To update and re-calculate a regular payment amount, select a beneficiary on the JU3EQ Amend Beneficiaries screen and click UPDATE REGULAR PAYMENT.
The JU3EO Regular Payment Amount screen will be displayed.
Highlight the beneficiary and click PAYMENT DETAILS.
The JU3EO Payment Details screen will be displayed.
Descriptions of the input fields on this screen appear below.
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Effective Date |
The effective date of the regular payment. |
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Benefit Type |
Selection from list of Benefit Types linked to the Scheme. Mandatory |
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Payment Status |
Select the payment status from the drop-down list, e.g. ACTIVE, CANCELLED, SUSPENDED etc. Mandatory |
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Amendment Reason |
When the status is SUSPENDED, this field will be enabled and is mandatory. Select a reason from the drop-down box and provide an effective date. The following are some of the values that can be selected: - DECEASED - ADJUSTMENT - CLOSED - PRORATA - REVERSAL - NONE - BONUS - OVERPAYMENT - SALARY INCREASE - UNCASHED CHEQUE - ADHOC (used for once off payments - no end date is required, as the system will end date the payment once it is paid). |
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Amount of Regular Payment (Tick Box) |
The amount that will be paid regularly.
When the tick box is selected, the system will determine the last monthly payment amount using the Effective Date, balance on the Member’s Investment Accounts and the Last Monthly Payment Date.
If no Last Monthly Payment Date has been captured, then the following message will be displayed:
Note: When the Amount of Regular Payment Tick box is ticked, the Last Monthly Payment Date Tick box will not be enabled. |
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Investment Value |
The value of the member’s investment account.
To determine the value of the member’s investment account retrieve the balances on the Member’s investment account.
If the Portfolio for which a balance is retrieve is a BONUS portfolio, the balance of the Member’s INVESTMEMB account will be displayed.
If the Portfolio is UNITISED the value will be calculated by multiplying the unit balance by the latest unit price.
If there are balances for multiple Portfolios, these values will be summed. |
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Date Last Paid |
The date on which payment was last made. |
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Frequency |
Select the payment frequency from the drop-down list, e.g. MONTHLY, QUARTERLY, ANNUAL, etc.
Optional |
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Payment Method |
Select the method of payment from the drop-down list, e.g. CHEQUE, EFT, etc. Mandatory |
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Confirmation Type |
Indicates the method used to confirm the ID type, e.g. HOME AFFAIRS. Select the relevant value from the drop-down box. The following values may be selected: CERTIFICATE H/A DO NOT SUSP HOME AFFAIRS
Mandatory. |
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Last Monthly Payment Date (Tick Box) |
The date of the last monthly instalment.
When the tick box is selected, the system will determine the Last Monthly Date using the Effective Date, balance on the Member’s Investment Accounts and the Amount of Regular Payment.
If no Regular Payment Amount has been captured, then the following message will be displayed:
Note: When the Last Monthly Payment Date Tick box is ticked, the Amount of Regular Payment Tick box will not be enabled.
Mandatory |
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Number of Payments Left |
The number of payments still to be paid.
This value will be calculated by dividing the value of the member’s investments by the Regular Payment Amount.
Note: The Number of Payments Left value will only be an accurate value if the Investment Balance remains unchanged or increases in the monthly payment amount are granted on a basis that is consistent with the interest added to the investments and at the same intervals. If not, then this value will be a rough estimate value. |
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Third Party Reference Number |
The reference number identifying the third party for Third Party Payments linked to a payee. |
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COE Date Sent |
The date the Certificate of Existence was sent to the member. |
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COE Date Received |
The date the Certificate of Existence was received from the member. |
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Creator User Id |
The User Id of the User who created the record. |
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Authorizer User Id |
The User Id of the User who authorised the record. |
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Update user Id |
The User Id of the User who updated the record. |
Make the necessary updates on the screen and click SUBMIT.
The JU3EO Regular Payment Amount screen will be displayed with the updated details.
To create a new set of payment details, click NEW on the JU3EO Regular Payment Amount screen.
The JU3EO Payment Details screen will be displayed.
Capture the required data and click SUBMIT.
The JU3EO Regular Payment Amount screen will be displayed with the updated details.
If the tick box next to the Amount of Regular Payment field on the JU3EO Payment Details screen is selected, the system will calculate the regular payment amount based on the Last Monthly Payment Date and the Investment Value. The system will calculate the number of months from the current date to the Last Monthly Payment Date and divide the Investment Value by the number of months.
When SUBMIT is selected, the following message will be displayed:
The regular payment amount will be changed to the value calculated. Do you wish to continue?
If the YES is selected, the Membership Payment Detail record for the Beneficiary will be updated with the Amount of Regular Payment value and the JU3EQ Amend Beneficiaries screen will be displayed.
If the NO button is selected, the Amount of Regular Payment will be reset to the previous value and the following message will be displayed:
If the date of the regular payment amount must not change then please tick the box next to the Last Monthly Payment Date.
If the tick box next to the Last Monthly Payment Date field is select, the system will calculate the Last Monthly Payment Date based on the Amount of Regular Payment value and the Investment Value. The system will calculate the number of months for which the regular amount will be paid by dividing the Investment Value by the Amount of Regular Payment value and dividing by 12. The Last Monthly Payment Date will be determined by adding the number of months to the current date.
When SUBMIT is selected, the following message will be displayed:
The date of the last monthly payment will be changed to the date calculated. Do you wish to continue?
If the YES is selected, the system will not update the End Date on the Membership Payment Detail record for the Beneficiary. The JU3EQ Amend Beneficiaries screen will be displayed
If NO button is selected, the value for the Last Monthly Payment Date will be reset to the previous value and the following message will be displayed:
If the date of the last monthly payment must not change then please tick the box next to the Amount of Regular Payment.
Note:
The calculation of the Amount of Regular Payment or the Date of Last Monthly Payment does not take into account interest added to the Beneficiary’s investment account and therefore are approximate values. In the monthly payment run, if it is the month of the End Date then the balance on the Beneficiary’s investment account must be paid.
The calculation of the Amount of Regular Payment or the Date of Last Monthly Payment also doesn’t take into account any ad hoc payments as these are unpredictable events. However, the regular payment amount will always be limited to the value in the beneficiary’s investment account and therefore there is no risk of overpayment as the ad hoc payments will reduce the balance in the Beneficiary’s investment account.