New Investor Details (Beneficiary Product)

To add a new member, select New Investor Details from the sub-menu on the left.

 

 

Note:

If the status of the selected member is DECEASED, then the JU3EO Regular Payment Amount screen can be accessed as follows:

- Select a deceased member

- Select the Amend Beneficiary Allocations menu option

- On the JU3EQ Amend Beneficiaries screen, select NEW.

 

For more information, refer to

Products

Beneficiary Fund

Amend Beneficiary Allocations

 

The Investment Detail screen will be displayed.

 

 

Capture data as follows:

 

Note:

The following fields make use of the - Enter search - facility:

-                     Deceased

-                     Financial Advisor

-                     Administrator

 

For more details refer to Enter search under Person List (Beneficiary) above.

 

Transferring Fund Details

 

Administrator

Select a value from the drop-down list.

 

The system will default the value for Administrator to the user capturing the Member Details if nothing is selected.

 

The completion of this field is Mandatory.

Transferring Fund

The schemes from which money will be transferred to the beneficiary fund.  Select the required scheme from the drop-down list.

                                                 

The completion of this field is Mandatory.

Trust Details

 

Reference Number

The member's reference number.  If this field is left blank, a number will be generated by the system.

 

Note:

For a Linked Beneficiary Fund, when beneficiary records are created on the beneficiary fund the system will automatically create the beneficiary record with a membership reference number of the deceased member’s reference number followed by an underscore and a number starting at 1 for each beneficiary.

Membership Status

Select a value from the drop-down list.

 

Examples:

DECEASED

BENEFICIARY

 

The completion of this field is Mandatory.

Relationship

Select a value from the drop-down list.

 

Examples:

MOTHER

BROTHER

Guardian

Click the LIST button to flow to the Person Search screen and select a Guardian from a list.

Relationship to Guardian

Select a value from the drop-down list.

 

Examples:

FATHER

GRANDCHILD

SON IN LAW etc.

First Name

The first name of the person who is the Guardian of the beneficiary.

Date of Birth

The date of birth of the person who is the Guardian of the beneficiary.

ID Number

The ID number of the person who is the Guardian of the beneficiary.

Start Date

The start date of this membership.

 

The completion of this field is Mandatory.

End Date

The end date of this membership.

Payment Reference

Text on Notation record with a Note Type of MEMBER NOTE and a Note Header of PAYMENT REF where the Membership Status is DECEASED.

Investment Amount

The total amount invested.

Personal Details

Click the LIST button to flow to the Person Search screen and select a Guardian from a list.

Surname

The member's surname.

 

The completion of this field is Mandatory.

First name(s)

The member's first names.

ID Number

The member's identity number.

ID Type

Select the applicable value from the drop-down box.

Date of Death

Death Date on Natural Person record for the Membership with a Membership Status of DECEASED

Title

Select the member's title from the drop-down box.

 

The completion of this field is Mandatory.

Initials

The member's initials.

 

The completion of this field is Mandatory.

Date of Birth

The member's date of birth.

 

The completion of this field is Mandatory.

Marital Status

Select the member's marital status from the drop-down box.

 

The completion of this field is Mandatory.

Gender

Select the member's gender from the drop-down box.

 

The completion of this field is Mandatory.

Language

Select the member's language from the drop-down box.

Employee Number

Text on Notation record with a Note Type of BENEFICIARY and a Note Header of EMPLOYEE NUMBER linked to the Membership with a Membership Status of DECEASED.

Pension Amount

The amount on the Member Values record with a Type of BENEFICIARY FUND and Subtype of RF PENSION AMT.

Allocation Details

 

Percentage Allocation

The percentage of the death benefit that each Beneficiary must receive. 

 

This field will only be enabled if the Membership Status is BENEFICIARY.

Initial Payment Percentage

If a portion of the Beneficiary’s allocation must be paid to the Beneficiary at the time that the investment amount is processed then a value must be captured in this field.

 

If the full amount of the Beneficiary’s allocation must be paid to the Beneficiary at the time that the investment amount is processed then a value of 100 must be captured in this field.

 

This field will only be enabled if the Membership Status is BENEFICIARY.

 

Note:

Either a percentage or an amount must be captured.  If both are captured, then the following Error Message will be displayed:

 

Click OK to remove the message and capture either a percentage or an amount.

 

Initial Payment Amount

If a portion of the Beneficiary’s allocation must be paid to the Beneficiary at the time that the investment amount is processed then a value must be captured in this field.

 

This field will only be enabled if the Membership Status is BENEFICIARY.

 

Note:

Either a percentage or an amount must be captured.  If both are captured, then the following Error Message will be displayed:

 

 

 

Click OK to remove the message and capture either a percentage or an amount.

 

Categories

 

Termination Age

Percentage on Member Values record with a Type of BENEFICIARY FUND, Subtype of TERMINATION and Subtype Detail of TERMINATION AGE

Termination Date

Period End Date on Member Values record with a Type of BENEFICIARY FUND, Subtype of TERMINATION and Subtype Detail of TERMINATION DATE

Benefit Group

Select the applicable benefit membership group from the drop-down list.

The completion of this field is Mandatory.

Investment Group

Select the applicable investment membership group from the drop-down list.

The completion of this field is Optional.

Payment Group

Select the payment membership group from the drop-down list of annuity membership groups.

 

Note:

If there is a Membership Group with a Type of PAYMENT DAY linked to the Scheme, the system will default the PAYMENT DAY Membership Group for the Beneficiary to the PAYMENT DAY Membership Group for which the value for Default is set to Y.

If the value is defaulted, a different PAYMENT DAY Membership Group will be enabled.

 

The completion of this field is Optional.

Payment Status

Click the drop-down list to display a list of Payment Statuses from which to select a status.

 

Current values are:

DECEASED

The Beneficiary is now deceased.

FULLY PAID

The Beneficiary’s allocated amount has been fully paid, either via an Initial Payment or by regular ad-hoc payment.

PARTIALLY PAID

The allocated amount has been partially paid to the Beneficiary.  There may still be an outstanding balance payable.

UNPAID

No payments have been made to the Beneficiary.

NOT APPROVED

The allocation for the Beneficiary has not been approved.

Income Utilisation

Select the regular payment type from the drop-down box.  Current values are:

 

DISCRETIONARY

FIXED PAYMENT

MAX OF INTEREST

NO PAYMENT

Tax Status

The status of the policyholder’s tax.

Select a status from the drop-down box.  The following values may be selected:

- TAX EXEMPT

- UNTAXED

- TAXED

- UNTAXED – EXEMPT FROM DIVIDENDS WITHHOLDING TAX

- TAXED - EXEMPT FROM DIVIDENDS WITHHOLDING TAX

Contribution Group

Select the applicable contribution membership group from the drop-down list.

The completion of this field is Mandatory.

Non-payment Reason

If the Beneficiary is still due payment(s), click the drop-down list to display a list of Non Payment Reasons from which to select.

 

Current values are:

NO DOCUMENTS

FAMILY DISPUTE

FICA Indicator

Select the applicable value from the drop-down list.  The following values may be selected:

 

APPROVED

EXEMPT

FOCA COMPLIANT

NOT APPROVED

PENDING

No Ad hoc payments allowed

Click the tick-box to indicate whether or not ad hoc payments are allowed.

Administration Details

 

Financial Advisor

Select the financial advisor from the drop-down list. 

 

The completion of this field is Optional.

Administrator

Select the administrator from the drop-down list. 

 

The completion of this field is Optional.

Other Account Details

 

Other Accounts

Select the applicable value from the drop-down list.  The following values may be selected:

MULT BENE ACCOUNTS

TRUST ACCOUNT

Contact Details:

 

Same as Deceased

If the contact details of the beneficiary are the same as that of the deceased, then place a tick (yes) in the Tick box.

 

This field will only be displayed if the Membership Status is BENEFICIARY.

Postal Address

The member's postal address.

 

The completion of the first 2 address lines is mandatory.

Postal Code

The postal code of the member's postal address.

 

The completion of this field is Mandatory.

Business Phone Number

The member's business phone number.
(Country / Area / Number)

Home Phone Number

The member's home phone number.
(Country / Area / Number)

Fax Number

The member's fax number.
(Country / Area / Number)

Cellular No

The member's cellular number.
(Country / Area / Number)

E-mail Address

The member's e-mail address.

 

Once all the necessary details have been added, click SAVE.  A confirmation message will be displayed.

 

 

Click OK.  A message will confirm that the member details have been saved.

 

 

To clear the fields of any data captured, click RESET.  This must be done before the record is saved.

 

Processing for linked beneficiary funds

When SAVE is selected and the Membership Reference Number field is blank and the Membership Status is BENEFICIARY, the system will find all of the Membership records linked to the deceased member selected.

 

The Membership record will be created with the highest Membership Reference Number of the Membership records with a Status of BENEFICIARY linked to the Deceased Member plus 1 added to the number after the underscore e.g. if the highest number is 1000_3 the new record will be created with a Membership Reference Number of 1000_4.

 

If there are no other Membership records with a Status of BENEFICIARY linked to the deceased member, the new Membership record will be created with a Membership Reference Number equal to the Membership Reference Number of the deceased member followed by underscore 1 e.g. if the deceased members number is 1000 the new Beneficiary record will be created with a Membership Reference Number equal to 1000_1.

 

The value for Administrator will be defaulted to the user capturing the Member Details screen.  This will be enabled for update by selecting the list box and selecting the user.

 

When SAVE is selected and the Membership Status is BENEFICIARY, the system will find all of the other Beneficiary records linked to the same deceased member and sum the percentages for these records together with the percentage for the record being created.  If the result is greater than 100, the following error message will be displayed:

 

The sum of the beneficiary allocations is equal to XXX%.  Please adjust the beneficiary allocations so that the total does not exceed 100.  Should you wish to re-apportion amounts already allocated please select the Amend Beneficiary Allocations option.

 

Where: XXX is the sum of the Beneficiary percentages.  If the result is less than 100 provide the following warning message will be displayed:

 

The sum of the beneficiary allocations is less than 100%.  Please add beneficiaries if available or adjust the beneficiary allocations.

 

The Percentage will be enabled for update on any Member Detail screen if there is no MEM INVSTMNT BT for the Membership.  The MEM INVSTMNT BT’s will be retrieved for the Membership and if no BT is retrieved, the percentage will be enabled for update.  The system will find all of the other Beneficiary records linked to the same deceased member and sum the percentages for these records together with the percentage for the record being updated.  If the result is greater than 100 the error message above will be displayed.

 

Deceased Member Search

On the Investment Detail screen, when the Membership Status is BENEFICIARY, the Deceased field will be displayed.

Click the LIST button alongside the Deceased field.

 

 

The Deceased Member Search screen will be displayed.

 

 

This screen displays a list of members with a Membership Status of DECEASED.

 

To search for a deceased member, capture one or more of the following search criteria in the appropriate fields:

-  Surname

-  Initials

-  Date of Birth

-  ID Number

-  Reference Number

 

 

Click SEARCH.

 

The deceased members matching the search criteria will be displayed in the lower half of the screen.

 

 

To display a list of all Memberships for which the Membership Status is DECEASED, click LIST ALL.

 

A list of all deceased member(s) will be displayed in the lower half of the screen.

 

 

To select a deceased member, click on the member and click SELECT.

 

The Reference Number of the deceased member selected will be displayed in the Deceased field on the Investment Detail screen.