# Other Scheme Setup configs
Configurations under Other Setup menu enables formulation of interests, penalties, setting up pay points, actuarial valuations, etc. The screenshot below shows a drop-down submenu where various links are located:
# Pay Points
Click the Pay Points link to open a Pay Points window and then click the New Pay Point button to capture details for a new Pay Point as shown below:
# Pay Point Branches
Click the Pay Points Branches link to open a Pay Points Branches window and then click the Pay Point Branches button to capture details for a new Pay Point Branch as shown below:
# Reasons for Exit
Click the Reasons for Exit link to open the Reasons for Exit window where a grid table displaying various reasons for exit configurations. See scheenshot below:
Tips
The reason for exit configurations enables creation of various reasons for exit by a member in a scheme. These configs are then saved in the system for retrieval at the exit (movement) of the member (see initiate movement under the members register module).
The main reasons for exit are Withdrawal, Retirement, Death in Service and Medical. Each reason is tied to the benefits calculation.
Click the New Reason for Exit button to open a dialogue box through which a new exit reason is configured as shown below:
# Interest Rates
Click the Interest Rates link to open the Interest Rates window to view the details of rates already configured in the scheme as shown below:
Clicking the New Interest Rates link from the Operations drop-down menu as shown in the previous screenshot will open a dialogue box through which a new interest rate can be defined as shown below:
# Interest Formula
Click the Interest Formula link to open the Interest Formula window, then click the New Formular button to create a formular as shown below:
# Max Registered Contribution
Click the Max Registered Contribution link to open the Maximum Registered Contribution window, then click the New Max Registered Contribution button to create a configuration as shown below:
Tips
This configuration is dependent on the regime where the system is used. For instance, in Kenya the salaried employees registered contribution amount is pegged at a maximum of KES. 20,000.
This means that any contribution above this amount is subjectable to tax. Click the highlighted link access the window through which a new configuration can be done as shown below:
Clicking the New Max Registered Contribution button will load a dialogue box through which a new configuration is set as shown below:
# End of Year Parameters
The End of Year parameters are set to determine benefits calculation method for end of defined financial year i.e., Interim and Declared Rates of Interest. Interest allocation frequency and distribution mode are other important parameters set here.
Click the End Year Parameters link to open the Year End Parameters Details dialog box and configure the details as shown in the sample screenshot below:
Parameter description
- Select option on withdrawal benefit calculation before the yearend: on the drop-down menu select provisional rate of interest, lock benefits in scheme till year end or refund principal (opening balances + Contributions)
- Show withdrawals within the year under member balances schedule at year end? Specify whether to show withdrawals within the year under the member balances end of year schedule.
- Who bears the tax on income from the unregistered funds? Specify who bears the taxation on the unregistered funds portion, the scheme or individual members.
- Auto calculates administrations fees on withdrawals? Specify whether the administration fees should be auto calculated for the administration services.
- Treat tax from the unregistered scheme as an expense? Specify whether the tax on the unregistered portion should be treated as an expense.
# Other Pension Parameters
Click the Other Pension Parameters link to open a dialog window and set the configurations for Lumpsum Tax Free and other related items as shown the screenshot below:
Action
- Click label 1 button to load a dialogue box and set a new Lumpsum Tax Free configuration as shown above.
- Click label 2 button to open a dialogue box and set a new Pension Tax Free configuration.
- Click label 3 button to open a dialogue box and set a new Pension Acrual Factor configuration.
- Click label 4 button to open a dialogue box and set a new Pension Service Periods Split Dates configuration.
- Click label 5 button to open a dialogue box and set a new Lumpsum Tax Free configuration.
# Pension Calculator Parameters
Click the Pension Calculation Parameters link to open a dialog window and set the configurations as shown the screenshot below:
# Pension Setup Parameters
Click the Pension Setup Parameters link to open the Pension Setup Parameters dialog window and set the configurations as shown the screenshot below:
# Take Notes
This configuration helps the system users to take some notes and save them. To see the notes already written and capture new notes.
Clicking the Take Notes link will open the Notes window. From this window locate and click the New button to load a new dialogue box and type new notes as shown below:
