Withdrawal selection options

On once-off or recurring withdrawals, the user can work on an INSTRUCTION level or an INSTRUMENT level when specifying what to withdraw. Not both at the same time.

 

An amount (or %) can be specified for the whole instruction
OR
the values per individual instrument (amount, units or % units) can be specified

 

Selections:

 

1. Capture per entire instruction

1.1. Work in amount or units

1.2. Capture units/amount (dependent on selection in 1) for entire instruction

1.3. Instruction % or instruction amount can be captured and

1.4. The values/percentages against the instruments in the withdrawal will be updated in accordance

 

2. Capture per instrument

2.1. Work in amount or units

2.2. Capture units/amount (dependent on selection in 1) per instrument

2.3. If units was selected, specify % of units or units

2.4.  The values/percentages against the instruments in the withdrawal can be captured (for a Unit withdrawal, an Estimated instruction amount will be calculated at the current value date price)

 

NOTE:

  • If an account is linked to a model portfolio and the user selects ”Per instrument’, they will be able to update %, units, amount next to different instruments that can result in the account not being in line with the model.
  • Enable recurring withdrawals to only be captured in Amount and not Percentage: On a product -> More Actions there is Available Instruction Types. If you go into this you will see next to Recurring Withdrawal, there is checkbox for ‘Only allow amount withdrawals’. This ensures that the same amount is deducted for every recurring withdrawal. Current recurring withdrawals in units will remain as is until the recurring withdrawal is rejected, at that stage only amount will be available on the instruction.  The ‘Only allow amount withdrawals’ should be switched on for all Living Annuity/Linked Life Annuities/Retirement Income products
  • Two Pot System: On products using the Two Pot component system, a withdrawal can be directed to a specific pot (e.g. the Savings pot). The pot selection will be subject to the withdrawal rules configured on that pot under System -> Product -> Pots, including the withdrawal frequency limit (e.g. one per tax year) and the minimum withdrawal amount (e.g. 2,000.00). A warning will display on submission if either condition is not met, and the instruction cannot be submitted until the conditions are satisfied or overridden by an authorised user. Refer to Pot Component System

Last Updated on 2 months ago by Tinus Burger