What is the fund member category factor and how will this be stored in the SAP System?
For the inception of the new retirement reform legislation on 01 March 2016, the boards of all funds (other than funds which consists solely of a defined contribution factor) must issue a contribution certificate to the employer. The ‘fund member category factor’ will be provided on the contribution certificate.
In the SAP system, a field has been created in view cluster VC_PEN_ZA to store the fund member category factor.
Customer Action: Communicate with your fund to confirm arrangements for contribution certificate for the fund and to address any uncertainties. Maintain the fund member category factor which should be provided on the employee’s contribution certificate, in view cluster VC_PEN_ZA.