North Datafeed issue - 05/05/2020

An issue has been identified with North fee rebate transactions.  This issue only affects the performance reports and portfolio positions of clients that have the North fee rebate. 

Currently fee rebate transactions are being applied as units against the North managed fund asset as well as income on the cash account. 

AMP have identified the cause of this issue and we are aiming for a fix to be released approximately end of August.

We apologise for any inconvenience

Wealthsolver North Cash Accounts - 05/05/2020

Please be aware that when using the Wealthsolver Scenario’s and importing assets from IPS North Datafeeds for the follow products: MyNorth, North, Summit, Generations and iAccess, the North cash account asset CASHACCT.CASH does not have the 0.45% admin fee applied. 

The workaround to be applied is to replace the cash account with the default plan Cash Holding in the above-mentioned Products. 

This matter is currently being investigated by our vendor, Iress.

We apologise for any inconvenience caused.

XPLAN Coronavirus Response 05/05/2020

The government have introduced a number of changes to cushion the economic impact of the coronavirus. We have identified the following changes as having an impact on Xtools projections:

1. Coronavirus Supplement
2. Economic Support Payment
3. 50% reduction in minimum payments for account based pensions and term allocated pensions
4. Further reduced deeming rates
5. Early access to superannuation

Legislative Rates have been updated to reflect items 3 and 4 above:

• The usual minimum payments for account based pensions and term allocated pensions will be halved for projection periods within the 2019/20 and 2020/21 financial years.
• The further reduction of deeming rates, to 0.25% (lower rate) and 2.25% (upper rate) will be incorporated into projections from 1 May 2020.
  • This means CALM/Xtools+ projections commencing on 1 July 19 will use the former deeming rates ( 1% lower rate and 3% upper rate) for the first year, unless the scenario contains a Key Date on or after 1 May 20, in which case the new deeming rate will be reflected in the second partial period for 2019/20.
  • Projections with a start date of 1 May 20 or later will use the new deeming rates

IRESS will publish a separate guide on how to accommodate changes 1,2 and 5 in CALM/Xtools+ projections please refer to IRESS community for more details.

Commpay - Fee for Service transactions

Fee for Service FDS transactions that are in Salesforce have now been sent into Xplan
You may see new accounts or transactions in Commpay that may need to be mapped to the client in Xplan

XTOOLS Insurance Needs Analysis 

The default retirement date used for gross up tax calculations within the Insurance Needs Analysis tool has been set to age 67.

Please note that the retirement date should be tailored to your client’s employment contract. If your client’s contract has a specified retirement age you can use this age otherwise please set the retirement age to age 65.

​FDS Data Announcement

The fee data provided is for reference only. AMP has detected issues with the accuracy of some of the FDS data provided. Invoices created in the Salesforce Invoicing and Payments system, for ongoing service agreements, may be missing from your FDS data in Portal, COIN or Xplan 

You must check the amounts provided for accuracy against the original product information and with the relevant product manufacturers. You are responsible for preparing your FDS under the Corporations Act 2001 and you must be satisfied with the accuracy of the data contained in your FDS.