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 ( 1.3108 - 1.1470 )- 660.63 x ( 1.4026 - 1.1470 ) ]x 1 x 1.2140 x 1 x 100%= £ -42.34 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 3. Male pensioner retired at scheme NPA of 60AgeTimeline54 60 65 67Date ofleaving(DOL)Date retiredfrom scheme(DOR)RelevantTime(RT)SchemeNPA(60)Membership & Scheme DetailsMaleDate of Birth = 8 February 1940Date joined scheme = 1 July 1991Date of leaving the scheme = 8 January 1995Date retired from the Scheme = 8 February 2000 (at NPA 60)Assessment Date = 6 October 2007Relevant Time (RT) = 5 October 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 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 from each 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 2,049.07124
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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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Form 1 - Active members at the Rele
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Statutory minimum test for NPA 60 t
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Deferred pensioner examplesThe exam
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Modified Method (2): Opposite sex c
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Page 76 and 77: Generalised formula for male deferr
Page 78 and 79: Modified Method (2): Opposite sex c
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 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
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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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