This functionality enables the selection of a number of members for which an exit must be processed and the creation of one bulk payment or several individual payments.
This is typically required for the processing of Section 14 transfers to another fund. In these cases one payment would be made to the transferee fund for the total of the benefits for all of the transferring members.
A single payment can be created for these using the bulk payment facility. This takes place via the upload of a file of members that results in the processing of benefit payments for all of the members in the file.
The following events can be used:
- Section 14 Transfer
- Bulk Transfer
- Fund Dissolution
The payments will be created with a Payment Type of Group Payment which will then enable a single payment to be created for the total and a schedule to be generated listing the details of the individual member benefit amounts using the bulk payment functionality.
Where individual payments must be generated then the payment method of EFT or Cheque must be used and separate payments created.
In cases where groups of members within the overall group of members will be paid to the same fund, the payments will be created with a Payment Type of Group Payment and payments will be created for the total of benefits per payee using the bulk payment functionality.
Prior Claims
Where the members are transferring to another fund it is assumed that any sureties will be transferred to the new fund and will not be paid out at the time of transfer. Where individual benefit payments are created, sureties will be handled in the same way as any other benefit payment as they will be processed individually.
For information on the Bulk Claims Process, refer to
Supplements
Processes
Bulk Claims Process