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
- Rollback all existing period updates
Navigate to Fund Level > Fund > Load opening balances
- Click on Members tab
- Re-allocate the member components into the new ABP account
- Remove the balance under the Term Allocated Pension
- Click on Submit
Navigate to Fund Level > Members > Browse Members
- Click on Term Allocate Pension
- From the pension detail screen
- Click on Edit
- 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
- 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)
- Click on Establish This Pension Account button
- For Establishment type, choose "Allocated to Account Based Pension Transfer"
- Choose Allocated Pension from the 'Transfer From Account'
- Click Submit.