Warning: Member Account xxxxxx Has Turned 65 – Preservation Components Moved to Unrestricted Non-Preserved

When running the Create Entries process in Simple Fund 360, you may receive the following warning message:

What This Warning Means

This message is an informational alert triggered when a member reaches age 65, either in the current financial year or a previous year, and still has balances in Preserved or Restricted Non-Preserved components.

Under superannuation rules, once a member turns 65, their benefits generally become Unrestricted Non-Preserved, meaning they have met a condition of release and can access their super (subject to fund rules and reporting requirements).

How Simple Fund 360 Handles This

During the Create Entries process:

• SF360 automatically checks each member’s age.

• If the member has turned 65 (in the current or prior years) and has a balance in Preserved or Restricted Non-Preserved, the system automatically reallocates these amounts to Unrestricted Non-Preserved.

• This update is posted as part of the create entries process.

• The warning will appear in the Create Entry Alerts section on the Period Compliance screen, to make you aware of the change.

What You Can Do

1. Verify the Member’s Date of Birth:

   • Use the Member List screen to check the member’s details.

2. Review Preservation Component Changes:

   • Go to the Member’s Statement report to view updated preservation balances.

   • This report will clearly show the breakdown before and after the reallocation.

3. Manually Adjust (if needed):

   • If the date of birth or preservation balances are incorrect, you can manually update them using the Update Member Components screen.

   • After making corrections, re-run the Create Entries process.

4. No Action Required (Typically): This is a system-driven adjustment and does not require manual re-allocation unless the date of birth or component balances are incorrect.