How do I get the correct ECPI for a fund with a defined benefit pension?
The resolution of this issue depends on the scenario.
Scenario 1: The accumulation account has a balance
Scenario 2 : The accumulation account has a nil balance
Accumulation account has a balance
Navigate to Fund Level >Settings > Fund Defaults
- Fund policies
- Click on Edit
- Update the actuarial percentage
- Run the Period Update for the required financial year
Refer to our User Guide, Fund Settings , for further details on fund policies.
Accumulation account has a nil balance
If the accumulation account has a nil balance, the workaround is to add an external super balance to boost this member's Total Superannuation Balance (TSB) to exceed $1.6 million.
Navigate to Fund Level > Member > Contribution Caps
- Select a particular financial year from the drop-down list
- Click on "Select"
- Select the relevant member
- Click on "Edit" for this page
- Update the external total super balance in the "External" field to boost up the balance to make it over $1.6m
- Click on Submit
- Re-run the Period Update for the required financial year
Scenario 2 is a workaround. The External Super Balance won't show in any reports. It is a way to "tell" the fund in Class that the TSB is over $1.6 million and the fund is in a Deemed Unsegregated period for the year. This allows the pension exempt rate to be entered in the fund policy and therefore applied for ECPI calculation.