Glossary of Terms

Term / Acronym

Definition / Explanation

ACB

Automated Clearing Bureau.   A payment mechanism.

Accepted Proposal

The system generated status of a scheme on the system when the scheme is being launched (released into a live environment).  No Payroll processing can take place on the system until the scheme has been Launched.

See also Launched Fund

Account Code

An Account Code is one occurrence of the Global Client Chart of Accounts.

Accounting Activity

An Accounting Activity represents a step in a process which needs to create an accounting entry (or entries), or which retrieves information from accounting entries.

Some Accounting Activities may have EFT rules, per scheme etc. (if money is being paid as part of the activity).

See also EFT Rule

Accounting Process

An Accounting Rule Set contains a set of accounting activities associated with a Business Process.

See also Accounting Activity

Accounting Rule Set

Represents a set of accounting rules which is complete within itself for purposes of the administration of a retirement scheme using this application.

Accounting Rules

Each Accounting Activity has a set of Accounting Rules which may (or may not, if not included in rule set), be used when the activity is performed.  The Accounting Rule contains the BT Type accounts to debit/credit, as well as their purpose.

See also Accounting Activity
See also BT Type

Additional Voluntary Contributions

Additional contributions made voluntarily by pension scheme members to boost their eventual retirement income.

Administrator

An individual responsible for managing the day-to-day affairs of the fund maintaining member records, processing claims and paying benefits.

Age Related Rebate

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.

Annuitant

The beneficiary of an annuity, i.e. a person who receives periodic payments from an annuity contract.

An annuity can be purchased from an Underwriter or paid from the fund.

See also Living Annuitant

Annuity

A series of recurring payments. The annuity payment may be a fixed amount or it may change (usually increase) over time.

Annuity Payslip

The Monthly Pensioner Statement generated by the system for an annuitant.

Asset Manager

The Asset manager deals with the professional management of investments. In the system, an Asset Manager is a Client. These clients may be companies or other bodies (e.g. trade unions) that act in various roles with regard to SCHEMES administered by the administrator.  Asset Managers may interact with any number of schemes.

Average Rate (of tax)

A percentage rate of tax being the proportion that the amount of tax payable bears to the person’s taxable income.

Backdated Pensionable Service

Service with the Employer that has been backdated to a date earlier than the member's date of entry for pensionable service.  Backdated service is usually purchased by the member.

Beneficiary

Defines who the recipients of a membership’s net benefit are. These beneficiaries are as defined in the benefit rules or as decided by the trustees. The member is also considered is as a beneficiary.

If a person is both a beneficiary in terms of the benefit rules and nominated by the trustees or deceased member then 2 occurrences of this entity will be created (one for the defined benefits and one for the nominated benefits.  This entity does not record disbursement or disposal information but only who (other than prior claims / liabilities / tax etc.) is entitled to benefits in terms of the benefit rules.

Benefit Category

The membership group to which a member is allocated for benefits.

Benefit Event

The reason for claim, e.g. resignation

Benefit Package

Defines the benefit(s) that a member may be paid on the happening of a specific event.  

See also Benefit Structure
See also BSV

Benefit Structure

A Benefit Structure (BS) is created to define Scheme benefits and insured benefits for a Scheme.

See also BSV

BIB

Business Internet Banking

Broker

An "intermediary" registered with the Insurance Brokers Registration Council (IBRC) under the Insurance Brokers (Registration) Act 1977.  Acts as an agent for others, as in negotiating contracts, purchases, or sales in return for a fee or commission.  

See also Intermediary

See also Commission

Brokerage

The commission or fee paid to Brokers.

See also Commission

See also Broker

BSV

Benefit Structure Version.  A history of changes to a Benefit Structure is maintained by creating a BSV for each effective date of a change.  Each BSV is linked to a Membership Group and a Benefit Event (e.g. Resignation, Retirement, Death of Member, etc.) via a Benefit Package.

See also Benefit Structure
See also Benefit Package

BT

Business Transaction.

See also BT Type

BT Type

Business Transaction Type.  Defines which accounts to debit and credit.

Represents an event (or at least an aspect of an event) in the business, the occurrence of which has a financial implication and/or involves a movement allocation of money and hence will drive a set of financial transactions.

Cashfocus

A payment mechanism.

Certificates of Existence

A periodic document required to be completed by annuitants as proof that they are still living. 

See also COE

CIMS

Change and Incident Management System.

A change request logging and tracking system.  It can be used by all clients both internally and externally to log and respond to requests.

COE

Certificate of Existence.

See also Certificate of Existence

Commission

The payment made to Intermediaries by insurers for placing their business with them.

See also Intermediary

Commutation

The cash amount of a member's pension that the member may take as a lump sum payment on retirement.  The balance will be available to purchase a pension.

Conversion Monitor

The Conversion Monitor is a utility within the system, which facilitates the monitoring of the progress of the conversion process, as well as the correction of errors.

This monitor is the interface by which you identify and fix any errors that have arisen.  You can also view the contents of the file loaded, and you can track the load status of the file.

Corporate Client

Clients may be Companies or other bodies (e.g. Trade Unions) which act in various roles with regard to SCHEMES administered by the Administrator. These roles include those of Sponsor / Principal Employer and Participating Employer.

See also Principal Employer

See also Sponsor

CPS

Corporate Payment System.  This is a Nedbank Bank Interface service.

CPY

Corporate Payment System.  An interface between the system and the Metropolitan Corporate Payment System for cheque and EFT payments.

Data Masking

For Payroll, member data can be loaded into the system either by manual keyboard input or by way of an import from a payroll extract.

For the payroll import process, there need be no fixed layout to the file before it can be used initially, the content of the file must be defined in order for the system to be able to interpret it correctly.  This is called masking, a process whereby a mask is created, its field properties are set, and the mask generated.  Existing masks can be edited on the system.

Date Joined Company

The date on which an employee joined the company.  This date may differ from the date on which the member joins the fund.

See also Date Joined Fund

Date Joined Fund

The date the member joined the pension fund.

This date may differ from the date on which the member joined the Company.

See also Date Joined Company

Date Time Stamp

The date and time that something was created by the system.  e.g. Accounting Transaction or Report.

In the case of Transactions, the generation of these dates by the system may depend on the time of day that the process creating the transactions is run.  This is governed by a cut-off time in the program.

Defined Benefit

An employer-sponsored retirement plan where employee benefits are sorted out based on a formula using factors such as salary history and duration of employment. Investment risk and portfolio management are entirely under the control of the company. There are also restrictions on when and how you can withdraw these funds without penalties.

Usually referred to as DB.

Defined Contribution

A retirement plan in which a certain amount or percentage of money is set aside each year by a company for the benefit of the employee. There are restrictions as to when and how you can withdraw these funds without penalties.

There is no way to know how much the plan will ultimately give the employee upon retiring. The amount contributed is fixed, but the benefit is not.

Usually referred to as DC.

Disposal Instruction

An instruction as to how benefit monies must be paid or transferred.  

Examples:  Cash, Purchase Annuity or Transfer to Fund.

Distribution

Refers to the distribution of Reserves, to be applied at a scheme level for:

all members of a scheme, and all of the portfolios to which they are linked, or

all members of a membership group or membership groups for a scheme, and all of the portfolios to which they are linked, or

the participating employer for which the reserve must be distributed

See also Reserve Value

DOE

Date of Entry

ECS

Employee contributions.  This is defined as a value of Income Type on the system.

EFT

Electronic Fund Transfer.

See also EFT Rule

EFT Rule

Electronic Fund Transfer Rule.  An EFT Rule defines the bank accounts to be used in creating a Money Movement Instruction (EFT or Cheque) as a result of the occurrence of an Accounting Activity.  It also defines the bank account to be used for recording deposits.

See also Line Number

EOH

Evidence of Health.

See also Evidence of Health

ERD

Early Retirement Date

Event Category

The specific category of event for which a benefit is payable. E.g. Death, Disability, Retiral or Withdrawal.

Evidence of Health Limit

The EOH limit (also known as the free cover limit), is the maximum salary / cover up to which a member may enjoy the resultant risk cover without having to provide evidence of health.

Ex Gratia Payment

A payment made to an insured person where there is no liability under the policy.

Family Income Benefit

A benefit which provides an income for dependants for a period following the death of the life assured.

FAS

Final Average Salary.  Used in the pension calculation of some Defined Benefits.

See also Defined Benefit

Final Average Period

The period in years, over which a member’s final salaries must be averaged.  This is to determine the salary to be used in a Define Benefit pension calculation.

See also Defined Benefit
See also FAS

Financial Period Calendar

Defines the opening and closing dates for which accounting transactions can be posted to a particular financial period.  These dates will also be used in the production of financial reports.

Financial Stakeholder

The “owner” of a set of accounts.  For sytem accounting, this is the entity for which a Business Transaction is created.  

Example:  Member or Scheme.

See also Purpose Class

Fixed Switching

Switching that can only take place on set dates. 

See also Switching Process

See also Life Cycle Switching

FNB PACS

A payment mechanism.

FSB

Financial Services Board

Fund

A fund established by an employer and recognized by the Registrar of Pension Funds to facilitate and organize the investment of employees' retirement funds contributed by the employer and employees and the provision of pensions.

The pension fund is a common asset pool meant to generate stable growth over the long term, and provide pensions for employees when they reach the end of their working years and commence retirement.

Pension funds are commonly run by some sort of financial intermediary for the company and its employees, although some larger corporations operate their pension funds in-house. Pension funds control relatively large amounts of capital and represent the largest institutional investors in many nations.

GL

General Ledger

Global Level

In the system this is the level of rule definition that applies "globally" to all Schemes.

See also Scheme Level

Global Parameter

A parameter defined at a Global Level in the system.

See also Global Level

GMP

Guaranteed Minimum Pension

IAT

Inter-Account Transfer.  A payment mechanism.

IBAN

International Bank Account Number

Income type

A type of income that a Group Retirement Fund or Risk Fund can expect to receive.  

EXAMPLE:  Mandatory, regular Fee contributions for the Scheme or Voluntary, adhoc, Retirement Fund contributions for the Member.

Individual Investment Funds

Members may invest in certain investment products as individuals (i.e. outside of the scheme to which they belong).  Typically, members would make use of individualised investment products in the following cases:

A member withdraws from a scheme 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 scheme.  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 scheme.

Note:
A person who invests in an individualised investment product may or may not be a member of an existing scheme.

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

See also Product

Industry Classification

The specific industry classification in which a scheme, employer, asset manager etc operates.  E.g. Financial Services.

Infrastructure administration

Rules and parameters that govern the operation of the System set up at a Global Data level.  Some parameters are supplied with the System while others are set up by a Superuser.

See also Global Level

Intermediary

A person or organisation that offers advice and arranges policies for clients.  Intermediaries may be either "tied" - representing one company in the case of life business or a limited number of companies for general business, or "independent" - with no limit on the number of companies with which they can deal.

See also Broker

Investment Medium

An Investment House.  An Investment Medium can be used by one or more schemes with rules that pertain to all schemes using that Investment Medium.  

When setting up Investment Portfolios for an Umbrella Arrangement, the Investment Portfolios must be set up at both Main Scheme and Sub-Scheme levels.

See also Investment Portfolio
See also Umbrella Arrangement
See also Sub Umbrella Scheme

Investment Portfolio

The use of an Investment Medium in the scheme's Investment Portfolio.

A super user will capture the investment mediums that will subsequently be linked to the administrator’s schemes via Portfolio.

See also Investment Medium

IP

International Payment

Late Payment Interest

Interest paid due to the late payment of a benefit.

Launched Fund

The system generated status of a scheme on the system when the scheme is being launched.  A fund becomes Launched when the Scheme Launch is authorized.

See also Accepted Proposal

Launching a Scheme

The legal entity to which members belong is called a scheme on the system.  In the retirement fund industry these are generally referred to as schemes, funds or plans.

LDC

Linked Direct Control. This is a Bank Interface service.

Life Cycle Switching

Applies to members who have elected to invest according to a life cycle investment strategy.  Rules are captured on the system and this allows the system to automatically switch the investments for these members according to these rules.

Example: If this is age based, then when a member reaches age 40.

This may apply for all of the members, or for a specific group of members.

See also Switching Process

Life Staging

Investment that is dependent on the life cycle of a member or group of members.

Line Number

A number required by some banks for electronic fund transfer (EFT) files to identify transactions.

See also EFT Rule

Living Annuitant

Provides for an annuity for the life of the member and is funded directly from the proceeds of the member's investment.

See also Annuitant

LRD

Late Retirement Date

LTA

Life Time Allowance

Market Value

The value at which an investment can be sold or bought at any point in time.

Membership

The participation of a person in a scheme.

Membership Group

The definition of groups (categories) of Members per type of group (e.g. Contributions, Benefits).  Any number of Membership groups per Membership Group Type can be created.

Membership Group Grouping

Membership groups may be grouped together so that membership groups of the same type are linked together into a group of membership groups.  This allows the automated movement of members from one membership group to another based on specified criteria.

An example of this is when a member attains a certain age or has completed a specific period of service, and becomes entitled to a different benefit.  Such a member will be automatically assigned to the applicable membership group to which this benefit is linked, if the member fulfils the criteria.

See also Membership Group

Membership Liability

Any type of liability (or prior claim) against the benefits due to a specific membership.  Example:  A housing loan that must first be paid before beneficiaries of the membership can claim any benefits.

MIR

Minimum Individual Reserve

Monthly Bonus Process

The monthly bonus process is designed to cater for smoothed bonus type investment products where a final rate is declared monthly or annually.  Bonus rates must be captured on the system.

My Work

In the IN.sight system, My Work is work management functionality that manages the allocation of work and the steps in a business process.

In CIMS, MY Work is functionality that displays Requests assigned to a user.

See also CIMS.

Nedinform

A payment mechanism.

NICO

National Insurance Contribution Office

Notice Period

The number of days notice required for a switch.

In the case of daily priced portfolios, the effective date of the switch will be set by adding this number of days to the date of capture.

In the case of monthly priced portfolios, the effective date of the switch will be set as the first day of the month greater than the date of capture plus this number of days.

See also Switching Process
See also Life Cycle Switching

NRA

Normal Retirement Age

NRD

Normal Retirement Date

Operand

A computer instruction describing an operation e.g. add, subtract etc, and the operand or operands on which the operation is to be performed.

Participating Employer

Participating Employers are companies whose Employees may be Members of a Scheme.  This could be a single company or several companies, e.g. a company and its subsidiary companies.  

The Participating Employers are set up as Corporate Clients in the Infrastructure and when they are associated to a Scheme, they are selected from the list of Corporate Clients.

A Participating Employer could be linked to more than one Scheme where Employees of the same company belong to different Schemes.

Past Service

Service to an employer that is recognized for the defined benefit pension plan purposes, but either occurred before the employee was a member in the plan, or before the plans inception. Employees have the option to purchase past service, by cash or by qualified retirement plan roll-over, to increase their years of service in the calculation of their retirement pension.

Pay Centre

A Pay Centre represents the entity from which Member and contribution data is collected for a group of Members.  It is usually the Payroll Office.

On the system, Pay Centres are associated with a Scheme.

Pension Plan

A type of retirement plan, usually tax exempt, wherein an employer makes contributions toward a pool of funds set aside for an employee's future benefit. The pool of funds is then invested on the employee's behalf, allowing the employee to receive benefits upon retirement.

In a defined-benefit plan, the employer guarantees that the employee will receive a definite amount of benefit upon retirement, regardless of the performance of the underlying investment pool.

In a defined-contribution plan the employer makes predefined contributions for the employee, but the final amount of benefit received by the employee depends on the investment's performance.

Pensionable Earnings

The amount of earnings on which the member's contributions must be calculated.  This amount may differ from the member's rate of pay.

See also Rate of Pay

Permanent Health Insurance

A policy which pays an income for as long as the policyholder is unable to work as a result of accident or illness. The benefit is usually payable until retirement date.

Phasing Period

A switch may be phased over a period of time divided into intervals.  For Life Cycle Switching, this is the period over which switches will take place.  

The first switch will be created with an effective date equal to the Sell Due Date captured.  Each following switch will be based on the number of months for the selected phasing period.

Separate authorised switching instructions for each phase interval will be generated based on the number of intervals and the percentage for each interval.

PHI

Permanent Health Insurance.

See also Permanent Health Insurance

Pooling Status

The nature of the pooling for a scheme, e.g. Holding Fund, Main Fund, Main Umbrella, etc.

Main Umbrella - The scheme is the umbrella main scheme.
None - The scheme is a stand-alone scheme
Sub umbrella -The scheme is that of the participating employer in an umbrella scheme, i.e. a sub-scheme

Premium Loading

A member’s Evidence of Health may be accepted by an Underwriter, but deemed to be such that there is still sufficient risk present to warrant the imposition of a health loading.  The loading may be either a percentage or a flat amount, but not both. 

Preservation Fund

Upon leaving a pension or provident fund, members may wish to transfer their benefits, instead of taking these benefits in cash.  Preservation of the fund benefit may be made in one or more of several individualised investment product types (subject to legislation allowance), and the members must be added to a separate transfer scheme.

Pricing Frequency

The frequently with which a unit price is supplied for an investment medium (daily or monthly) or how frequently a bonus or interest rate is declared for an investment medium (monthly or annually).

See also Unit Price

See also Unitisation

See also Investment Medium

Pricing Method

When switching is performed by the system, the system calculation to determine the unit price will use a Pricing Method of "Same Day", "Forward" or "Historic". This relates to which Unit Price must be used in the calculation.

See also Switching Process

See also Settlement Delay Days

Principal Employer

The holding company in a group of companies. Where there is only one company, the principal employer and participating employer are the same. 

See also Corporate Client

Principal Officer

The person that manages the business of a fund.  A scheme can have only one Principal Officer at any point in time,  but one person may be the Principal Officer for more than one scheme

Process

A series of actions, changes, or functions bringing about a result. E.g. Authorisation, Analysis, Benefit payment.

Product

The brand name of an administrator’s product under which a scheme is administered.

Proportional Dates

If a bonus or annuity Increase is declared, then the proportional start and end dates can be used to define the full period for which the bonus / increase has been declared.  When adding the bonus / increase, the system will look at each member in relation to the dates defined.  If no proportionate dates are defined, each member will receive 100% of the bonus / increase declared.

Provident Fund

A fund recognised by the Commissioner for Inland Revenue for tax purposes and specifically designed for persons who are not eligible for membership of a Pension Scheme, although members of Pension Schemes may participate.

Purpose Class

The purpose for which a set of accounts is kept (e.g. Operational, DB, DC, Member).

The system defines combinations of purpose class type and financial stakeholder type which are used to group monies and/or accounts for a particular use.

See also Financial Stakeholder

Qualified By

An additional attribute added to an Account Code in order to expand its meaning.  (e.g. An Account Qualifier could be income type code, benefit event, portfolio code etc.)  

The value becomes part of the meaning needed to be interpreted for that occurrence of the account with this Account Code.   An account may have “sub-accounts”, designated by “Qualified by”

Rate of Pay

The amount that the member is paid.

See also Pensionable Earnings

RCS

Employer contributions.  This is defined as a value of Income Type on the system.

Realisation

The process of disinvesting fund investments for member benefits or switching.

See also Settlement Delay Days

Registrar of Pension Funds

The legislative body governing Pension Funds.

Registration

A record of a Fund's registration with a legislative body.

Release

The distribution of functionality consisting of software code, documentation, and support materials in a software release by a Vendor to a Client.

Required Registration

Schemes need to be registered with various legal bodies for different purposes.  The system contains a table of the registrations required.  

EXAMPLES:  Registration with FSB, Registration as VAT vendor, Registration with SARS, etc.  

Note:
This is applicable to the respective Country.

Reserve Value

The estimated present value of future liabilities under a life policy or a retirement benefit fund.

Retrieval Rule

The specification in terms of which Purpose Class and Account Code combinations are retrieved to serve the occurrence of a retrieval accounting activity.

Scheme Group Type

Schemes may need to be grouped into different classes for various purposes, e.g. certain processes are performed for some types of schemes but not for others.  When those processes are performed they may be done differently for different types of schemes.

However, the classification of scheme type differs for different purposes.  Schemes may be classified according to:

Type of scheme launch, Tax liability, Tax approval status, Type of scheme (Retirement, Preservation), Private vs underwritten (audit exempt vs non-audit exempt), Product, Flexible investments provided (Y/N), Type of retirement scheme (Provident or Pension), Risk benefits provided (Y/N), Business unit, Type of service (investment only, full administration, etc.)

The system allows a super user to specify scheme group types and their associated values, i.e. to define what criteria will be used to categorise funds and what the allowed values for those criteria will be.

Scheme Level

In the system this is the level of rule definition that applies only to the scheme that it is defined for.

See also Global Level

SCT

Single Euro Payment Area (SEPA) Credit Transfer.  A payment mechanism.

SDP

Same Day Payment.  A payment mechanism. 

Section 13A

Section 13A; together with Regulation 33 of the Act, and the Rules of the funds contain provisions for regular monitoring of contributions.

Section 13A requires the payment of contributions to the funds by the employers and the obligations of the administrator, the principal officer and trustees in cases of non-payment of contributions.

See also Principal Officer

SEPA Credit Transfer

Single Euro Payment Area (SEPA) Credit Transfer.  A payment mechanism. Also refer to SCT.

Service Type

A set of the services for which fees may be charged.  e.g. Administration, Actuarial, Brokerage, Investment, Switching and any other Services or Groups of services for which a separate fee may be charged.

Settlement Delay Days

Defines the number of days after receiving an instruction to disinvest that the asset management company undertakes to pay the money into the scheme’s bank account.  Used in the realisation and switching processes.

See also Realisation

See also Switching Process

SMG

Scheme Membership Group.

See also Scheme Membership Group

Sponsor

The organisation for which a retirement scheme has been created e.g. a trade union, professional organisation, group of companies.

See also Corporate Client

Sub Umbrella Scheme

The scheme is that of the participating employer in an umbrella scheme, i.e. a sub-scheme.

See also Umbrella Arrangement

SWIFT

Society for Worldwide Interbank Financial Telecommunication

Swift BIC

Society for Worldwide Interbank Financial Telecommunication Bank Identifier Code.

Switching Process

An investment switch is the transfer of a percentage of a member's investment in one investment portfolio into one or more other investment portfolios.

The system switching process caters for the batch processing of investment switches captured by members via the Internet, or by Administration staff.  

See also Life Cycle Switching

See also Fixed Switching

Temporary Absence

A period of temporary absence taken by an employee in the context of an employment relationship.

Term certain

An insurance product that guarantees a periodic payment of a predetermined amount for a fixed term.  Once the term has elapsed, these products are spent and offer no possibility of any future payments, even if the annuitant is still alive.  Annuitants may choose to purchase these products gradually by making periodic payments, or they may make a purchase with a single lump sum payment. Usually, lump sum purchases are made at, or shortly after, the annuitant's retirement.

Trust Fund

A trust fund is a fund comprised of a variety of assets intended to provide benefits to an individual or organization.  The trust fund is established by a grantor to provide financial security to an individual, most often a child or grandchild - or organizations, such as a charity or other non-profit organization.

Trustee

The person who represents the interests of the employer or the employee in the administration of the fund. There are many trustees per scheme but one person may be a trustee for more than one scheme.

UAT

User Acceptance Testing.

The content test requires that testers test the functionality actually delivered against the order, and for compliance with the agreed specifications.

The quality test requires that testers test the delivered functionality for programming errors.  Each error counts as a request.  The number of defects determines the quality of the release.

UDPV

User Defined Permitted Value

UK

Funds in the United Kingdom

Umbrella Arrangement

The Pension Fund Act defines an umbrella fund as “a pension fund organization established for the benefit of employees of various employers which are not subsidiaries of a single holding company”.

There are essentially two types of umbrella funds being administered:

Union / industry-related umbrella fund
Umbrella fund for small employers

The system caters for both of these types of umbrella arrangements by allowing the set up of a main scheme and separate schemes for each participating employer (sub-schemes), or with the participating employers within one scheme.

Where one scheme is used, membership groups are used to associate the employees of the different employers with different contribution, benefit and investment rules.

See also Sub Umbrella Scheme

Unapproved Fund

A fund not recognised by the Commissioner for Inland Revenue for tax purposes.

Unit Price

Unit prices may be defined at either a scheme or an investment medium level.  Unit prices can be captured for individual schemes or investment mediums, or for bulk schemes or investment mediums.  In order to determine the value of member investments, prices are captured on either a daily or a monthly basis.

See also Unitisation

See also Pricing Frequency

Unitisation

A method for applying investment returns to member investment.  

Daily or monthly unit prices can be used.  A batch process is run daily, which will automatically calculate the number of units purchased for each amount invested for a member per investment portfolio.

If a unit price has been changed an automatic recalculation of the number of units is done, and accounting transactions generated to reverse the original accounting transaction and record the correct number of units.

See also Pricing Frequency

See also Unit Price

Unitised Portfolios

Portfolios that are unitised.

See also Unitisation

Update Types

A series of process steps managed by the system in order to ensure that the necessary information is supplied in order to complete the process correctly.