How do I establish a pension with the contribution made into the fund?
This solution is only applicable if the accumulation account balance is $0.00 prior to the receipt of the contribution. If the accumulation account had an existing balance prior to the contribution, you would have to follow the normal process of commencing a pension in Class.
Refer to our User Guide for more information on Adding a New Pension.
Navigate to Fund Level > Settings > Fund Defaults
- Click Edit to the right of the relevant Fund Policy.
- Check that Defer Member Tax is set to No. This is to make sure if the contribution is a concessional contribution, then the 15% contribution tax will be taken out from the accumulation account immediately after the contribution comes in.
Navigate to Fund Level > Transactions > Member Income > Member Contribution
- Process the contribution. If you have already processed the contribution before doing step 1, you would need to resubmit this event by clicking Edit > Save As Incomplete > Submit.
Navigate to Fund Level > Members > Browse Members
- Establish a new pension account. For help on this, refer to our User Guide on Adding a New Pension.
You are not required to run a period update day before the pension commencement as the accumulation balance was nil.