Issue

How do I convert a Term Allocated pension into an Account-Based Pension (ABP)? 

Resolution

To resolve this issue, you need to determine whether or not the fund is a first-year fund on Class. Then follow the relevant steps below for either a first-year fund on Class or fund that is not a first-year fund on Class.

The fund is a first-year fund on Class

Navigate to Fund Level > Members > Browse Members

• Click on Add New Pension Account button
• Set up a new Account-Based Pension with a start date as the original pension date or 1 July 2007 (whichever is later)

Navigate to Fund Level > Periodic Processing > Period update

1. Rollback all existing period updates

Navigate to Fund Level > Fund > Load opening balances

1. Click on Members tab
2. Re-allocate the member components into the new ABP account
3. Remove the balance under the Term Allocated Pension
4. Click on Submit

Navigate to Fund Level > Members > Browse Members

1. Click on Term Allocate Pension
2. From the pension detail screen
3. Click on Edit
4. From the pop-up screen, click on Delete

An error message may appear saying "Cannot delete the account because it has active transactions"



Article, Error message "Cannot delete the account because it has active transactions" - when deleting pension account provides steps to clear the existing pension drawdowns. 

The fund is not a first-year fund on Class 

Navigate to Fund Level > Members > Browse Members

1. Click on Add New Pension Account button
2. Set up a new Account-Based Pension with a start date as the original pension date or 1 July 2007 (whichever is later)
3. Click on Establish This Pension Account button
4. For Establishment type, choose "Allocated to Account Based Pension Transfer"
   
   
   
   
5. Choose Allocated Pension from the 'Transfer From Account'
6. Click Submit.