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Two places money sits

For each employer’s trust, money is held in one of two places: The fund manager keeps a separate cash account per trust. Money never moves between trusts.
Flow diagram: Two places money sitsFlow diagram: Two places money sits
Every arrow has two people: one who starts it and one who confirms it. Nothing counts until it is confirmed.

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1. Employer funding: into the trust

The employer pays the trust in one of two ways.
The employer pays outside the platform, then uploads the evidence. The trustee checks it against the trust’s bank statement.
Status diagram: 1. Employer funding: into the trustStatus diagram: 1. Employer funding: into the trust
Expected within 2 days of submission.
Confirmed funding is posted to the employer’s ledger as a funding receipt and raises the funding ratio.

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2. Trustee to fund manager

The trustee sends money it does not need to keep in the trust to the fund manager, to invest.
Sequence diagram: 2. Trustee to fund managerSequence diagram: 2. Trustee to fund manager
Rules
  • The trustee can only send employer-funded cash: payments it has confirmed and not yet sent on.
  • A bank reference cannot be reused for another recent transfer.
  • Once logged, a transfer cannot be edited or reversed by the trustee. If it is wrong, the fund manager rejects the recognition.
  • The fund manager is expected to recognise within 2 days.
Recognition statuses Money that reaches the fund manager without a logged transfer is recorded as a manual recognition.

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3. Expenses and budgets

The trust’s running costs — trustee fees, fund management fees, audit, bank and investment costs — are paid from the fund manager’s cash for the trust. Two controls apply.
Flow diagram: 3. Expenses and budgetsFlow diagram: 3. Expenses and budgets
The budget. The fund manager cannot spend at all without an approved budget for the trust. It sets an amount for each cost category. The employer, the trustee and the administrator can each decide it; the first decision settles it. A newly approved budget replaces the old one (which becomes Superseded), and expenses already posted count against the new one. Expected decision: 5 days. The threshold. Any single expense above SLE 100,000 also needs the trustee’s approval, even within budget. Expected decision: 3 days. A posted expense can be reversed by the fund manager; the trustee is notified.

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4. Fund manager back to the trust

The fund manager returns money for one of four purposes: benefit funding (so the trust can pay leavers), investment income, sale of assets, or mandate wind-down. It can return no more than it holds for that trust.
Sequence diagram: 4. Fund manager back to the trustSequence diagram: 4. Fund manager back to the trust
The trustee is expected to confirm within 2 days.

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5. Benefit payout: out to the employee

When an employee is terminated, the trustee approves the final settlement with a one-time code, and the administrator pays it from the trust to the employee’s verified payout account — in full, or in parts. Expected within 1 day of approval, because someone is waiting for their money. See The employee lifecycle.