Issue
This article outlines the steps to follow when you want to exhaust a pension balance in Class.
Resolution
Steps to exhaust a pension with pension drawdowns
Navigate to Fund Level > Periodic Processing > Period Update
- Click on the relevant financial year
- Run a period update one day before the last pension drawdown
Navigate to Fund Level > Transactions > Member Payments > Pension Drawdown
- Enter the details of the final payment - ensure the payment will bring the pension account balance to zero
- Submit
Steps to exhaust a pension with pension commutation
Navigate to Fund Level > Periodic Processing > Period Update
- Click on the relevant financial year
- Run a period update one day before the last pension commutation
Navigate to Fund Level > Members > Pension Commutation
- Enter the relevant details of the transaction
- Select 'full' in the payment amount type
- Submit
To suspend the pension refer to knowledge base article, How do I remove exhausted pension from Browse Pension Review page?