Infrastructure: Create a new Income Type

Log in to the system from the Logon page.

 

Click infrastructure.

 

The Welcome screen will be displayed.

 

 

From the main menu on top, select System Data.  The following screen will be displayed.

 

 

The System Data sub-menu will be displayed on the left.

 

 

Click  alongside Parameters on the sub-menu.  Additional options will be displayed.

 

 

Select Global Data Type from the sub-menu.  The JU1AE Global Type List screen will be displayed.

 

 

This facility allows the business to specify what types of income may be expected for products.

 

Global types are defined in terms of the following parameters:

-          whether the income is fee, premium or contribution to a reserve

-          whether it is voluntary or mandatory

-          whether it is regular or ad hoc

-          whether the income is attributable to members or to the product

-           

Note:

-          "Contribution to a reserve" includes all retirement funding contributions as well as all other payments that are not immediately allocated in full to fee or premium payment.  For example, it includes contributions to stabilisation accounts, fee reserves, premium reserves and payment in respect of valuation deficits, as well as ordinary employer and employee contributions.

-          Income of all types may be specified to be either employer or employee paid.

 

To add a new income type, select Add Income Types from the sub-menu.

 

 

The JU1AE Income Type Details screen will displayed.

 

 

Descriptions of the input fields on this screen appear below.

 

Code

Unique identifier (format = alpha)

Description

A text description of the code.

Global Group

Select a global group from the drop-down box.  The following are some possible values:
CONTRIBUTIONS
FEE

FUND GLOBAL TYPE
RESERVE

Attributable Party

Select an attributable party from the drop-down box. The following are some possible values:
MEMBER
FUND

Optionality

Select the applicable radio button to indicate whether the income is mandatory or voluntary.

Regularity

Select the applicable radio button to indicate whether the income that is paid is ad hoc (irregular) or regular.

Report Late Income to FSB

Tick this box if the income type is to be reported to the Financial Services Board on late payment.