Issue
Family Law Settlement - How to transfer balance from one member to another member
Cause
Due to a Family Law Settlement, one member needs to transfer the account balance to another member.
Resolution
To transfer the balance you need to:
Step 1: Process a Rollover out from the member who has a higher balance
Step 2: Process a rollover into the member who has a lower balance
Step 3: Match off Events
Process a Rollover out from the member who has a higher balance
Navigate to Fund Level > Transactions > Member Payment > Rollover/Lump Sum Out
- Process the business event, select "Family Law Settlement" as the Condition of Release
Process a rollover into the member who has a lower balance
Navigate to Fund Level > Transactions > Member income > Rollover In
- Make sure the Tax Component and the Preservation component are correctly entered
Match off Events
Navigate to Fund Level > Transactions > Match Transactions
- Match off the Rollover/Lump Sum Out event and the Rollover In event
What's next