Support Query
I wish to create a pension on the same day that a contribution was made, how can this be done?
This article will go through two methods, where:
- A new pension account is created, where the pension balance will be equal to the contribution amount.
- The entire balance is to be combined into one pension account, including the contribution amount.
Solution
Firstly, you will need to post the contribution to an accumulation account.
- For instructions on how to post a contribution, see How to Enter Contributions.
New pension account:
When a contribution is made and on the same date you wish to start a pension, it is not required to Create Entries up to the day before starting this pension. This is because the contribution amount will be automatically allocated to the selected member's account.
- We do still recommend creating entries to the day before commencing this pension to absolutely ensure the contribution is the only balance being used to commence this pension.
Once the contribution has been processed, proceed directly to the Member List screen and click on Start New Pension.
Combined into one pension account:
Alternatively, if you would like the contribution received to fall under one pension account, proceed to:
- Commute the balance in the current pension account back to accumulation where the contribution was made (Commutations / Pension Reset / Pension Rollback)
- Commence a new pension from the combined balance sitting in the accumulation account. (Commence or Start a Pension)
- Note: If the combined pension account is beginning on a day other than 1st July, you will need to create entries to the day before processing the pension commutation / commencement.