For each Benefit Request with a Calculation Effective Date month equal to the month prior to current date, the system will retrieve the monetary balances on the Member’s INVESTMEMB account for the Portfolios for which the Earning Allocation Basis is BONUS and the unit balances on the Member’s INVSTMEMUNIT account. If a monetary balance is retrieved for a Bonus Portfolio or a unit balance for a Unitised Portfolio the system will retrieve the transactions in the Member’s CONTRIBUTION account with an Accounting Activity of SFCONTRIB and a Due Date month equal to the month of the Calculation Effective Date. (If not found, this will be ignored).
If found, the system will check if there is a Switching Detail record for which the Status is not 4 (completed). If no Switching Detail record is found and a monetary balance for a Bonus Portfolio is found, the system will check if the Bonus Allocation run with an Effective Date equal to the last day of the previous month has completed successfully.
If it has or there are only Unit balances retrieved, then for each of the Portfolios for which a monetary balance (Bonus Portfolios) or a unit balance (Unitised Portfolios) is retrieved, the system will create a Switching Detail record with a value for Requested Sell Percentage equal to 100 and a Sell Due Date equal to the Calculation Effective Date or the next working day if it is not a working day.
The system will read the Description on the Scheme Parameter with a Type of EXIT PORTFOLIO and create a Buy Switching Detail record with a value for Requested Buy Percentage equal to 100 and a Transaction Date equal to the Sell Due Date on the Switching Detail records plus the value for Settlement Delay Days on the Sell Investment Mediums, and a Portfolio with a Code equal to the value on the EXIT PORTFOLIO Scheme Parameter.
A Service Request will be created with the following values:
|
FIELD |
VALUE |
|
Scheme Code |
Scheme Code for the Benefit Request records found |
|
Process |
PENDING CLAIMS |
|
Activity |
SWITCH INVESTMENTS |
|
Start Date |
Sell Due Date |
If a monetary balance or unit balance is retrieved for a Member for only the Portfolio with a Code equal to the value for Description on the EXIT PORTFOLIO Scheme Parameter then a Switching Detail record will not be created for the Member.