Payment Allocation (Insurance Products 0905)

Percentage in Cash

(Refer to Special Note below)

The percentage of the benefit that may be commuted for cash.

Note:

Per legislation, for pension funds a maximum cash percentage of 33.3333 applies.

If the cash percentage exceeds the specified maximum, the following error message will be displayed:

If the maximum cash percentage is less than 100 (e.g. an amount is being transferred to another financial institution), one of the following error messages may be generated when the claim details are submitted:

Cash Amount

(Refer to Special Note below)

The amount of benefit to be taken in cash.

Note:

In respect of retiral benefits, if a cash amount is captured, and the maximum cash percentage (refer to the Batch Parameter for Commutation) is less than 100, the system will calculate the amount captured as a percentage of the benefit quote amount.  If the percentage calculated is greater than the Batch Parameter value, the following warning message will be displayed:

Transfer Amount

(Refer to Special Note below)

The amount to be transferred to another financial institution during the benefit payment process.

Note:

If a transfer amount is captured, and the maximum cash percentage (refer to the batch parameter for COMMUTATION) is less than 100, the system will calculate the amount captured as a percentage of the benefit amount.  If the value of the cash or transfer amount exceeds the benefit amount, the following warning message will be displayed:

Payee Banking Details

Payee Name

The name of the party to whom the benefit will be paid. 

Note:

If the Sub-Category for the Benefit Event is not DIVORCE, the system will default the value to the name and initials of the member and the this field will not be enabled for update.

Payment Method

The method that must be used to pay the money.  Select a value from the drop-down box.  E.g. cheque, EFT, group payment, billing, bank transfer.

Transfer

The full benefit or balance of benefit is transferred to:

Financial Institution

The name of the financial institution from which the benefit will be transferred.  If the benefit is to be paid from the fund, display the name of the scheme.

Note:

If the cash percentage is less than 100, an error message will be generated, requiring this field to be completed.  Refer to Cash Percentage above.

Scheme Name

The name of the scheme to which the benefit must be transferred.

Scheme Approved Reg. No.

The registration number of the scheme to which the benefit must be transferred.

Type of Retirement Scheme

The type of Retirement Fund to which the benefit will be transferred.  Select a value from the drop-down box.  E.g. Beneficiary Fund, Pension or Provident.

Approved Scheme

Click on the Radio Button to indicate that the scheme is approved.

Unapproved Scheme

Click on the Radio Button to indicate that the scheme is unapproved.

Contact Name

The name of a person who can be contacted in connection this allocation.

Telephone Number

The telephone number of the contact person.

Fax Number

The fax number of the contact person.

Pension Banking Details where the Payment Method is EFT

Note:

This section will only appear if the value for Payment Method selected above is EFT.

Payee Name

Name of person to whom the benefit is payable.

Note:

If the Sub-Category for the Benefit Event is not DIVORCE, the system will default the value to the name and initials of the member and the this field will not be enabled for update.

Account Type

The type of account to which payment should be made.  Select a value from the drop-down box.  E.g. Building Society, Credit Card, Current, Savings or Transmission.

Account Number

The number of the account to which payment should be made.

Bank

The name of the bank.  Click the LIST button to display a list of banks.  To select a bank from the list click on its name.

Branch

The branch of the bank.  Click the LIST button to display a list of bank branches.  To select a bank branch from the list click on its name.