Setting up a Pension Account


This article explains the process of setting up a pension account for a member who is already in pension phase when the Fund is set up in Mclowd, or is in pension phase at the time of joining an established Fund.

The Mclowd User Guide contains a full chapter providing detailed instructions on converting existing accounts to pension accounts. Please refer to the chapter titled Member Account Conversion in the Mclowd User Guide.


When you set up a member record in Mclowd, the system automatically creates an Accumulation Account unless you specify otherwise.

You can change the default account for the new member you are creating to a Pension or Transition to Retirement Account (TTR), or you can add an additional account that is a pension or TTR account.

To set up a new account for a member, go to Fund Setup on the Settings Menu and select MEMBER DETAILS.


If the Member record already exists, select the Member.

If the Member does not yet exist in the system, click ADD NEW MEMBER.

Mclowd displays the Member Account Dialog.


Click SAVE DETAILS.

Mclowd now displays the additional account in the Accounts list and in Account selection lists.


When entering transactions for a member who has multiple account types, you will need to take care to select the correct account to add income to, deduct expenses from, pay benefits from, etc. This is much eaasier if you use clear descriptions to identify accounts.



When setting up new accounts for members, always refer to legislation or seek professional advice to ensure the account is legal and to verify the types of transactions that may be made to the account.