Home > Processes > Regular Payments > Annuity Payments > Manual Pension Payments

Manual Pension Payments (Annuity)

In cases where a cheque payment is made to pensioners because their EFT payment was rejected (e.g. because their bank account had been closed), a manually initiated accounting activity must be used.  The payment amount that is captured must be for the net amount, i.e. the pensioner's annuity less tax and third party deductions, if applicable.

The manually initiated accounting activity to be used is

MANUAL INITIATE        PENPAYMENT

The following accounting transactions will be created:

When the EFT payment was reversed the following accounting transactions were created:

Refer to

Processes

Regular Payments

Annuity Payments

Payment Reversals

Example

This example shows the effects of these accounting activities on the member accounts, together with the accounting activities created in the monthly annuity process.