Issue

How do I get the correct ECPI for a fund with a defined benefit pension? 

Resolution

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 

1. Fund policies
2. Click on Edit
3. Update the  actuarial percentage
4. 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

1. Select a particular financial year from the drop-down list
2. Click on "Select"
3. Select the relevant member
4. Click on "Edit" for this page
5. Update the external total super balance in the "External" field to boost up the balance to make it over $1.6m
6. Click on Submit
7. 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.