Statement on Equalisation for GMPs AND the application of a ...

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Factors used in the Pensioner Form 3(a) for Example 5 have been calculated asfollows:(Note calculation of the factors not used in the calculation hasn’t been shown.)All factors have been calculated to 4 decimal places.SI DOR:RTIncreases on Pre 97 excess pension from Date of Retirement toRelevant Time= 1SI 65:RTIncreases on Pre 97 excess pension from age 65 to Relevant Time= 1GI DOR:RTIncreases on post 88 GMP from Date of Retirement to Relevant Time= 1GI 65:RTIncreases on post 88 GMP from age 65 to Relevant Time= 1XS_Revs DOL:DORRevaluation on excess Pension from Date of Leaving to Normal PensionAge (in line with the schemes method of calculating late retirementpensions)= 1.4370MGMP_Revs DOL:DORRevaluation on male GMP from Date of Leaving to NPA (as above)= 1.075 15 = 2.9589FGMP_Revs DOL:DORRevaluation on female GMP from Date of Leaving to NPA (as above)= 1.075 14 = 2.7524FLR 60:DORIncreases on female GMP from age 60 to Date of Retirement, ifapplicable= [(1 + (2 x 52 + 29)/700) x (1.03 x 1.03 x1 .03)] =1.3003ERFScheme early retirement factor at DOR, not applicable= 1LRFScheme late retirement factor at DOR(10% pa compound, age calculated to the nearest month)= 1.010 ( 2 7/12) = 1.279299
Pensioner Form 3(a) – not GMP only caseSeparate calculations needed for pension iro each NPA during period 17/5/1990 -5/4/1997.Member Information – (information that is provided on standard data interface layout)Name Example 5NI NumberScheme NameGender100AB123456CLR from NPA 60 trancheMaleDate of Birth (DOB) 05/12/1946Date of leaving (DOL) (= DOR, if retired from active) 31/12/1991Date of retirement (DOR) 01/07/2009Assessment Date (AD) 02/07/2009Relevant Time (RT) = AD – 1 day 01/07/2009GMP Information (17/5/1990 – 5/4/1997)MGMP DOL = Male GMP (17/5/1990-5/4/1997) at DOL £ 110.00 paFGMP DOL = Female GMP (17/5/1990-5/4/1997) at DOL £ 129.65 paMGMP 65 = Male GMP (17/5/1990-5/4/1997) revalued to age 65 1 £ 0 paFGMP 60 = Female GMP (17/5/1990-5/4/1997) revalued to age 60 1 £ 778.56 paScheme Information – (factors calculated using information on standard scheme questionnaire)Scheme Normal Pension Age (NPA) 60(i) Pension increases in payment on Pre 97 pensionSI DOR:RT = Increases on excess pension from DOR to RT 2 1SI 60:RT = Increases on excess pension from age 60 to RT 2 1SI 65:RT = Increases on excess pension from age 65 to RT 2 1GI DOR:RT = Increases on post 88 GMP from DOR to RT 2 1GI 60:RT = Increases on post 88 GMP from age 60 to RT 2 1.0927GI 65:RT = Increases on post 88 GMP from age 65 to RT 2 1(ii) Revaluations in deferment on Pre 97 pensionXS_Revs DOL:DOR = Excess pension revaluation (DOL-DOR/NPA) 3 1.4370MGMP_Revs DOL:DOR = Male GMP revaluation (DOL–DOR/NPA) 3 2.9589FGMP_Revs DOL:DOR = Female GMP revaluation (DOL–DOR/NPA) 3 2.7524MLR 65:DOR = increases on male GMP, Age 65-DOR, if applicable 1FLR 60:DOR = increases on female GMP, Age 60-DOR, if applicable 1.3003(iii) Early retirement informationERF = scheme early retirement factor at DOR (use 1 if DOR=NPA) 1(iv) Late retirement informationLRF = scheme late retirement factor at DOR (use 1 if DOR=NPA) 1.2792Age at DOR = DOR – DOB (years and months) 62 7/12Age at RT = RT – DOB (complete years) 62Multiplier 1 = 90% if Age at RT < 60, otherwise 100% 100%Multiplier 2 = 90% if Age at RT < NPA, otherwise 100% 100%Multiplier 3 = 1, for males who retired at NPA < 65, otherwise 0 0
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If you have any questions regarding
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A.4 Section 143 valuation requireme
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Combining information from several
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A.6 Schemes not included in the pil
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B.1 BackgroundB.1.1 Content of Part
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B.3 Statutory requirements for cont
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B.5 Interaction of the statutory re
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greater, no further adjustment is r
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For actives, the application of the
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B.7.4 Typically male deferred pensi
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B.8.3 Back-paymentsWhere pensioner
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B.10 Back-paymentsB.10.1 Back payme
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(c) New Pensioners between the RT a
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C.1 Data requirementsFor members of
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C.3 AssumptionsThis section contain
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females joining the scheme after ag
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C.4 PPF Standard FormsThese forms c
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Form 1 - Active members at the Rele
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Generalised formula for male deferr
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Generalised formula for female defe
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1 MGMP 65 = 0 if the member is aged
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Pensioner Form 3(b) - GMP only case
Page 50 and 51: GMP pensioners - use this section i
Page 52 and 53: Age at DOR = DOR - DOB (years and m
Page 54 and 55: PLUS applicable to pensioners who h
Page 56 and 57: Calculation of Accumulated Back-pay
Page 58 and 59: Calculation of uplift at Relevant T
Page 60 and 61: Uplift in Pension at Date of Retire
Page 62 and 63: C.5 Examples of theoretical calcula
Page 64 and 65: Active Example 1. Male active membe
Page 66 and 67: Form 1 - Active members at the Rele
Page 68 and 69: Statutory minimum test for NPA 60 t
Page 70 and 71: Deferred pensioner examplesThe exam
Page 72 and 73: Modified Method (2): Opposite sex c
Page 74 and 75: Adjustment to Pension revalued to t
Page 76 and 77: Generalised formula for male deferr
Page 80 and 81: The revised NPA 65 tranche = total
Page 86 and 87: Adjustment to Pension revalued to t
Page 88 and 89: Generalised formula for female defe
Page 92 and 93: Factors used in the form 2(a) for E
Page 96 and 97: eing a late retirement pensioner fo
Page 98 and 99: Pensioner NPA 60 trancheThe member
Page 102 and 103: 1 MGMP 65 = 0 if the member is aged
Page 104 and 105: Factors used in the Male Deferred P
Page 108 and 109: Example 5 - Member with tranches of
Page 110 and 111: Pre 97 Pension at Date retired from
Page 112 and 113: Back-paymentsThe member is entitled
Page 114 and 115: Pensioner Form 3(a) - not GMP only
Page 136 and 137: Pre 97 PPF compensation at Relevant
Page 142 and 143: Age at DOR = DOR - DOB (years and m
Page 146 and 147: Calculation of Accumulated Back-pay
Page 148 and 149: Pre 97 Pension at Date of LeavingPr
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2.8% and 3% are UK Guaranteed Minim
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Factors used in the Form 3(a) for E
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Factors used in the Form 3(a) for E
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Pensioner Example 6. Male pensioner
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Modified Method (2): Opposite sex c
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Factors used in the Form 3(b) for E
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May use instead of standard calcula
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Back-payments Form 4(b) - GMP only
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Uplift at Relevant Time (before app
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Calculation of Accumulated Back-pay
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D.1 Factors for calculating opposit
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D.2 Questionnaire to gather scheme
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Early retirement information15. Did
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Late retirement from either active
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NPAFGMP DOLFemale Deferred Pensione
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e.g. 65 MGMP DOL = male GMP at date
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65 to RTEnter 1 if pension does not
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