This section sets out the various steps that need to be followed when launching a Retirement Annuity Product. These processes and activities have been explained in greater detail elsewhere in the manual.
For more information refer, to Annuity Product Launch under
Product Launch Requirements
Launch and Update
Also refer to Launching a Product under
Product Launch Requirements
Launch and Update
Note:
There are retirement annuity products that cater for group RA’s and individual RA’s within the same product. This means that for some members the member data and contributions will be collected from an Employer via Payroll in the same way as for other retirement products, and for some members in the same product, the member data will be captured via the Member screen and the contributions collected via debit order from their individual bank accounts.
The process of capturing products and employers is the same as for any other type of product.
Product
Product Launch Requirements
Launch and Update
When completing the JU1BK Nature of Product screen, ensure the type of product selected is RETIREMENT ANNUITY.
Employer
Refer to Corporate Client under
Infrastructure
System Entities
The employer's bank account details and contact details will also be captured in the same way as for other participating employers.
Add the value of RETIREMENT ANNUITY to the Scheme Group Type Values for the Fund Group Type of TYPE OF FUND.
Select Infrastructure > System Data and select General from the sub-menu on the left.
Additional options will be displayed.
Select Scheme Group Type from the sub-menu on the left. The Scheme Group Types screen is displayed.
Highlight Type of Fund on the Scheme Group Types screen and select Scheme Group Type Values from the sub-menu on the left.
The JU1AI Scheme Group Type Values screen is displayed.
Select NEW.
The JU1AI Scheme Group Type screen is displayed.
Capture RETIREMENT ANNUITY in the Description field and click OK.
For more information, refer to Scheme Group Type under
Infrastructure
System data
System data
The payment method is determined from the Collection Instruction Details screen.
For details refer to Add a new collection instruction under
Product Launch Requirements
Additional menu Options
Pay Centres
Refer to Add new instruction in Creating Collection Instructions under
Processes
Debit Orders
Details regarding the method of collection of contributions must be captured.
Refer to Product Update Type: Participating Employer under
Product Launch Requirements
Launch and Update
The expense rule must be associated to a commission membership group.
Refer to Update Type: Expenses under
Product Launch Requirements
Launch and Update
Set the MEMBER RANGE Parameter so that member reference numbers will automatically be allocated by incrementing the last allocated number by one.
Select Products > List > Parameters > Parameters.
The JU1DO Scheme Parameter Details screen is displayed.
Select the value of MEMBER RANGE in the Parameter Type field drop-down list.
Click NEW.
The JU1DO New Scheme Parameter screen is displayed.
Capture values for the following fields:
Description
Effective Date (The launch date of the product)
Month (Select the month that this is effective from the drop-down list.)
Note:
A value does not need to be captured for the Percentage field.
Click OK.
Once this parameter has been set, the system will allocate the next available number.
For more information, refer to Parameters under
Product Launch Requirements
Additional Menu Options
Set up the Income Type rules for Retirement Annuity Schemes with a Calculation Type of MEMBER DEFINED.
Select Products > List > Update > Product Update Type > Income > Process Update
The JU1BX Scheme Income Type List screen will be displayed.
Highlight a Global Type and select Scheme Global Rules List from the sub-menu on the left.
The JU1CT Scheme Global Rules List screen is displayed.
Highlight a rule and click OPEN.
The JU1CT Scheme Income Rule Details screen will be displayed.
Select the value of MEMBER DEFINED in the Calculation Type field drop-down list.
Click OK.
For more information, refer to Product Update Type: Income under
Product Launch Requirements
Launch and Update
Capture the annual percentage of escalation of contributions in the Annual Escalation Step field on the JU1BR Scheme Membership Group Detail screen, if applicable.
Select Products > List > Update > Product Update Type > Mbrshp Grp > Process Update
The JU1BR Scheme Membership Group List screen will be displayed.
Select CONTRIB from the Membership Group Type field drop-down list. Any existing Membership Groups that have been defined will be displayed. Highlight a Membership Group, and click OPEN, or click NEW to create a new Membership Group.
The JU1BR Scheme Membership Group Detail screen will be displayed.
If applicable, capture the percentage of escalation of premium in the Annual Escalation Step field and click OK.
For more information, refer to Product Update Type: Membership Group under
Product Launch Requirements
Scheme Launch and Update
New Entrants
The system will check the Calculation Method on the Income Type for new entrants, and if it is MEMBER DEFINED will include the contribution amount in the Member Data interface values.
For more information, refer to Benefit Product (Flexible Benefit Rules) under
Product Launch Requirements
Launch and Update 2
If required, an intermediary can be associated to a participating employer or to a pay centre.
Associate intermediary to participating employer
This is done via the scheme update process.
Refer to Product Update Type: Participating Employer under
Product Launch Requirements
Launch and Update
From the JU1BW Scheme Participating Employers screen, highlight the required corporate client.
SelectIntermediary from the sub-menu on the left.
The JU1AY Group Allocations screen will be displayed.
To add new intermediary details, click NEW. The JU1AY Group Allocation Details screen will be displayed.
Descriptions of the input fields on this screen appear below.
|
Intermediary Details |
|
|
Intermediary / Intermediary Group |
Select the required intermediary or intermediary group. Click LIST at the end of the line. This links to the JU1AX Intermediary Client List screen, which displays a list of intermediaries. Once the required intermediary has been selected, click SELECT. |
|
Scheme Membership Group |
Select the required fund membership group. Click LIST at the end of the line. This links to the JU1EM Scheme Commission screen, which displays a list of membership groups. Once the required group has been selected, click SELECT.
The selection of a Scheme Membership Group is optional. |
|
Expense Income Type |
Select the required expense income type. Click LIST at the end of the line. This links to the JU1EN Expense Type Commission screen, which displays a list of income types. Once the required income type has been selected, click SELECT. |
|
Start Date |
The effective date of the intermediary's association to the scheme. |
Once all the necessary details have been added, click OK.
The JU1AY Group Allocation Details screen will be re-displayed, and the details just added will be listed.
Associate intermediary to pay centre
From the JU1BK List screen, select the required product and then select Pay Centres from the sub-menu on the left.
The JU1DL Scheme Pay Centre List screen will be displayed.
Highlight the required pay centre, then select Intermediary from the sub-menu on the left.
The JU1AY Group Allocations screen will be displayed.
To add new intermediary details, click NEW. The JU1AY Group Allocation Details screen will be displayed.
Refer to Associate intermediary to participating employer above.
Once all the necessary details have been added, click OK.
The Group Allocations screen will be re-displayed, and the details just added will be listed.
View intermediary details
To view details of an existing intermediary, from the JU1AY Group Allocations screen, highlight the required intermediary, then click OPEN. The JU1AY Group Allocations Details screen will be displayed.
