A portion of the Pension related adjustments differ from the Investments. Therefore if a Pension Related case is created the adjustments made available will be specific for that type, although some remain the same. The available adjustments are as shown in the diagram below:

 

 

* The System Generate icon is not available in the adjustment setup for a Pension related case.

 

Please note that descriptions can be added where required, however where not used the ‘Type’ will show on all printed results.

 

Pension income

This adjustment is used for a single pension income provided to the customer through an annuity. The number of units will be altered by the value specified in the adjustment, thereby increasing or decreasing the value of the pension fund. A positive value will increase the fund value and a negative value will decrease the fund value.

 

Example: Set adjustment Pension income 06/03/21 1500.00

Effect: Detailed recalc screen will show £1500 in Payment/withdrawal column and £1500 added to Period start position column.

 

Monthly pension income

This adjustment is used for a Monthly pension income provided to the customer through an annuity. The number of units will be altered by the value specified in the adjustment on a monthly basis, thereby increasing or decreasing the value of the pension fund. A positive value will increase the fund value and a negative value will decrease the fund value.

 

Example: Set adjustment Monthly pension income 06/03/21 150.00 01/10/21

Effect: Detailed recalc screen will show £150 in Payment/withdrawal column and £150 added to Period start position column on a monthly basis from 06/03/21 until 01/10/21.

 

4 weekly pension income

This adjustment is used for a 4 weekly pension income provided to the customer through an annuity. The number of units will be altered by the value specified in the adjustment on a monthly basis, thereby increasing or decreasing the value of the pension fund. A positive value will increase the fund value and a negative value will decrease the fund value.

 

Example: Set adjustment 4 weekly pension income 06/03/21 150.00 01/10/21

Effect: Detailed recalc screen will show £150 in Payment/withdrawal column and £150 added to Period start position column on a 4 weekly basis from 06/03/21 until 01/10/21.

 

Quarterly pension income

This adjustment is used for a quarterly pension income provided to the customer through an annuity. The number of units will be altered by the value specified in the adjustment on a quarterly basis, thereby increasing or decreasing the value of the pension fund. A positive value will increase the fund value and a negative value will decrease the fund value.

 

Example: Set adjustment Quarterly pension income 06/03/21 150.00 06/03/22

Effect: Detailed recalc screen will show £150 in Payment/withdrawal column and £150 added to Period start position column on a quarterly basis from 06/03/21 until 06/03/22.

 

Annual pension income

This adjustment is used for an annual pension income provided to the customer through an annuity. The number of units will be altered by the value specified in the adjustment on an annual basis, thereby increasing or decreasing the value of the pension fund. A positive value will increase the fund value and a negative value will decrease the fund value.

 

Example: Set adjustment Annual pension income 06/03/21 150.00 06/03/24

Effect: Detailed recalc screen will show £150 in Payment/withdrawal column and £150 added to Period start position column on an annual basis from 06/03/21 until 06/03/24.

 

Tax free amount

The tax free amount adjustment is used for when a customer receives a tax free amount from their pension. This requires a date and amount to complete the adjustment, an end date is not required.

 

Example: Set adjustment Tax free amount 01/05/22 2750.00

Effect: Detailed recalc screen will show £2750.00 in Payment/Withdrawal column on 01/05/22 and £2750 added to period start position value.

 

Withdrawal

This adjustment is used as part of investment case where a customer makes a withdrawal within a case. A date and amount of payment is required, an end date is not required as it is not a reccurring value.

Example: Set adjustment Withdrawal 01/02/03 £1500.00

Effect: Detailed recalc screen will show -1500 in Payment/withdrawal column and £1500 taken away from Period start position column on 01/02/03

 

Please note that the Withdrawal adjustment will affect the balance at the point that it occurs. This differs from an Income adjustment which is displayed in the rework, however it does not show on the account until the end, where the total of the incomes are removed from the final balance in the comparison screen. The group setting option of 'Investment periodic application' will also affect adjustment and when withdrawal is applied. From the dropdown, if 'Date specified' is selected, the withdrawal will apply on the date set for the adjustment. If 'Past weekend' is selected then if a withdrawal falls onto a weekend date,  it will be pushed forward to the next weekday. If 'Past weekend and Bank holidays' is selected then if a withdrawal falls onto a weekend or bank holiday date, the withdrawal will be pushed to the next week day.

Monthly withdrawal

This adjustment is used as part of investment case where a customer makes a monthly withdrawal within a case. A date, amount of payment and end date is required as it is happening more than once.

Example: Set adjustment Monthly withdrawal 01/02/03 £150.00 01/02/04

Effect: Detailed recalc screen will show -150 in Payment/withdrawal column and £150 taken away from Period start position column on a monthly basis for a year starting 01/02/03

 

Please note: A monthly withdrawal adjustment takes effect on the date adjustment is applied, reducing the number of units and the value of the investment. Care must to be taken when deciding if the customer made a withdrawal from their fund and are using their units to fund the sale or if they are taking an income from their fund, in which case an income adjustment would be needed.  The group setting option of 'Investment periodic application' will also affect adjustment and when withdrawal is applied. From the dropdown, if 'Date specified' is selected, the withdrawal will apply on the date set for the adjustment. If 'Past weekend' is selected then if a withdrawal falls onto a weekend date,  it will be pushed forward to the next weekday. If 'Past weekend and Bank holidays' is selected then if a withdrawal falls onto a weekend or bank holiday date, the withdrawal will be pushed to the next week day.

4 weekly withdrawal

This adjustment is used as part of investment case where a customer makes a 4 weekly withdrawal within a case. A date, amount of payment and end date is required as it is happening more than once.

Example: Set adjustment 4 weekly withdrawal 01/02/03 £150.00 01/02/04

Effect: Detailed recalc screen will show -150 in Payment/withdrawal column and £150 taken away from Period start position column on a 4 weekly basis for a year starting 01/02/03

 

Please note that the Withdrawal adjustment will affect the balance at the point that it occurrs. This differs from an Income adjustment which is displayed in the rework, however it does not show on the account until the end, where the total of the incomes are removed from the final balance in the comparison screen.

 

Quarterly withdrawal

This adjustment is used to specify a quarterly withdrawal made by the customer. To add a quarterly withdrawal the date period the customer made the withdrawals should be entered alongside the amount that was taken out.

 

Example: Set adjustment  Quarterly withdrawal 01/02/03 £1500.00 01/02/04

Effect: Detailed recalc screen will show -1500 in Payment/withdrawal column and £1500 taken away from Period start position column on a quarterly basis on 01/02/03 until 01/02/04

 

Please note: A quarterly withdrawal adjustment takes effect on the date adjustment is applied, reducing the number of units and the value of the investment. Care must to be taken when deciding if the customer made a withdrawal from their fund and are using their units to fund the sale or if they are taking an income from their fund, in which case an income adjustment would be needed.

 

 The group setting option of 'Investment periodic application' will also affect adjustment and when withdrawal is applied. From the dropdown, if 'Date specified' is selected, the withdrawal will apply on the date set for the adjustment. If 'Past weekend' is selected then if a withdrawal falls onto a weekend date,  it will be pushed forward to the next weekday. If 'Past weekend and Bank holidays' is selected then if a withdrawal falls onto a weekend or bank holiday date, the withdrawal will be pushed to the next week day.

Annual withdrawal

This adjustment is used as part of investment case where a customer makes an annual withdrawal within a case. A date, amount of payment and end date is required as it is happening more than once.

Example: Set adjustment Annual withdrawal 01/02/03 £3500.00 01/02/06

Effect: Detailed recalc screen will show -3500 in Payment/withdrawal column and £3500 taken away from Period start position column on an annual basis for 3 years starting 01/02/03

 

Please note: An annual withdrawal adjustment takes effect on the date adjustment is applied, reducing the number of units and the value of the investment. Care must to be taken when deciding if the customer made a withdrawal from their fund and are using their units to fund the sale or if they are taking an income from their fund, in which case an income adjustment would be needed.The group setting option of 'Investment periodic application' will also affect adjustment and when withdrawal is applied. From the dropdown, if 'Date specified' is selected, the withdrawal will apply on the date set for the adjustment. If 'Past weekend' is selected then if a withdrawal falls onto a weekend date,  it will be pushed forward to the next weekday. If 'Past weekend and Bank holidays' is selected then if a withdrawal falls onto a weekend or bank holiday date, the withdrawal will be pushed to the next week day.

 

Fixed rate

This adjustment is an interest rate adjustment. It will set the interest rate for the case as the amount defined within the specified date range when creating the adustment. A start and end date will need to be specified to use this adjustment

 

Note: When this adjustment is used alongside the discount rate adjustment. The discount rate will be applied to the fixed rate if both adjustments have overlapping date ranges.

 

Example: Set adjustment Fixed rate: 01/01/01 6.5% 01/01/03

Discount rate: 01/01/01 2% 01/03/01

 

Effect: For month 1 and 2 of 2001, the interest rate applied will be 4.5%. After this, the fixed rate of 6.5% will be applied. The change in the interest rate can be seen in the interest rate % column of the detailed recalc screen.

Interest Balance Cap

When required (for Credit Card Payment Protection Insurance cases or offset accounts) this adjustment ensures that interest is refunded on the correct amount by allowing you to set an interest balance for which the case interest balance will not go above.

 

Example: Interest balance should be set at £2000 from 01/06/22 for 1 year

Set adjustment: Interest balance cap 01/06/22 2000.00 01/06/23

Effect: On detailed recalc screen Balance for interest column will have £2000 from 01/06/22 for the period of 1 year.

Admin Fee

The admin fee adjustment is used as part of a loan or investment case e.g. for setting up the investment or an insurance premium. A date and an amount of fee is required, an end date is not needed for this adjustment.

 

Example: Set adjustment Admin fee 01/05/03 £210.00

Effect: Detailed recalc screen will show -210 in Payment/withdrawal column and £210 taken away from Period start position column on 01/05/03.

Monthly admin fee

The monthly admin fee adjustment is used as part of a loan or investment case as part of an insurance amount or cost. A date, an amount of fee and an end date is required for this adjustment.

 

Example: Set adjustment Monthly admin fee 01/05/20 £20.00 01/10/20

Effect: Detailed recalc screen will show -20 in Payment/withdrawal column and £20 taken away from Period start position column on 01/05/20 for 6 months

4 weekly admin fee

The 4 weekly admin fee adjustment is used as part of a loan or investment case. A date, an amount of fee and an end date is required for this adjustment.

 

Example: Set adjustment 4 weekly admin fee 01/05/20 £20.00 01/10/20

Effect: Detailed recalc screen will show -20 in Payment/withdrawal column and £20 taken away from Period start position column on 01/05/20 for 6 months.

Monthly accrued admin fee %

This adjustment calculates a fee based on the previous months' balances. This is only for fund related calculations and not interest related calculations and also share/SIPP accounts where fees are charged on daily balances. A start date, value and end date are required for this adjustment. 

 

Example: Set adjustment Monthly accrued admin fee % 01/02/20 2% 01/03/20

Effect: The view detailed recalc screen will show a day by day breakdown for the period of the case and an entry in the Payment/Withdrawal column on 01/02/20.

Quarterly admin fee

The quarterly admin fee adjustment is used as part of a loan or investment case e.g. for setting up the investment. A date, amount of fee  and end date is required.

 

Example: Set adjustment Quarterly admin fee 01/05/03 £210.00 01/05/04

Effect: Detailed recalc screen will show -210 in Payment/withdrawal column and £210 taken away from Period start position column on  a quarterly basis from 01/05/03 until 01/05/04.

 

Annual admin fee

The annual admin fee adjustment is used as part of a loan or investment case.  Alternatively, it could also be an insurance amount on a mortgage case. A date, an amount of fee and an end date is required for this adjustment.

 

Example: Set adjustment Annual admin fee 01/05/20 £200.00 01/05/23

Effect: Detailed recalc screen will show -200 in Payment/withdrawal column and £200 taken away from Period start position column on 01/05/20 for 4 years on an annual basis.

Annual admin fee %

This adjustment is used to charge an annual admin fee based on the percentage amount entered in as a value. It requires a start date, value and end date.

 

Example: Set adjustment Annual admin fee 01/11/21 4% 01/05/23 on £48,000 balance for interest

Effect: The view detailed recalc screen will show £1,920.00 in the payment/withdrawal column on 01/11/21 and £1,843.20 on 01/11/22. The Period start posiiton column will also show a decrease by the amount in the payment/withdrawal column.

 

Tax %

This adjustment enables you to change the tax % applied to interest calculations as the effect of this adjustment can be seen in the interest column. A start date, value and end date is required for this adjustment.

 

Example: Set adjustment tax% 01/04/21 40.00 01/04/22

Effect: In the view detailed recalc screen the interest column will show a 40% tax applied from 01/04/21 until 01/04/22. This will result in a reduction in the interest amount calculated.

 

Advisor fee

This adjustment is used when a one-off advisor fee has been charged. A date and an amount is required for this adjustment, an end date is not required.

 

Example: Set adjustment Advisor fee 01/02/21 650.00

Effect: On the view detailed recalc screen the Net Payment column will show £650.00 added to the monthly payment.

 

4 weekly advisor fee

This adjustment is used when a 4 weekly advisor fee has been charged. A date, amount and end date is required for this adjustment.

 

Example: Set adjustment 4 weekly advisor fee 01/02/21 40.00 01/10/21

Effect: On the view detailed recalc screen the Net Payment column will show £40.00  added to the monthly payment on a 4 weekly basis until 01/10/21.

 

Monthly advisor fee

This adjustment is used when a monthly advisor fee has been charged. A date, amount and end date is required for this adjustment.

 

Example: Set adjustment Monthly advisor fee 01/02/21 60.00 01/10/21

Effect: On the view detailed recalc screen the Net Payment column will show £60.00  added to the monthly payment every month from 01/02/21 until 01/10/21.

Quarterly advisor fee

This adjustment is used when a quarterly advisor fee has been charged. A date, amount and end date is required for this adjustment.

 

Example: Set adjustment Quarterly advisor fee 01/02/21 30.00 01/10/22

Effect: On the view detailed recalc screen the Net Payment column will show £30.00 added to the monthly payment on a quarterly basis.

Annual advisor fee

This adjustment is used when an annual advisor fee has been charged. A date, amount and end date is required for this adjustment.

 

Example: Set adjustment Annual advisor fee 01/02/21 120.00 01/01/25

Effect: On the view detailed recalc screen the Net Payment column will show £120.00 added to the monthly payment on an annual basis starting 01/02/21 until 01/01/25.

 

Set current position

The set current position adjustment is used as part of investment cases to acknowledge the actual position value of a fund in calculation. A start date and value is required, an end date is not required.

 

Example: Set adjustment Set current position 11/08/2020 21,308.40

Effect: On the last day of the calculation (11/08/20) the detailed recalc will show the period start position as £21,308.40.

 

Please note that the set current position adjustment will override other adjustments (withdrawal/income) on the same day.

 

GMP date (To)

This adjustment is used to set the To date that will be used to find the rate value when using the 148 (or similar) table. The adjustment To date should be set to that of the tab using the relevant table. A start date and an end date are required for this adjustment.

 

Example: Set adjustment GMP date (To) 01/02/22 0.00 14/03/24

Effect: Calculation will be ran with data from the table row date 14/03/24 onwards.

 

GMP retirement age

This can be used to override the retirement age defined by the customer’s gender (65 – Male, 60 – Female). The from date should match that of the relevant tab’s from date. A from date and a value are required for this adjustment, the end date is not.

 

Example: Set adjustment GMP retirement age 02/12/20 63.00

Effect: Retirement age is set to 63.00.

 

GMP years

This adjustment sets the number of years of contributions made as part of pension cases. A start date and value are required for this adjustment: the value is the number of years.

 

Example: Set adjustment GMP years 01/10/2024 32.00

Effect: From 01/10/24, 32 years of NI contributions are set for the case.

Related Topics

Adjustments