This section sets out the various steps that need to be followed when launching an endowment product. These processes and activities have been explained in greater detail elsewhere in the manual.
The process of capturing products and employers is the same as for any other type of product.
Product
Product Launch Requirements
Launch and Update
Add the value of ENDOWMENT to the Scheme Group Type Values for the Fund Group Type of TYPE OF FUND.
When completing the JU1BK Nature of Product screen, ensure the type of product selected is ENDOWMENT.
Employer
Refer to Corporate Client under
Infrastructure
System Entities
The employer's bank account details and contact details will also be captured in the same way as for other participating employers.
Territory parameter
Note:
For the Zambia Endowment products it is required that a percentage be captured for each beneficiary but for Kenya it is a requirement that the benefit is always apportioned equally between the beneficiaries.
A Territory Parameter must be set up with a Country equal to KENYA, a Parameter Type of BENEFICIARY PER and with a Description of EQUAL.
If required at a Product level, a Scheme Parameter must be set up with a Parameter Type of BENEFICIARY PER and a Description of EQUAL.
If it is required that the Percentage does not need to be captured or the total of the values for Percentage for all of the Beneficiaries does not have to add up to 100, a Territory Parameter or Scheme Parameter must be set up with a Parameter Type of BENEFICIARY PER and a Description of OPTIONAL.
The payment method is determined from the Collection Instruction Details screen. Refer to Add new instruction in Creating Collection Instructions under
Processes
Debit Orders
Details regarding the method of collection of contributions must be captured.
Refer to Update Type: Participating Employer under
Product Launch Requirements
Launch and Update
If required, an intermediary can be associated to a participating employer or to a pay centre.
Associate intermediary to participating employer
This is done via the product update process.
Refer to Update Type: Participating Employer under
Product Launch Requirements
Launch and Update
Associate intermediary to pay centre
This is done via the product update process.
Refer to Product Update Type: Participating Employer under
Product Launch Requirements
Additional Menu Options
Pay Centres
The expense rule must be associated to a commission membership group.
Refer to Product Update Type: Expenses under
Product Launch Requirements
Launch and Update