For information on entering opening pension balances, see:
Input Opening Balances for Pension Accounts
Transfer Balance Account
When entering opening pension balances for a new fund on or after 30/06/2017, a Transfer Balance Account adjustment will also need to be recorded in the first financial year processed in Simple Fund 360.
The TBAR Opening Balance Wizard will automatically recognise when Pension accounts are created prior to the System Start date, prompting you to enter the details of the existing Transfer Balance Account.
- Before beginning, ensure the System Start Date entered in the Fund Details screen is correct. Then navigate to the Transfer Balance Dashboard:
| From the Main Toolbar, go to Member. |
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| Select Transfer balance dashboard from the list. |
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- If a Pension account has a commencement date prior to the System Start Date, the TBAR Opening Balance Wizard will display:
- Enter the Opening Balance and Personal Cap as per the existing Transfer Balance Account.
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- This personal cap needs to include any previous Transfer Balance Cap Indexation.
- Entering the details of the Highest Balance is optional, however, this is recommended when needing to calculate TBAR Indexation at a future date.
- Once the necessary values have been entered, click save to post the TBAR event as of the entry date, resulting in the following TBAR event:
Is it possible to Manually enter the opening balance adjustment?
Yes, this can be done by clicking the Add Adjustment button for the member, then for the event type, selecting OBM: Opening Balance Manual
TBAR Indexation
Any fund from the 2022 FY onwards will need to account for Transfer Balance Cap Indexation.
| From the Main Toolbar, go to Member. |
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| Select Transfer balance dashboard from the list. |
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- Locate the Opening Balance TBAR event by selecting the correct Financial Year.
These events are typically found in the first Financial Year processed in Simple Fund 360:
- Once found, select the edit icon:
- Ensure the details of the Highest Balance are correct, then click save:
Simple Fund 360 will automatically calculate Indexation when a relevant Financial Year is reached:
If changes have been made to the highest balance, select the Calculate Personal TBC to calculate the new Indexed Transfer Balance Cap.