If the scheme uses the standard benefit rules, the following screens will be displayed.
Note:
If the scheme uses the flexible benefit rules, refer to
Processes
Benefits
Quotes
Quotes Using Flexible Benefit Rules
This facility enables you to:
- generate quotations for selected events
- view all previous quotations that have been requested
- view breakdowns of the quotation results
Select the required employee membership as described under
Processes
Benefits
Claims Administration Overview
Selecting Members
Select Quotes from the top menu and then select New Quote from the sub-menu on the left. The Benefit Quote Request screen will be displayed.
All of the memberships linked to the person will be displayed. Click the appropriate radio button to select the membership to be processed (if applicable).
Example:
Select an event from the drop-down list by clicking on the Event drop-down box .
Note:
The Date of the Event field displays the current date. This date may not be changed. To do a quotation for a future date, the projection facility should be used.
The Date of Claim Form field is used for cases where the Accrual Date on the Tax Directive Request must be the date that the claim form was signed by the Member. This is an optional field.
Click SUBMIT.
Note:
If the member is entitled to a retirement benefit (early, normal or late), the appropriate warning message will be displayed.
The Benefit Quote Results screen will be displayed.
The following details will be displayed for the selected employee:
- Calculation date
- Date of event
- Event
- Amount
The system automatically allocates request numbers for all quotations done per member (request number 8211 was allocated for the above member).
Click LETTER to display a Quotation Statement in PDF format. This letter displays details of the member and the claim.
You are able to view a detailed breakdown of the amount. Click the hyperlinked amount. The Breakdown of Results screen will be displayed.
Note:
The value displayed is always as at the current date.
When a quote is processed for an early retiral, the reduction percentage, annual pension reduction amount and monthly pension reduction amount will be displayed. These are the annual and monthly amounts by which the member's pension benefit is reduced respectively.
Note:
The pension reduction percentage for early retiral is a penalty for early retirement on a Defined Benefit type scheme.
The amount is calculated as follows:
- Annual Pension Reduction Amount
((Annual Pension * 100 / (100-Reduction percentage)) – Annual Pension)
- Monthly Pension Reduction amount
Annual Pension Reduction Amount divide by 12.
When a new quote is processed for a death or disability event, the salary used in the calculation of the benefit amount will be displayed.
You are able to view a detailed breakdown of the amount. Click the hyperlinked amount. The Breakdown of Results screen will be displayed.
This screen also shows a breakdown of the benefit per benefit product where multiple benefits are linked to the benefit event selected. If one of the benefit products for a Defined Benefit type scheme is the fund value (STD), then the breakdown of the value is shown per investment portfolio.
If applicable, the breakdown may be further expanded by clicking + alongside Portfolio.
The screen shows a breakdown of each investment portfolio amount per scheme income type. To contract the investment portfolio value, click - (to the left of the applicable portfolio).
The member’s salary as well as any member liabilities are also displayed:
When a quote is processed and the Type of Investment for one of the Member’s investment portfolios is BONUS and the Pricing Frequency is MONTHLY, the system will retrieve the business transactions in the Member’s INVESTMEMB account with a Timestamp greater than the Timestamp of the latest Monthly Bonus run. Interest will be calculated on the business transactions from the Transaction Date or Due Date depending on the value for Interest From on the Scheme Details, to the Date of Event using the Bonus Rate effective for the relevant period.