Go to MEMBER DETAILS.
You will have created your first member in the Account Creation process.
You can now add any additional members and set up accounts as required for each member.
By default, Mclowd™ creates an Accumulation Account for each member.
You can create additional accounts -- either Pension and Transition to Retirement (TTR) Accounts -- if required.
If you click the member name under Member Accounts, Mclowd™ displays:
If you click ADD NEW ACCOUNT FOR MEMBER, Mclowd™ displays:
Mclowd™ does not allow you 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, Mclowd™ may display additional fields.
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:
oEdit Account Details
oCommence Account Based Pension
oCommence Transition to Retirement (TTR)
oMake an Internal Transfer (eg. from accumulation to pension account - once accounts have balances)
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.
