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

More documents

Recommendations

Info

Back-paymentsThe member is entitled to the higher payment that would have been made to a member ofeither sex before the Assessment Date. The table below shows the annual rate of pensionfor the male and equivalent female with the higher figures at anytime shown in red.Annual rate of pensionwith effect from:MaleEquivalentFemale£ paShortfall£ pa£23/04/2002 3,058.13 3,015.82 0.0006/04/2003 3,058.13 3,038.29 0.0006/04/2004 3,058.13 3,075.94 17.8106/04/2005 3,094.57 3,117.40 22.8306/04/2006 3,128.34 3,155.84 27.5006/04/2007 3,166.89 3,199.70 32.81*01/05/2007** 3,166.89 3,199.70* Would need to be pro-rated for the period 6/4/2007 – 01/05/2007** From Relevant Time no further comparison necessaryIncrease in Pre 97 PPF compensation at the Relevant Time= 3,199.70 – 3,166.89 = £32.81 paAt the Relevant Time the member would be better off being treated as a female member.The change in Pre 97 PPF compensation for this example has been illustrated using thestandard Pensioner Form 3(a) below.119
Factors used in the Form 3(a) for Example 2 have been calculated as follows:(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= 1.017 x 1.028 x 1.03 x 1.027 x 1.03= 1.1391GI 65:RTIncreases on post 88 GMP from age 65 to Relevant Time= 1.03 x 1.027 x 1.03= 1.0895XS_Revs DOL:DORRevaluation on excess Pension from Date of Leaving to Normal PensionAge (in line with the schemes method of calculating late retirementpensions)= 1.1470MGMP_Revs DOL:DORRevaluation on male GMP from Date of Leaving to NPA (as above)= 1.07 5 = 1.4026FGMP_Revs DOL:DORRevaluation on female GMP from Date of Leaving to NPA (as above)= 1.07 4 = 1.3108FLR 60:DORIncreases on female GMP from age 60 to Date of Retirement, ifapplicable= [(1 + (2 x 52 + 11)/700) x (1.011 x 1.03 x1 .017)] =1.2330ERFScheme early retirement factor at DOR, not applicable= 1LRFScheme late retirement factor at DOR(9% pa compound, age calculated to the nearest month)= 1.09 2.25 = 1.2140120
Page 5 and 6:
If you have any questions regarding
Page 8 and 9:
A.4 Section 143 valuation requireme
Page 10 and 11:
Combining information from several
Page 12 and 13:
A.6 Schemes not included in the pil
Page 14 and 15:
B.1 BackgroundB.1.1 Content of Part
Page 16 and 17:
B.3 Statutory requirements for cont
Page 18 and 19:
B.5 Interaction of the statutory re
Page 20 and 21:
greater, no further adjustment is r
Page 22 and 23:
For actives, the application of the
Page 24 and 25:
B.7.4 Typically male deferred pensi
Page 26 and 27:
B.8.3 Back-paymentsWhere pensioner
Page 28 and 29:
B.10 Back-paymentsB.10.1 Back payme
Page 30 and 31:
(c) New Pensioners between the RT a
Page 32 and 33:
C.1 Data requirementsFor members of
Page 34 and 35:
C.3 AssumptionsThis section contain
Page 36 and 37:
females joining the scheme after ag
Page 38 and 39:
C.4 PPF Standard FormsThese forms c
Page 40 and 41:
Form 1 - Active members at the Rele
Page 42 and 43:
Generalised formula for male deferr
Page 44 and 45:
Generalised formula for female defe
Page 46 and 47:
1 MGMP 65 = 0 if the member is aged
Page 48 and 49:
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 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 116 and 117: PLUS applicable to pensioners who h
Page 128 and 129: Back-paymentsThe member is entitled
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
Page 166 and 167: May use instead of standard calcula
Page 168 and 169: Back-payments Form 4(b) - GMP only
Page 170 and 171:
Uplift at Relevant Time (before app
Page 172 and 173:
Calculation of Accumulated Back-pay
Page 174 and 175:
D.1 Factors for calculating opposit
Page 176 and 177:
D.2 Questionnaire to gather scheme
Page 178 and 179:
Early retirement information15. Did
Page 180 and 181:
Late retirement from either active
Page 182 and 183:
NPAFGMP DOLFemale Deferred Pensione
Page 184 and 185:
e.g. 65 MGMP DOL = male GMP at date
Page 186:
65 to RTEnter 1 if pension does not
show all

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

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?