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From the Main Toolbar, go to Member.

Select Member list from the list.

Select New Member Account.
Select New Pension Account.

How to start/commence a Pension 

  1. Input the date the pension commenced in the fund by entering the Start Date

  2. Select the Pension Account Type. The following account types can be selected.

    Pension Type
    Account Based Pension
    Allocated Pension
    Market Linked Pension
    Complying Pension
    Transition to Retirement

    Note: You can input the Original Term for a Market Linked Pension:

    The term will be used by Simple Fund 360 to calculate the minimum pension amount. 

  3. Select Yes or No for Reversionary Pension. 

    If Yes is selected, the Add Beneficiary option can be completed for beneficiary details. For Type enter in the type of beneficiary nomination. e.g: (Reversionary pension, Binding Nomination, Non- Binding nomination).

  4. Select an existing accumulation account to convert. When the account is selected, the current account balance will be displayed. 

    To commence a pension in Simple Fund 360, you first need to create an accumulation account and then convert the account to pension. Refer to The Member List on how to add an accumulation account.

    If the pension has started partway through the year, refer to Pensions commencing partway through the year.

  5. Is the full balance being used for the pension?

    YesIf Yes is selected and the accumulation account is to be ceased after the transfer, select the Cease Original Member Account check box.
    NoIf No is selected, input either the Percentage of members balance or Specific amount being transferred from the existing account. 
  6. Select Maintain Current Preservation Components or Unrestricted Non Preserved to the question What component would the amount be transferred to? 

    SF360 will automatically calculate the tax free proportion for the pension account. You can check the tax free proportion calculated by Simple Fund 360 from the Member List once you have added the pension account.

  7. Transfer Balance Cap

    This section will display when posting transactions from 1 July 2017.

    Under the Transfer Balance Cap, select the relevant Event:

    • SIS - Superannuation Income Stream
    • IRS - Reversionary Income Stream

    Refer to the Event Types for Transfer Balance Account Reporting help for more details on the events.

    Simple Fund 360 will display the Current Account Balance, Cap Limit, Cap Remaining Prior To Pension Commencement and Cap Remaining After Pension Commencement. 

    If the individual is a member of another fund in Simple Fund 360, the Current Account Balance will display the total of all pension accounts that this member has, provided the other fund(s) are in the same financial year.

    The Transfer Balance Dashboard will be updated when the transaction is saved.

  8. Select Save and from the drop-down list, select Save Only. Select Cancel if you wish to abort the changes. 

Pension Documents

Select Save & Prepare Documents to prepare the Pension Commencement Letter and Pension Commencement Minutes.

Select OK to the Save Successful message and SF360 will display the Start New Pension Documentation screen where you can print the Pension Commencement documents.

If you select Close but did not prepare the pension documents, you can re-prepare these documents from the Reports screen. These documents are available under the Letters/Minutes section. To select the relevant member for the documents, select Options >> Select Member prior to document preparation.