Members may invest in certain investment products as individuals (i.e. outside of the product to which they belong). Typically, members would make use of individualised investment products in the following cases:
- A member withdraws from a product and wishes to preserve his pension benefits instead of taking these benefits in cash.
- A member wishes to make an individual investment.
Each individualised investment product type is administered as a separate product. When a member is preserving his pension benefits or making an individual investment in one of these products, he must be added as a member of that product.
Note:
A person who invests in an individualised investment product may or may not be a member of an existing product.
Individual investment could be made in one or more of several individualised investment product types, such as:
- Preservation funds
- Retirement annuity
- Endowment
- Investment
- Unit Trusts
Money transferred from another Fund for an individual or group of Members is loaded via an Ad Hoc Income Process. A Microsoft Excel spreadsheet containing the relevant data is loaded and then processed in the same way as contributions received from the employer. The data can be received from another Administrator in a comma-delimited file which is then imported into an Excel spreadsheet.
Information for the Members for whom transfer values have been received, e.g. Pensionable Service Date, Previous Fund Name, Tax Free Amounts, etc., can be captured on-line for each Member or captured by bulk take-on.
If a Member’s Retirement Fund contributions are pledged as collateral for a loan or any other debt, a Membership Liability is captured on-line. Details of the amount of the surety and the Claimant (Name and contact details) are captured. During the Benefit Payment Process the Administrator is required to capture the Settlement Value which is then deducted from the benefit amount and paid to the surety holder.
Any number of free text notes can be captured for each Membership.
Administrator users can select Persons and then select a specific Membership for a Member, select a Membership from a list of Members of a Product, select a Membership from a list of Employers, or select a Membership by capturing the Member’s details.
Enquiries are available on all Personal Details:
- Salary History
- Membership Details (Reference Number, Date of Joining Product, Date of Exit, Status (Annuitant, Exit Finalised, Exit in Process, Live, Living Annuitant, PHI, Deferred Annuity))
- Member letters and correspondence
- Membership Group Allocation History
- Membership Liability History
- Payment Status (for Beneficiary Products)
- Transfer Details
- Service Details
- Occupation
- Temporary Absence Periods
- Current Market Value of Investments
- Contribution Transaction History or balances
- Investment Transaction History or Balances
- Investment Switch History
- Investment Switches in progress
- Benefit Payments
- Notes
A full history of information is provided. Investments and contributions can be viewed as transactions or balances.
Member
Member
Products
Preservation Fund