This article will guide you through the process of applying Transaction Rules for members with multiple pension accounts.
By default, using the Drawdown Payment Proportional transaction rule will match pension payments up to the minimum for each pension account. If the pension payments for a member exceeds the minimum, you will need to set a pension review in the Browse Pension Review Screen, to ensure amounts paid in excess of the minimum are also matched.
1. Browse Pension Review Screen
Navigate to Fund Level > Members > Browse Pension Reviews
- Select the relevant Financial Year using the drop-down
- Select the the pension account
- Click Selected (Gross)
- Enter the amount of pension payments to be allocated in the Selected Payment (Gross) field
- Click Save
In the scenario below, the member has two account based pension accounts, an amount will need to be entered in the Selected Payment (Gross) field to create a predetermined proportion for allocating payments between the two accounts.
The member has taken a total of $66,000 in drawdown payments for the 2017 financial year. After entering the a pre-determined amount in the Selected Payment (Gross) field for each pension account in the Browse Pension Review screen, the screen will display the following:
2. Create Transaction Rule
Navigate to Fund Level > Transactions > View Transaction Rules
- Select +Add New
- Enter a Description
- Select the Direction as 'Cash Out', using the drop-down
- Enter an Amount, optional if you wish for the rule to only pick-up transactions of a certain amount
- Select Bank Account, optional if you wish for the rule to only pick-up transactions from a specific bank account
- Select Classify As, 'Drawdown Payment (Proportional)'
- Select each pension account under Proportion Between Pension Accounts, you wish the rule create transactions for
- Select Save
Ensure that no Pension Drawdown business events which relate to the income year being prepared have not already been processed before running the Transaction Rule.
3. Run Transaction Rules
Navigate to Fund Level > Transactions > Match Transactions
- Select Run transaction rules
- Select Create Business Events