The benefit payment is initiated by the capture and authorisation of information such as:
- Date of Exit
- Reason for Exit
- Income Tax Details
- Payment Instructions
- Beneficiaries
- etc.
by the employer, via the Internet.
An e-mail is generated to inform the Administrator users that there is a claim for processing. The Member’s Investments are realised and a Benefit Payable Account is created for the Member. The benefit is calculated and Income Tax is calculated where appropriate. An Income Tax Directive request is created and, in the case of death or disability cases, a Claim Notification is produced for the Insurer.
If a Member’s Retirement Product Contributions have been pledged as collateral for a loan or any other debt and recorded as a Membership Liability, the claim processor is prompted to obtain and record the Settlement Balance of the liability. This amount is then deducted from the benefit and a payment generated to settle the liability.
The appropriate Benefit Letter is selected for each payment by the claim processor and printed. These letters are selected from templates provided by the System.
Claims are authorised by an Administrator with the appropriate authorisation level, or more than one Administrator, depending on the requirements of the Product.
Claims are paid by either Electronic Fund Transfer (EFT) or Cheque. If payment is by Cheque, the Cheque can be selected to print within a specific Cheque Book.
IRP5’s can be printed and sent to SARS.