28 Aug Release 28 August 2024 – Two pot component retirement system
Two pot component retirement system
In this release we created functionality to be able to accommodate the Two pot component retirement system that comes into effect in South Africa on 1 September 2024. With the introduction of the pot system all products are migrated to have at least one default pot and the product with only the default pot will function as before the introduction of the pot system.
On configurations and products where the two pot component retirement system are applicable, multiple pots were created, to accommodate different client accounts (Vested benefit, Vested component, Savings component and Retirement component).
Where necessary contracts on a client were merged into one contract and existing benefits were allocated to the vested benefit and vested component. 10% of the vested benefit and vested component holdings were moved to the savings component, capped at R 30 000.
On the savings component and retirement component the split will be applied for new investments. All the cash will move into the Retirement pot and Savings pot 66.67% and 33.33% and each pot will buy into the fund selection.
Note, not all pots will be applicable to all client contracts.
On a client contract in a product where splits (Retirement pot and Savings pot 66.67% and 33.33%) are applicable there is an option ‘Ignore component/pot splits’, which can be selected (Contract Details card->View Details), to exclude the contract from applying the split.
More changes include:
- Added ‘Contract Owner Preferred Currency’ to Import Contracts and Export Contracts
- Added columns ‘Instrument’, ‘Supplier instrument account number’ and ‘Custodian’ to the different sections of the Cash Recon report
- Added option to Transaction history section of investor statement defaults to Exclude cash instruments tables from the transaction history section
- Added Monthly Market Values per instrument section to investor statement defaults
- Added option to change the date format on investor statement defaults (General statement settings) to use either YYYY/MM/DD or D Month YYYY. See link
- Ensured that contract number does not display in the name of investor statement pdf that is password protected and the contract number is used to protect the pdf. See link
- No changes to the Export Transaction Data Job (S3). See link
- Added new Brokerage Application Program Interface (API), for details refer to the API link
- Accounts Application Program Interface (API) -> Create account and person (3): Added some Risk Assessment fields and addition bank details, refer to the API link
- Accounts Application Program Interface (API) -> Create investment (5): Added the option for Purpose, refer to the API link
- Accounts Application Program Interface (API) -> Create withdrawal (6): Added the option for Purposea and additioal options e.g. “workIn”, refer to the document for details, refer to the API link
- Entities Application Program Interface (API) -> Added Documents Types (7), refer to the API link
- Entities Application Program Interface (API) -> Update Entity details (2): Added some Risk Assessment fields and addition bank details, refer to the API link
- Instructions Application Program Interface (API) -> New endpoint added: Instruction Purposes (3), refer to the API link
- Added Tax rate calculation method. See link
- Added Tax Rate (Recurring) withdrawals. See link
Refer to your online Pivotal Tracker Project for a full list of changes and enhancements for the release.
Last Updated on 3 months ago by otto