Initial Setup (Beneficiary Product)

Security

The following chart details the security codes that need to be allocated for the beneficiary trust.

Abbreviations used in the chart are:

-     D - Delete

-     A - Add

-     C – Authorize

-     U - Update

-     R – Reject

-     AU - Authorize

-     UA - Unauthorize

Refer to

Security

Functional

Templates

Participating employers and pay centres

Administrators that administer products from which money will be received must be set up as participating employers.  The code must be the same as the administrator code, and the description must be the same as the administrator name.

Pay centres must be set up, and the codes must be the same as the product code of the products from which money will be received.  The descriptions must be the same as the name of the products, and they must be linked to the administrator that administers the product (participating employer).  The pay centres (products) must be linked to the beneficiary fund via the participating employers (administrator).

Refer to

Infrastructure

System Entities

Scheme

On the JU1BK Nature of Product screen, the product must be set up as a beneficiary fund by selecting BENEFICIARY FUND from the drop-down list for the following fields:

-  Type of Scheme

-  Product

-  Type of Retirement Scheme.

Refer to

Product Launch Requirements

Product Launch

Launching a Product

Income type

On the JU1BX Scheme Income Type List screen, add income types of ADHOC FEE and TERMINATION FEE.

Refer to

Products

Beneficiary Fund

Termination

Refer to

Product Launch Requirement

Product Update

Product Update Type: Income

Auxiliary Activities

Adding a New Income Type

Add a new Income Type to a Scheme (Funds)

Expense type

On the JU1BX Scheme Expense Type List screen, add expense types of ADMIN FEE and COMMISSION FEE.

Refer to

Product Launch Requirement

Product Update

Product Update Type: Expenses

Services fees

On the JU1CX Scheme Services List screen, add a termination fee.

On the JU1CW Scheme Service Fee screen, set up the termination fee details (percentage, etc.) for the termination.

Refer to

Products

Beneficiary Fund

Termination

Refer to

Product Launch Requirements

Product Update

Product Update Type: Service / Fees

Benefit event

On the BADQ Benefit Event List screen, add a benefit event of WITHDRAWAL (RESIGNATION).  This is needed in order to be able to terminate a member.

Note:

Terminations are processed as benefit payments with a benefit event of WITHDRAWAL, as the calculation and realisation of the balance on the member's investment accounts and the calculation and deduction of a termination fee is required for beneficiary funds.

Refer to

Product Launch Requirements

Product Update

Product Update Type: Maintain Scheme Benefit Rules

Accounting rules

Accounting rules must be set up for the following accounting activities:

Note:

Commission reversed in the Benefit Payments Process is offset.  For more information refer to

Processes

Benefits (All Products)

Commission Claw Back and Refund of Future Premiums

Refer to

Product Launch Requirements

Product Update

Product Update Type: Bank Account Rule