have money invested in the portfolio. This is because the capital invested in the structured portfolio is held in assets that match the period of the investment. Cash flows throughout the year are invested in a money market portfolio linked to the structure until the structure is rolled at the end of the period.
Ability to prevent members from switching into or selecting for future contributions portfolios that have been closed	Members are prevented from switching into or selecting for future contributions portfolios that have been closed, but can still switch out of these portfolios.
Facility to override fee charging for switches captured by administrator	Restricted to admin user, e.g. for transfer of divorced spouses portion to restricted portfolio.
Fixed switching dates, switching notice periods, maximum and minimum percentage switches	Per rules for investment medium or fund portfolio. Portfolios available displayed depending on maximum % switch allowed. Date of switch determined by switching dates, notice periods (months) and pricing frequency.
Production of business transactions to record switches	All adjustments to a member's account are written using double entry accounting transactions.
Production of advices for investment managers (with member listing)	Disinvestment instruction produced for amount or units depending on indicator on investment fund. A listing of the details for all of the members included in the advice is also available.
Adjustment of pending switches	For guaranteed funds where there is a restriction on the total of switches as a percentage of total market value of fund, or to correct errors for switches not yet processed.
Capture of bulk switching instruction	This can be done either for all of the members invested in a specified investment portfolio or for a specified group of members. Bulk switches can be phased over any number of switches with a selected interval between switches.
Switch bulk file upload	A file of switch instructions for any number of members can be loaded.
Bulk changes to members' investment allocations
Automated life stage switches	Bulk switches created for members attaining a specified age to switch their investments to conform to the investment allocations for their age group and to update their membership group. This is governed by rules set up at an investment level, and can be done over a number of years/periods. The system at all times in all processes controls the investment stages by managing the selections by age.
Switch report	Facility to view all switches (criteria selection provided).
Cancel switches	Facility provided for cancellation of switches.

Benefit payment
Claims
Online capture of exit date on monthly member data cycle.	This can be mapped to the payroll file as well.
Online capture of exit information	Exit information includes: - reason for claim - beneficiaries - prior claim - payment allocation - payee bank detail - tax detail - offshore and temporary service detail - partial payment percentage
Cancellation of benefit payment request	Prior to authorisation of a claim it can be cancelled completely, or cancelled and re-initiate with a new benefit event.
Processing of benefit payment	Once the initial claim information has been authorised by the employer or capturer, an e-mail message will be generated for the admin users assigned to the team linked to the relevant fund. The processes that must be completed will be presented to the user for completion.
Realisation of members' units – production of advices for investment managers and EFT's to transfer proceeds of disinvestments (member level listing for investment managers)	If the unit price has been captured and authorised, realisation is initiated. Market value of units disinvested is recorded in the member's benefit payable account. Investment advice to disinvest is produced for amount or units depending on the net investment indicator on the portfolio.
Calculation of bonuses to date of exit	Monthly bonuses: Benefit realisation process checks if bonus calculation for the previous month of exit has taken place. Annual bonuses: Bonuses calculated as for annual bonus calculations but using interim bonus rate and calculating to the date of exit.
Determination of benefit entitlement amount including risk benefit	Benefit adjustments applied according to vesting scale linked to income type or benefit product formula and calculation of risk benefit amount.
Prompt to collect surety settlement amounts
Capture of surety settlement amounts	Membership liability updated with the balance outstanding for a surety, the date the details were received and payment details.
Capture of risk amount	If the risk amount is to be paid by the fund the amount advised by the risk underwriter is captured.
Calculation of tax amount or production of tax directive application	If the member's annual income is less than R60 000, the tax is calculated automatically. Tax is calculated on the benefit amount less any tax-free portion. The benefit tax tables set up under infrastructure and with an effective date earlier than or equal to the date of calculation are used. Tax calculations take into account previously taxed amounts, tax-exempt portions and SARS rules regarding transfers.
Capture of tax directive details
Calculation of net benefit (benefit amount less prior claims and tax)
Authorisation of benefit payment by administrator controlled by password checking	During the authorisation process the expected date of payment is captured. This is used to determine the date to which late payment interest is to be calculated.
Production of business transactions to record finalized claim	All adjustments to a member's account are written using double entry accounting transactions.
Calculation of late payment interest	Interest is calculated from the effective date of transactions in the member's benefit payable account to the expected date of payment. Such transactions include the transfer of the balance in the member's investment account and the risk amount. The effective date of the transfer of the investment account balance is date of exit, and therefore interest is calculated from the date of exit to expected date of payment. The late payment interest rate captured under infrastructure (system parameters, global interest rates) is used.
Production of EFT's and/or link to a cheque printing system or the system cheque printing for production of cheques	EFT details written to EFT file for linking to EFT system.
Production of benefit letters	Type of letter selected from a set of templates.
Printing of IRP5
Production of file of tax directive applications for interface to SARS system
Re-instatement of member	Complete reversal of benefit payment and all benefit payment accounting transactions.
Revision of benefit payments	In cases where a completed benefit was based on salary and a salary increase is backdated to a date prior to the date of exit, a benefit can be revised. The difference between the benefit amount paid and the benefit based on the new salary is calculated and a benefit payment processed for this amount.

Quotes
Online capture of quote requests	Quotes available as at current date or as at a specified date in the future. Benefit projections based on salary increase, investment return and inflation rate assumptions captured or read from fund rules.
Online display of quote results	Displays the total amount payable for the selected event and a breakdown of how the amount is made up including the current value of members' investments per income type and investment portfolio and the risk benefit amount where applicable.
Online history of quotes and projections	Includes interim bonus rates or unit prices used in quote.

Benefit Reports
Insured cover report	Per benefit type, including medical exceptions.
Exit listing	Criteria provided by status and event progress.
Exits to be revised	If the salaries have changed, these exits may need to be revised. When the cycle is processed and the remittance is authorized, a warning message will be generated if the salary has changed for a member who is an exit-in-process or exit finalized. In addition, a scheme report will display all of these cases.
Members nearing retirement	Report by number of months up to 5 years.
Exit values	Summarised report of exit listing providing all member benefit details, exported to excel.
Claims tracking	Detailed report of the status per item and timing of each item.
SARS report	Extract of all information provided to SARS.

Expense billing
Monthly billing of expenses for premiums, admin fees, etc.	Calculation of expenses per type and production of payment schedule. Accounting transactions are created to record the amounts payable. The expenses are recorded in the financial period in which they accrued. Expenses can be deducted from members' accounts or calculated per member, and transactions created only at a fund level depending if processing at a reserve level.
Reporting	Extract facilities available

Expected income billing
Monthly calculation of expected income as per the rules defined versus monies received
Process caters for backdated rule changes on rate applicable or salary backdated adjustments
Facility to bill the employer for outstanding monies
Reporting	Extract facilities available.

Enquiries available to administrator
Facility to view members' membership details	Includes history of members': - membership group allocations - switches - temporary absences - membership liabilities (sureties) - transfer value details - pensionable service backdates - occupation - bank accounts - contact details
Facility to view members' current investment positions	Same view as for members.
Facility to view members' contribution balance	Displays members' total accumulated contributions. Can be viewed together or per income type (e.g. employee contributions, employer contributions, etc.).
Facility to view members' contribution transactions	Displays members' list of contribution transactions for a selected period. Can be viewed together or per income type (e.g. employee contributions, employer contributions, etc.).
Facility to view members' investment transactions	Displays members' investment balances per investment portfolio or lists investment transactions for a selected period. Displays amounts invested and units purchased for unitized investment portfolios or amounts invested and bonuses allocated.
Facility for administrator to view members' salary history	Including occupation and company employment record.
Facility for administrator to view members' finalized exit details
Facility to view members' relationships

Member reporting
Member values	Full extract via criteria of member's current position or as at a specific date.
Member salaries	Extract of all member salaries.
Member liabilities	Extract of all members with sureties, home loans, etc.

Benefit statements
Extract of data for annual benefit statements	Benefit statements aligned to fit into window envelope.
Printing of members' annual benefit statements in PDF format for individual member, selection of members or all members in PDF format.	Benefit statements produced in accordance with benefit statement format options selected for the fund. The facility exists to select the options, benefit projections for which benefits, full contribution listing, full investment transaction listing.
Customizable logos and text per fund	Facility to include logos and text per fund on benefit statements.
Printed benefit statement in PDF format, in member's choice of language	Facilities to capture the translations from English into any language. This includes the literals and internal values of the system.
Facility to authorize statements for viewing on the internet	For the member or trustee.

Investment statements
Extract of data for investment statements	Investment statements aligned to fit into window envelope.
Printing of members' investment statements in PDF format for individual member, selection of members or all members in PDF format.	Investment statements produced in accordance with investment statement format options selected for the fund.
Customizable logos and text per fund	Facility to include logos and text per fund on investment statements.
Printed investment statement in PDF format, in member's choice of language	Facilities to capture the translations from English into any language. This includes the literals and internal values of the system.

Valuation
Member valuation extract	Extracted for a specified period and for all or one or more of the following groups of members: - members of a selected fund - members of a selected pay centre - members of a selected contribution membership group - members of a selected benefit membership group - members of a selected investment membership group - member status (active / new / exited / new/exited) Displays the following information per member as at the start of the period and as at the end of the report period: - pensionable salary - risk salary - investment value - withdrawal benefit - retirement benefit - death benefit - pensionable service - employee contribution rate - employer contribution rate - exits details if member exited during the report period
Annuity valuation extract	Extracted for a specified period for all of the annuitants or according to the following statuses: - active as at the start of the reporting period and as at the end of the reporting period - annuity commenced during the reporting period - annuity ceased during the reporting period - annuity suspended as at end of the reporting period - annuity suspended as at the start of the annuity period and active as at the end of the reporting period Displays the following information per annuitant: - original pension date of commencement - annuity frequency - original annuity amount - commutation percentage - status - annual annuity at period start date - annual annuity at period end date - spouse percentage - annuity paid - ceased date - cessation indicator
Deferred annuity valuation	Extracted for a specified period and displays the following information per deferred annuitant: - normal retirement date - date of deferment - date of commencement of annuity - annuity amount - annual annuity at period start date - annual annuity at period end date

Management reporting
Contribution reconciliation status	Status of pay centres across a scheme or team showing the progress of the income cycle including the receipting of monies and payment of monies.
Trustee reporting	This is the first phase in producing the full financial statements from the system.
Audit extract	Various criteria facilities, including a bank account report to determine the use of one bank account in multiple places within a scheme or across schemes.
Branch and grade summary	Facility to administer a fund that uses grades and salary to determine benefits.
System error log	Comprehensive listing of all activity within the system. The batch engines are designed to execute every night, looking for work to do and to report any abnormalities for action by the user in order that the engines can process in the next schedule.

Bulk take-on of member data
Bulk load of members for a new fund	Facility to mask an Excel spreadsheet as a payroll file to load members for a new fund or fund taken over from another administrator.
Bulk load of take-on monetary values	Either the monetary amount or the unitized amount.
Bulk load of investment allocations	Members' choice of investments.
Bulk load of salaries	This can be used for a backdated salary adjustment or for the take-on of data for a DB product.
Bulk load of addresses
Bulk load of annuity payments	For the processing of pensioner payments.
Bulk load of debit order instructions
Bulk load of preservation details
Bulk load of liabilities	Sureties, home loans, divorce court orders, company loans.
Bulk load of beneficiaries	Required for the pensioner payments.
Bulk load of notes
Bulk load of pensionable service dates
Bulk load of medical aid rates by membership group
Bulk load of transfer details for members from another fund	Facility for the bulk load of details regarding transfer values that have been recorded via the ad hoc income process, e.g. - date of transfer - type of transfer - pensionable service date - transferring fund - tax free amount - employee contributions For individual members this can be captured on-line.

Accounting
Setting up base infrastructure and rule information
Set up and maintain a table of accounting related activities (an accounting activity represents a step in a process that creates an accounting entry (or entries), or that retrieves information from accounting entries)	Defined as business transaction retrieval activity or business transactions create activity. Facility to define whether or not it can be manually initiated, if it requires a sub account qualifier like an income type, and if it results in an EFT (money movement indicator). Each accounting activity is linked to one or more business transaction (BT) types, which are created or retrieved when the accounting activity is used.
Set up and maintain a global table of account codes	Chart of accounts
Defining of the account code as well as its association to any qualifying attribute types	Account qualifiers: - income type - benefit event - investment portfolio - service type - bank account These qualifiers are sub-accounts, e.g. contribution account qualified by income type EMPLOYER CONTRIBUTIONS equals employer contribution account.
Set up and maintain a global table of purpose classes	A purpose class defines the purpose for which a business transaction is produced.
Set up and maintain a global table of business transaction types - including specifying the 'posting rules'	Defines what account code to debit and credit and if it must be summarized for posting to the ledger.
Define and maintain rule sets as determined to be necessary	A set of Business transaction types and 'posting rules' that can be used by a fund.
Association between rule sets and funds	Defines the set of accounting rules to be used for a fund. The same set of rules can be associated to any number of funds.
Set up and maintain accounting rules	An accounting rule links an accounting activity to one or more business transaction type and thereby defines the accounting entries to be recorded for an accounting activity.
Set up and maintain retrieval rules	Defines what accounting transactions or balances are retrieved for display or for use in batch processes.
Set up and maintain EFT rules	Set up where indicated in the definition of the accounting activity. These are fund specific referencing the bank accounts for each particular fund.
Set up and maintain financial periods	Posting of backdated transactions governed by status of financial periods, i.e. backdated transactions will be prevented from being posted into closed financial periods unless security access permits it.

Recording of accounting transactions
Member level accounting transactions stored	Members' transactions recorded per income type in a contribution account, pre-unitization investment account, unitised investment account and a benefit payable account.
Fund level accounting transactions stored	Fund transactions are created for the sum of member transactions where applicable and recorded in the financial period in which the transactions accrued.
Facility to manually initiate business transactions or journals	Certain accounting activities can be manually initiated if the MANUAL INITIATE indicator has been set to Y during the set up of the accounting activities. The same business transactions and EFT's are produced as if the accounting activity was used by a batch procedure. Authorisation in accordance with authorisation rules.
Facility to manually initiate group payments	Individual payments can be defined with a payment type of GROUP PAYMENT and be included in one payment with a schedule produced of all the individual amounts included. Similarly all of the unpaid amounts in a payable account, e.g. PAYE, can be included in one payment.
Posting of transactions (summarized if required) to ledger package	All transactions can be extracted and summarized for linking to a ledger package at a fund level and selected transactions at an administrator corporate level according to the corporate ledger rules.
Extract of all accounting transactions into data warehouse tables	This is done overnight to facilitate extracts to be done without impacting online performance. The information is made available through comprehensive criteria facilities and e-mailed as a CSV/Excel file.

Accounting enquiries
Facility to view accounting transactions	Transactions retrieved for display using business transaction retrieval activities. Can be displayed at fund or member level and by investment portfolio, income type, account, stakeholder, or purpose class.
Trial balance	Member and fund level trial balance available. Can be extracted from online tables or from data warehouse tables.
Cash flow report
Business transaction ledger report	Extensive criteria options provided.

Accounting processes
Facility to maintain cheque numbers for payment transactions where the cheque printing module is not used
Facility to capture bank statement details	Bulk capturing or capture of individual items and balances.
Bank reconciliation	Automatic matching of bank account and bank statement items and facility to manually match items.
Report	Production of a summarized and detailed bank reconciliation report of un-reconciled items.

Annuity payments
Maintenance of annuity payment details for the member or dependants	Unlimited number of payment types and deductions to unlimited number of beneficiaries or third parties. All changes to the member's record are recorded as history changes so that at any time, all the changes and reasons for changes can be viewed.
Production of business transactions to record payments and deductions	All adjustments to a member's account are written using double entry accounting transactions.
Suspension and re-instatement of payments	The automatic payment of outstanding payments according to the last payment date paid.
Maintenance of deduction details for, e.g. medical aid premiums, etc.	Production of schedules during run for inclusion with payment. Facility to carry a loan with a reducing balance and include on the payslip.
Monthly payment of annuitants	Includes the calculation of PAYE, the production of payslips for each annuitant, the production of an EFT payment file and the production of schedules for third party payments (deductions).
Individual payslips	Accessed at any time.
Production and recording of certificates of existence	These are recorded when produced. During the monthly run, if these have not been received based on certain criteria, the records are suspended.
Annual production of tax certificates
Processing of increases	Proportionately
Processing of bonuses	Proportionately
Extract of suspended annuitants
Extract of unsuspended annuitants
Benefit payment process for annuitant	Management of the spouse and childrens portion.
Status report from one run to another for balancing purposes	This provides totals from the previous run with totals of changes and the totals of the current run. This can be used for reasonability checking.
Facility to do emergency payments	The run will exclude these from the payment run as the accounting is netted off.
Debit order processing
Facility to add members to a rule based collection process of contributions. Various reports for checking and processing Facility to change member details	Members can choose a plan that is made available through expense rules at a membership group level. The system will calculate the amount to be deducted from the employer’s bank account. A run is processed to calculate these amounts and any cost or risk deductions.
Facility to load bank accounts at an employer or member level	The collection process is used via an ACB file.
Preservation processing
Facility to add members to a preservation vehicle .
Facility to process partial benefit payment
Infrastructure management Maintenance capabilities for a variety of global parameters, each updated as a separate task of work. Covers the following:
Application parameters
FSB notification days	Number of days after due date when pay centre monthly cycle data is included on report of late contributions.
Global interest rates - late payment interest	Calculation of late payment interest. Global rate used if no rate captured at a fund level.
Global interest rates - late contribution interest	Calculation of interest on late contributions. Global rate used if no rate captured at a fund level.
Benefit tax tables	Set up and maintain tables of tax rates for use in benefit payments and annuity payments.
Set up and maintain details of income types and benefit types for selection for use by funds	Used to identify different types of income, e.g. employee contributions, employer contributions, past service contributions, admin fees, etc., and to define benefit types, e.g. fund benefit, group life cover, disability cover, etc.
Set up details of registrations required for funds	Specifies legislative body with which the fund is required to be registered.
Set up and maintain details of corporate clients with which the fund or administrator interacts	Covers specification of corporate clients who interact in all possible roles, including employers, investment managers, underwriters, intermediaries, etc.
Set up and maintain details of legislative bodies with which the fund or administrator interacts
Set up and maintain details of banks and their branches for use by funds and administrator	Set up of banks, their branches and branch codes, which can be used by one or more fund. The details of the actual accounts with any of these bank branches used by a fund are set up in fund management (bank account arrangements).
Set up of services that can be provided by the administrator for a fund
Set up of the administrator and its branch/divisional structure	Two tier structure, e.g. administrator and administrator division/branch.

Investment structures
Investment mediums	Includes specification of the investment manager and contact person. An earning allocation code defines if investment fund is used at a member level in a unitised or bonuses/interest form.
Set up and maintain pricing/bonus details	The pricing frequency defines whether unit prices are applied daily or monthly or whether bonuses are applied monthly or annually. The maximum price increase/decrease parameters are used to validate unit prices captured. Separate buy and sell price indicates whether there is a buy/sell spread and if separate buy and sell prices must be captured. CAPTURE METHOD defines whether the same price is used for all funds using the investment fund or whether a separate unit price is applied per fund, or whether the same bonus rate is used for all the funds using the investment fund or whether a separate bonus rate is applied per fund. The capture method DERIVED is used for unit trusts and enables one unit price to be captured for the investment fund and a separate unit price calculated for each fund using the investment fund by applying the initial charge applicable to each fund to the investment fund price. Bulk or individual capture screens. All prices for the effective date selected or individual prices can be authorised.
Set up and maintain rules for creating advices to asset managers	The investment advice UNITS or AMOUNT defines whether the disinvestment (sell) advice for the investment manager is produced with an amount or number of units. All investment (buy) advices are produced with an amount.
Set up and maintain switching rules applied at investment fund level	Any notice period for switching is defined and if switching is only allowed on fixed dates an indicator is set.
Investment medium - set up and maintain tax recoupment rules	The tax recoupment indicator indicates that the tax is recouped from the members' investments and is not taken into account in the unit pricing. For bonus allocation investment funds the tax is taken into account in the calculation of the bonus rate. Where applicable the switching and benefit payment processes check to ensure that the tax recoupment has taken place for the current month before realizing the member's units.

Fund management
Fund update
All amendments via fund update	Processes will use the rule at the correct effective date.
Update type selection	Scope of the update defined by specifying types of update included and date effective. This eliminates having the entire fund rules open, unless an amendment is to occur.
Doer and checker	Capture and completion by a doer, followed by verification and authorization by a supervisor.
Historical data by effective date	All fund rules applied according to their effective date. Full history of rules maintained.

Fund details
Capture of basic fund details, sponsor, type of fund, etc.	Details include: - fund code - fund name - fund short name - fund address - main fund of pool code and name - launch date - previous fund code - status (ACCEPTED PROPOSAL, LAUNCH, AUTHORISED) - sponsor name - principal employer name - country - currency - product (e.g. MIC, DC) - business unit - type of fund (e.g. retirement, preservation, annuity, living annuity, retirement annuity, retirement annuity, beneficiary, life assurance, investment) - tax status - sector - type of service (e.g. full admin) - pooling status (NONE, MAIN FUND, PARTICIPATING CONTRACT) - type of launch (NEW FUND, TAKEOVER) - type of retirement fund (e.g. pension, provident) - risk benefits (YES, NO) - flexible investment (YES, NO) - underwriting basis (AUDIT EXEMPT, NON AUDIT EXEMPT, NOT APPLICABLE) - original commencement date - financial year end - interest on late contribution payment (YES, NO) - member switching restriction after date of joining fund (number of months) - administrator branch (code and description)
Capture of notes for a fund	Capture of additional information about a fund, fund event or previous fund.
Late payment interest	Used for benefit payments. If not captured the global rate is used.
Late contribution interest	Used for late contributions. If not captured the global rate is used.
Administrator's services and the fee bases for each of those services	This is used to define services for which a fee is charged each time the service is rendered, i.e. a transaction fee.
Specification of the types and levels of contribution that will be paid into the fund	Allocation of income type to fund. Creation of income rules (level of contribution / contribution rate). Association of income rules to membership groups. Used in the validation of income data received from the employer.
Specification of the investment funds to be used by the fund	Includes information or rules specific to a fund: - investment account number (account number assigned by investment manager) - minimum switch out percentage - maximum switch out percentage - investment switching dates - initial charge (for unit trusts, used to derive unit price for a fund from investment medium unit price) - net investment indicator (YES means that contributions will not be automatically invested when received, i.e. investment takes place on a net basis monthly (contributions less allowance for benefit payment)).
Default investment split for the income type at fund or investment membership group level	Used to split member's contributions if an investment allocation does not exist for the member.
Bank accounts to be used in administering the fund	Maintain accounts held in name of fund itself. Assign accounts held by administrator or employers. Details include: - bank name - branch - branch code - account type - account number - account name - account transaction limits
Recording of the participation by employers in the fund
Pay centre allocation for each employer participating in the fund	This would be the payroll office where the monies would be received.
Recording criteria governing eligibility for membership of the fund	Years to normal retirement, minimum age of joining.
A facility to record the registration details of a fund with various legislative bodies	Legislative body details, fund registration number, effective date, deregistration date.
Setting up information to trigger future prompts of fund events
Recording persons from the client charged with responsibilities toward the fund	Trustees and principal officer. Details include: - the person's role (and if a trustee, the role of the trustee and area of responsibility) - postal address - business address - residential address - telephone number - fax number - e-mail address

Membership groups Defining the groupings into which members will be grouped for various purposes.
Contribution	Used to assign contribution rates to specific groups of members.
Benefits	Used to assign benefits and premium collection rates to specific groups of members.
Investment	Used to assign investment portfolios and investment rules to groups of members.
Medical	Used for processing of annuitants.

Benefit structures
Events on which benefits are paid	Benefit events applicable to a fund, e.g. withdrawal, retirement, death of member, etc., selected from global list of events.
Eligibility for benefits defined	Benefits are linked to a benefit event and a fund membership group.
Benefit products	The benefit product is defined as a percentage, a multiple or a fixed amount with or without. The amount to which the percentage or multiple is applied is defined, e.g. annual salary, monthly salary. If the benefit is calculated based on a scale, a scale can be captured that is based on either age or number of years of service.
Flexible packages	The flexibility to create a package by adding benefit products/formulas together, or to define the greater of two benefit products or the sum of multiple benefit products less a benefit product. This is done by membership group and event.
Minimum benefit for defined benefits	The facility to capture the FSB published rates and to define the minimum benefit to be paid.
Annuity rates	Facility to capture annuity rates to enable the calculation of the capital value for purchased annuities for DB benefits or for the calculation of the monthly pension amount that can be purchased with the benefit amout for DC benefits.

Audit
Predefined transactions and data fields logged	The before image, e.g. ID number change.
Amendments	All data is stored with the user ID and timestamp that the record was updated/created with. If an authorize facility is used, then the authorizer user ID and timestamp are stored.
History record	In cases, where the data is stored with dates effective, the full history record is available.

Reporting Reporting is catered for in all of the processes and listed above. All reports are not listed, as there are over 100 reports within the system.

Security
Functional	All menu items and menu actions.
Data	Fund and pay centre level.
Web	Extensive anti-hacking checks.
Structure	Facility to create roles, groupings and assign menu items. Facility to create user roles, user groupings and assign users. Facility to link roles/groupings to user roles/groupings.

Help
Online user manual	The manual covers over 2200 pages of step-by-step instructions for all functionality within the system.

Administrator (Functionality)

Member and income

Allocation of investment returns

Apportionment of income and expenses / distribution

Investment switching

Benefit payment

Expense billing

Expected income billing

Enquiries available to administrator

Member reporting

Benefit statements

Investment statements

Valuation

Management reporting

Bulk take-on of member data

Accounting

Annuity payments

Debit order processing

Preservation processing

Infrastructure management

Fund management

Membership groups

Benefit structures

Audit

Reporting

Security

Help