Client Management - Client Snapshot: Retirement Planning
Retirement Planning Overview
The purpose of this guide is to provide instructions on entering retirement income plans into XPLAN.
The Retirement page allows a user to record a client's retirement income information. A client's retirement income can be linked to one of their portfolio accounts. This allows the Market Value of the retirement income to be updated based on the values in the linked portfolio account.
Accessing Objectives
While accessing a client:
- In the navigation menu, select Financial Information > Superannuation Details > Retirement Income.
- In the Retirement Income panel, click Add.
- Set the fields for the retirement income, including:
- Type - The type of retirement income
- Retirement Plan Selection – Select the retirement plan product
- Retirement Plan – Name of the retirement plan
- Reference Number - The account/reference number of the retirement income
- Date of Balance - The date that the balance was last updated
-
Status – The status of the retirement income
- Additional fields can be accessed by accessing each tab.
-
Details Tab
- Click the Details tab.
- Set the appropriate fields.
- Description – Description of the retirement income
- Link to Portfolio Account - Link the client's retirement income to one of their portfolio accounts for automatically updated values and investment options
- Transition To Retirement – Are the clients in TTR phase
- Date Submitted – Date the application was submitted to the provider
- Purchase Date – The Inception date of the retirement plan
- Reversionary Pension – Is this a reversionary pension
-
Thread – Activate a Thread for this retirement income
-
Beneficiaries Tab
- Click the Beneficiaries tab.
- Use the add icon to add in any beneficiaries.
-
Values Tab
- Click the Values tab.
- Set the appropriate fields.
- Purchase price - The original purchase price of the retirement income
- Tax Free % - The portion of the retirement income that is tax free
- Pension Balance - The current balance of the pension
-
Payments Tab
- Click the Payments tab.
- Set the appropriate fields.
- Next Payment Date – The next retirement income payment date
- Payment Type – The type of payment
- Payment – The payment amount
- Frequency – Frequency of the payment
- Payment Indexation – Payment indexation type/percentage
- Tax Deductible Percentage – Percentage of payment that is tax deductible
- Centrelink Deductible Amount – Value of payment that is Centrelink deductible
-
Deemed – Is this a deemed income payment
-
Investment Options Tab
- Click the Investment Options tab.
- Use the Add Investment button to add the retirement income investment options and the values
Note: The Investment Options will automatically update if this income steam is linked to a Portfolio Account under the Details Tab.
-
Fees Tab
-
If the retirement income product was selected from the Retirement Plan Selection option at the top of the screen, and the Investment Options are selected, the fees will automatically update from WealthSolver under the Calculated Fee Amount column. The fees can be overridden or manually set under the Amended Fee Amount Column.
-
-
- Click the Fees tab.
- Set the appropriate fees for the investment.
-
Comments Tab
- Click the Comments tab.
- Enter any comments that may be applicable to this retirement income.
- When you have finished entering the details of the retirement income, click Save.
-
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