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Age Related Rebates

Overview

For members of a money purchase scheme that is contracted out, i.e. does not participate in the additional state pension, the equivalent portion of the contribution that would have been paid to the National Insurance Contribution Office (NICO) is paid into the pension fund each month.

For those members who have not reached state pension age, an age related rebate is received annually from NICO based on their earnings on which their National Insurance contributions are based.

The following files are uploaded to the system:

-    A bulk file of the members' National Insurance Contribution earnings and the rebate rates

-    A file of members' rebates received annually from NICO

-    A file for a table of factors

This document sets out the process to be followed.

File transfer

From the main system menu, click processes.  The Processes menu will be displayed.

Click file transfer.

Select a scheme and then select File Transfer from the top menu.  A list of sub-menu options will be displayed on the left.

Upload Age Related Table

Select Upload Age Related Table from the sub-menu on the left

The system will flow to the Upload Age Related Rebate Table screen for the selection of a file to be loaded to the directory specified on the batch parameter in the system. 

When the file has been selected and SUBMIT is clicked, the file will be uploaded to the directory specified, and the JU3CH Loading of Global Percentage Values batch job will be run to initiate the load of the age related factors.  

The system will e-mail the user once the upload is completed.

Upload Age Related File

Select Upload Age Related File from the sub-menu on the left

The system will flow to the Upload Age Related Rebate File screen for the selection of a file to be loaded to the directory specified on the batch parameter in the system. 

When the file has been selected and SUBMIT is clicked, the file will be uploaded to the directory specified and the JU3EP Loading of Age Related Rebates batch job will be run to initiate the load of the age related rebates.  The system will email the user once the upload is completed.

For more detailed information, refer to Upload Age Related Tables and Upload Age Related Files under

Processes

Conversion

Uploading Files and Documents

Reports

These reports allow the results of the batch run to be viewed.

From the main system’s menu, click reports.  Select a scheme, then select Financial from the top menu.  The Financial sub-menu will be displayed on the left.

From the Financial menu, click  alongside Age Related.  Additional options will be displayed.

To view batch data that has been accepted without errors, select Successful from the menu.

To view batch data that has been rejected and has error messages, select Rejected from the menu.

To view batch data for members not included in expected income, select Expected Income from the menu.

For more detailed information refer to

Reports

Financial

Income billing

To view the data that has been loaded by the file for the JU3EP Loading of Age Related Rebates batch job, and to further process these transactions, click processes.  The Processes menu will be displayed.

Click contributions.

Select a scheme and then select Income Billing from the top menu.  A list of sub-menu options will be displayed on the left.

Click  alongside Age Related on the sub-menu on the left. 

Additional options will be displayed.

A list of batch control records will be displayed. 

To view a list of the control records that have been loaded for the JU3EP Loading of Age Related Rebates batch job run, select Generate from the sub-menu.  You have the option to select any members that must be excluded.  

Select the Generate button to process the batch.  This will place the members in a pre-authorised state.  The investment split will be calculated and pre-authorised business transactions (BT’s) will be created for each membership with the income type ARR and portfolio for the investment BT’s.

Select the Authorise button to view the pre-authorised transactions and authorise them. 

When the Authorise button is selected, the business transactions will be created.  The same authorization rules as per manual accounting activity journals will be applied.

For more detailed information, refer to

Processes

Contributions

Income

Income Billing

Age Related Rebates

View accounting transactions

Once authorization of the batch has taken place, the following business transactions (BT’s) will be created for each membership and with the income type ARR and portfolio for the investment BT’s:

Rebate Amount

Investment Amount per Portfolio

Business Transaction for total of all of Member amounts.

Note:

The fund accounting transaction is based on the assumption that the deposit of the amount received will be recorded in the CONTRECVABLE account.  Should this not be the case the accounting rule can be set up as required.

To view the transactions processed as a result of this authorization, navigate as follows:

From the main system’s menu, select accounting. 

Select Enquiries from the top menu.  A list of sub-menu options will be displayed on the left.

Select Business Transaction List from the sub-menu on the left.  The JU2AX Business Transaction List screen will be displayed.

When the necessary enquiry data has been captured, select Retrieve Transactions from the sub-menu on the left.

The processed transaction data will be displayed in the lower half of the JU2AX Business Transaction List screen.

For more detailed information refer to

Accounting

Enquiries

Business Transactions