This report is used by the actuary during the valuation of a scheme and in the determination of a final bonus declaration (if applicable to the fund).
It is also used to calculate interest using a provisional rate (without recording it on the members' records). Members who exited during the calculation period can be included or excluded. Refer to Batch Selection Criteria = MEMBER STATUS under
Infrastructure
Batch
Maintain Batch Schedule
The report is requested for a specified period and will include members who were active at any time during the period. The report may be produced either for all relevant members, or for various selections of members, depending on the selection criteria.
Only benefits that have been coded with a purpose type of VALUATION in the benefit structures will be taken into account.
Refer to Define the benefit packages linked to each event under
Product Launch Requirements
Product Update
Product Update Type: Maintain Scheme Benefit Rules
When a batch run is scheduled and the scheme selected is a Main Umbrella scheme, then the data will be extracted per Sub-Umbrella scheme linked to the Main Umbrella scheme, thereby grouping the information per Sub-Umbrella scheme, in one report.
This report is generated by a batch run. The process involves four distinct steps:
- schedule the batch run
- submit the batch run job
- monitor the progress of the batch run
- view the report
These steps are described elsewhere in the manual. For details, refer to Batch Runs.
Note:
When calculating the investment values as the start date of the valuation report:
- if the pricing method defined for the investment medium is “Same Day”, then the system will calculate the market value of the number of units using the unit price with an Effective Date equal to the report From Effective Date.
- if the pricing method defined for the investment medium is “Forward”, then the system will calculate the market value of the number of units using the unit price with an Effective Date equal to the next working day immediately after the report From Effective Date.
- if the pricing method defined for the investment medium is “Historic”, then the system will calculate the market value of the number of units using the unit price with an Effective Date equal to the first working day prior to the report From Effective Date
When calculating the investment values as the end date of the valuation report:
- if the pricing method defined for the investment medium is “Same Day”, then the system will calculate the market value of the number of units using the unit price with an Effective Date equal to the report To Effective Date.
- if the pricing method defined for the investment medium is “Forward”, then the system will calculate the market value of the number of units using the unit price with an Effective Date equal to the next working day immediately after the report To Effective Date.
- if the pricing method defined for the investment medium is “Historic”, then the system will calculate the market value of the number of units using the unit price with an Effective Date equal to the first working day prior to the report To Effective Date
For information on scheduling and submission of the batch run for this report, refer to
Infrastructure
Batch
Create a new batch run, or change the parameters of an existing batch run.
For information on scheduling a batch run, refer to Schedule a batch run under
Infrastructure
Batch
Maintain Batch Schedule
From the JAJU Batch Structures screen, select the batch group named VALUATION.
Specify the FROM EFFECTIVE DATE and TO EFFECTIVE DATE values.
Specify the Report Criteria that must be used for this report.
Refer to Submit a batch run job and Monitor progress of the batch run under
Reports
Batch Runs
The following is the batch job to be submitted.
|
BATCHJOB44 |
VALUATION REPORT |
JU2AM_VALUA\BJU2AMO0.BAT |
Once the batch run has taken place, the report will become available.
Refer to
Reports
Accessing the Reports
From the General menu, select Valuation from the sub-menu on the left.
The Valuation Report screen will be displayed.
The following columns are displayed:
- Date Captured
- Date Processed
- User ID
- Period Start Date
- Period End Date
- File Name
- Scheme Code
- Action
To select a report, click on the hyperlinked select in the Action column alongside the appropriate selection.
The Valuation Report screen will be displayed.
If you select the option to view the valuation report on the screen, only the first 1000 rows will be displayed. To view the full report, use the e-mail facility.
The table below explains the results based on various input combinations.
|
View on screen |
Portfolio* count |
|
Result |
|
Ticked |
Blank |
Blank |
Only the first 25 portfolio columns will be displayed. |
|
Ticked |
Value provided (1 – 99) |
Blank |
Only the first number of portfolio columns requested will be displayed. |
|
Ticked |
Blank |
Provided |
Only the first 25 portfolio columns will be displayed on screen, and the full report will be e-mailed, showing a maximum of 25 portfolio columns per file (e.g. if there are 40 portfolio columns, two files will be created). |
|
Unticked |
Blank |
Provided |
The full report will be e-mailed, showing a maximum of 25 portfolio columns per file (e.g. if there are 40 portfolio columns, two files will be created). |
|
Unticked |
Value provided (1 – 99) |
Provided |
The full report will be e-mailed. The portfolio count provided determines how many portfolio columns should be included in each file (e.g. if there are 20 portfolio columns, and you input 5, you will receive 4 files, each file containing only 5 portfolio columns). |
*Note:
In the context of this valuation report, the pairs of benefit events (i.e. current and previous year totals) are referred to as portfolios.
Once you have selected the required option, click SUBMIT. If you requested to view the report on screen, the valuation report will be displayed on the lower portion of the screen.
The following columns are displayed:
- Selection Criteria
- Scheme Code
- Branch
- Pay Centre
- Reference
- Company Reference
- Surname
- Initials
- ID Number
- Date Of Birth
- Gender
- Marital Status
- Contribution Category
- Benefit Category
- Investment Category
- Member Status
- Employee Rate
- Employer Rate
- Pens Service Date
- Date Joined Company
- Temporary Absence (Months)
- Normal Retirement Date
- Current Pensionable Salary
- Previous Pensionable Salary
- Current Risk Salary
- Previous Risk Salary
- Basic Salary Following
- Risk Salary Following
- Previous FAS
- Current FAS
- Exit Date
- Type Of Event
- Benefit Amount
- Exit Profit
- Interest On Exit Profit
- Switch Profit/Loss
- Provisional Interest (if provisional interest was not selected as one of the reporting criteria, this column will be blank)
- Provisional Rate (if more than one bonus rate is used in the calculation for a member, this column will be blank)
- FK_JUM02_ANNUALS_TIMESTAMP
- Annual Salary Timestamp
- Current Year Total for each benefit event applicable
- Previous Year Total for each benefit event applicable
- Balance As At
- Net Contributions
- - ECS Balance As At
- - ECS Net Contributions
- - RCS Balance As At
- - RCS Net Contributions
- A Bonus – Net Contributions
- A Bonus – ECS Balance As At
- A Bonus – ECS Net Contributions
- A Bonus – RCS Balance As At
- A Bonus – RCS Net Contributions
The Balance for each Income Type per Portfolio
The Net Contributions for each Income Type per Portfolio
Should there be benefit events other than those listed in the example above; they will be included at the end of the list.
In cases where a full report will be e-mailed, a message will indicate the progress, and a series of vertical dots will indicate how many files are being produced.
Main Umbrella Schemes
If the Report is for a Main Umbrella Scheme, the data will be extracted per Sub Umbrella Scheme linked to the Main Umbrella Scheme, and displayed in one report.
The same information as per the Sub Umbrella reports is displayed and the information is grouped per Sub Umbrella scheme, and sorted per Scheme code as follows:
- Numeric codes Ascending order
- Alpha codes Alphabetical order
- Combination codes Alphabetical order
The following Valuation report will be displayed.
The following columns are displayed:
- Selection Criteria
- Scheme Code
- Branch
- Pay Centre
- Reference
- Company Reference
- Surname
- Initials
- ID Number
- Date Of Birth
- Gender
- Marital Status
- Contribution Category
- Benefit Category
- Investment Category
- Member Status
- Employee Rate
- Employer Rate
- Pens Service Date
- Date Joined Company
- Temporary Absence (Months)
- Normal Retirement Date
- Current Pensionable Salary
- Previous Pensionable Salary
- Current Risk Salary
- Previous Risk Salary
- Basic Salary Following
- Risk Salary Following
- Previous FAS
- Current FAS
- Exit Date
- Type Of Event
- Benefit Amount
- Exit Profit
- Interest On Exit Profit
- Switch Profit/Loss
- Provisional Interest (if provisional interest was not selected as one of the reporting criteria, this column will be blank)
- Provisional Rate (if more than one bonus rate is used in the calculation for a member, this column will be blank)
- Annual Salary Timestamp
- Current Year Total for each benefit event applicable
- Previous Year Total for each benefit event applicable
- The Balance for each Income Type per Portfolio
- The Net Contributions for each Income Type per Portfolio
Should there be benefit events other than those listed in the example above; they will be included at the end of the list.