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

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PLUS applicable to pensioners who have a period in deferment YESAdditional increase in compensation at RT= [ FGMP DOL x (FGMP_Revs DOL:DOR – XS_Revs DOL:DOR )- MGMP DOL x (MGMP_Revs DOL:DOR – XS_Revs DOL:DOR ) ]x ERF x LRF x SI DOR:RT x Multiplier 2= [ 817.93 x ( 1.6698 - 1.2050 )- 660.63 x ( 1.7182 - 1.2050 ) ]x 0.9325 x 1 x 1 x 100%= £ 38.36 pa (2)PLUS applicable to male pensioners who may have a statutory uplift before RT(applies to male pensioners who have taken normal retirement at NPA
Pensioner Example 2. Male pensioner retired late from schemeTimelineAge546260 3/12 6567Date ofleaving(DOL)SchemeNPADate retiredfrom scheme(DOR)RelevantTime(RT)Membership DetailsDate of Birth = 8 February 1940Date joined scheme = 1 January 1992Date of leaving the scheme = 8 January 1995Normal retirement date = 8 February 2000 (age 60)Date retired from scheme = 23 April 2002 (age 62 3/12 (nearest month)*)Assessment Date = 2 May 2007Relevant Time (RT) = 1 May 2007 (age 67)The scheme provided revaluation on the pension in deferment at the following rates: Fixed Rate Revaluation on GMP (in this case 7% pa). This is paid from age 60 in linewith the scheme rules/practice Statutory revaluation on the excess pensionThe scheme calculated late retirement pensions by increasing pension revalued to NPA 60by a late retirement factor of 9% pa compound (*calculated using the members agecalculated to the nearest month).The scheme paid the following rates of increase on pensions in payment between retirementand the Relevant Time: 0% pa on Pre 97 excess pension Statutory increases on Post88 GMP awarded every 6 AprilPre 97 Pension at Date of LeavingDeferred Pension at date of leaving = £2,049.07 pa split into GMP and excess elements asfollows:Scheme NPA Post 88 GMP Excess Pension Total Pension£ pa£ pa£ paNPA 60 660.63 1,388.44 2,049.07116
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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
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GMP pensioners - use this section i
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Age at DOR = DOR - DOB (years and m
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PLUS applicable to pensioners who h
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Calculation of Accumulated Back-pay
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Calculation of uplift at Relevant T
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Uplift in Pension at Date of Retire
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C.5 Examples of theoretical calcula
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Active Example 1. Male active membe
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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 100 and 101: Factors used in the Pensioner Form
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 124 and 125: PLUS applicable to pensioners who h
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
Page 150 and 151: 2.8% and 3% are UK Guaranteed Minim
Page 152 and 153: Factors used in the Form 3(a) for E
Page 156 and 157: Factors used in the Form 3(a) for E
Page 160 and 161: Pensioner Example 6. Male pensioner
Page 164 and 165: 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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