If
you subscribe to the Bulk SMPI module, there will be an option of ‘SMPI
Data Entry’ on the ‘Other’ menu.
Whether
you subscribe to the Bulk SMPI module will be shown on the ‘Read
Only’ tab, under ‘System, Master User Options, Settings’.
Entering
Member Data
Most
of the information needed for an SMPI is taken from the normal member screens.
There is some specific information entered via the Other, SMPI Data
Entry’ screen:
Regular
contributions – the annualised rate of future contributions to be used in
the projection
Contibution increases – the rate at which the
future contributions are assumed to increase each year
Investment
return – only enter a number here if a rate other than 5% p.a. is to be
used for a member (generally because 5% p.a. would overestimate the potential
for the investment strategy).
Charges
– the overall annual charge, expressed as a percentage of the fund value,
if the default rate is not appropriate for the member.
To
find a specific member, simply start typing the scheme name in the search box.
All
of the data can be sent to Excel so that all data can be checked before the calculations are run.
Default
Assumptions
Following
the menu item for ‘Other, Assumptions and Charges’ there are 2
tabs. On the Assumptions tab, there is the SMPI Annuity Interest Rate field.
This is set once a year.
There
is no provision to set the default assumption for the investment return before
retirement because the default is always 5% p.a..
On
the Charges tab, the ‘SMPI Charges’ sets the assumption for the
equivalent annual percentage charges to be used as the default for all members.
The
default rates will be used unless a number other than ‘0’ is
entered in the Investment Return or Charges columns (under Editing Member Data
above).
See
also: Running SMPI calculations