Transcript:
Setting Up and Commencing an Account Based Pension
In this video, we'll discuss how to set up and commence an account-based pension. We have a client who is 57 years old, wanting to retire at age 65 and commence an account-based pension at that time.
Entering Client Information
What I've entered into Voyant so far is the client's accumulation account. Now we need to set up the account-based pension and transfer the amount from the accumulation account to the pension account upon retirement.
Setting Up the Account-Based Pension
To set up the account-based pension, click on the Green Plus button on the dashboard, then choose Pensions and select Superannuation. Here, change the phase to Retirement and give this account-based pension a name. Click Done.
Returning to the dashboard, click on the Pensions Tab. You can now see that the account-based pension has been successfully set up.
Transferring Funds to the Pension Account
The next step is to transfer the amount from the accumulation account to this new pension account. To do this, click on the client's Accumulation Account, then select Transfers. Choose to add a new transfer.
We're transferring from the client's accumulation account into the account-based pension we just set up. You can specify the dollar amount you wish to transfer. Alternatively, by changing the setting to All Available, this will transfer everything in the accumulation account to the pension account, up to the client's total superannuation balance cap.
Setting the Timing for the Transfer
The last step is to inform Voyant when this transfer will take place. Click on Timing and align the transfer to the client's retirement date. Move the retirement icon into the designated box and click Done.
Reviewing the Transfer in the Assets Chart
If we now go into the client's Assets Chart, we can see that in the year before retirement, all funds are still in the accumulation phase. When we move to the year the client retires, we see that everything has been transferred to the account-based pension. This transition is illustrated on the chart by the green columns.
Checking the Transfer in Year View
You can also verify this by clicking on the Year View, going to the Pensions Tab, and moving the slider to the client's retirement date to confirm that everything is now transferred to the account-based pension.
Conclusion
If you have any other questions regarding account-based pensions or any other features in Voyant, you can request support by clicking on the client's name, selecting Request Support, and typing your message or question there.
Thank you for watching!