Internal Transfer - Member Dashboard

Overview 

Use Internal Transfer to move a member's balance from one or more of their member accounts to an existing accumulation account held by a different member in the same fund.

Before You Begin 

Navigation

From the Main Toolbar, go to Member.
Select Member Dashboard from the list.
Select the Members tab.
Select Member Transactions

Select Internal Transfer from the Member Transactions menu. The Internal Transfer modal opens.

Instructions

Step 1: Select Member Accounts 

1. In the Member drop-down, select the member whose balance you are transferring. Only members with active member accounts are shown. Only one member can be selected.
2. In the Member Accounts field, select one or more accounts to transfer the balance out of.
   

Step 2: Internal Transfer Details 

1. Set the Internal Transfer Date. This date must be within the current financial year and on or after the start date of all selected member accounts.

Use the Transfer to Existing Accumulation Account drop-down to select the destination account. This list shows active accumulation accounts for all members in the fund except the member you are transferring from.

Note: The destination accumulation account must belong to a different member from the accounts being transferred out.

Step 3: Review Balance for Each Account 

1. The modal displays a tab for each selected member account. Click each tab to review the transfer details for that account. You must visit every tab before you can proceed, any tab with a validation error is highlighted and must be resolved first.

2. For each account tab, review the Internal Transfer Balance toggle:

   • If Is the entire balance being taken out? is on (blue), the full account balance will be transferred. The current account balance is displayed next to the toggle.
   • To transfer a partial balance, turn the toggle off. You can then enter either a percentage of the balance or specific amounts for each component.

   

Step 4: Balance Components 

1. Review the Balance Components for the account: Tax-Free Component, Element taxed in the fund, Element Untaxed in the fund, Preserved Amount, Restricted Non-Preserved Amount, and Unrestricted Non-Preserved Amount. If you entered a partial amount in the previous step, adjust these components as needed.

Note: The Total Tax Components and Total Preservation Components shown at the bottom of each tab must both equal the transfer amount for that account.

Step 5: Transfer Balance Cap 

1. Where applicable (for pension accounts in existence after 01/07/2017), a Transfer Balance Cap step is shown. Review the following details:
   • Event: Select the relevant triggering event for the transfer
   • Current balance, Cap Limit, Cap Remaining (before transfer), and Cap Remaining (after transfer)
   • Cap Remaining (after transferring all selected accounts): the combined remaining cap across all selected accounts

Step 6: Confirmation 

1. Review the Confirmation summary, which lists every account involved in the transfer:

   • Transfer-out accounts (one row per selected member account) showing the Amount, Balance Movement (Transfer out), and Balance After
   • The destination accumulation account showing the Amount, Balance Movement (Transfer in), and Balance After

   

2. Click Save to post the transfer. Once saved, the transactions are posted and appear in the fund's transaction list.

   Note: Posted transactions follow the format 57100/{Account} (Internal Transfers Out) for each transfer-out account and 56100/{Account} (Internal Transfers In) for the destination account, all with the description set to Internal Transfer.