By default an Accumulation Account is created for each member.
You can create additional accounts – either Pension and Transition to Retirement (TTR) Accounts – as required.
The ribbon at the top of Mclowd will feature a number of options, including Summary, Transactions, Reports, etc., Look for the MORE option. Clicking on More will produce a drop-down list. From that list choose MEMBERS (see 1 in image)
Clicking on MEMBERS will produce the following screen (see below).
From there, note item 2: ADD NEW MEMBER. Click on this option and begin population the empty fields to the right of the MEMBER LIST.
Note: Users are not permitted to add Accumulation accounts because under law a member may only have one accumulation account.
Where a member has multiple pension or TTR accounts, take extra care with the descriptions to ensure each account is easy to identify.
Depending on your selections, additional fields may be displayed.
The additional account is now displayed in the list. The Actions column provides options for editing.
For pension and TTR accounts, you can only EDIT the details.
For Accumulation Accounts, you have options to:
- Edit Account Details
- Commence Account Based Pension
- Commence Transition to Retirement (TTR)
- Make an Internal Transfer (eg. from accumulation to pension account – once accounts have balances)
Note: Commencing a pension via the Actions menu requires a specific process of retrieving the member balance. This procedure is irrelevant at this point in time. If you need to create a pension account to commence from the Fund Migration Date or Fund Start Date, you should use the process described above and enter the Member’s Account Balance through Member Opening Balances.
When all MEMBERS and existing MEMBER ACCOUNTS have been set up, return to the Fund Setup menu.