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

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Pre 97 Pension at Date retired from schemePension revalued to age 60= (660.63 x 1.07 5 ) + (1,388.44 x 1.147) = £2,519.11 pawhere:14.7% = Occupational Pensions (Revaluation) Order 1999 for 5 year revaluation period.5 revaluations are granted to the male GMP at 6/4/1995-6/4/1999 inclusiveStatutory requirements for male at age 65(a) Contracting-out legislationRevalued GMP at age 65 = 660.63 x 1.07 9 = £1,214.54 pa(b) Anti-franking and preservation legislation= pension accrued with NPA 60+ GMP revaluation on male GMP to age 65+ scheme revaluation to age 60 on excess pension= 2,049.07 + 660.63 x (1.07 9 - 1) + 1,388.44 x (1.147 - 1)= £2,807.08 paUplift required at age 65 to meet minimum legislative requirements of £2,807.08 paPre 97 PPF compensation at Relevant Time= 2,807.08 + 1,214.54 x (1.03 x 1.027 x 1.03 - 1)= £2,915.84 pawhere:3%; 2.7%; and 3% are UK Guaranteed Minimum Pension Increase Orders effective on 6April 2005, 2006 and 2007 respectively.125
Modified Method (2): Opposite sex calculation – applicable to a femalePre 97 Pension at Date of LeavingDeferred Pension at date of leaving = £2,049.07 pa with revised split into GMP and excesselements as follows:Scheme NPA Post 88 GMP Excess Pension Total Pension£ pa£ pa£ paNPA 60 817.93 1,231.14 2,049.07Equivalent Female GMP at date of leaving = 660.63 x 1.2381 = £817.93 pa(1.2381 is taken from the table in Part D.1. for calculating opposite sex GMP)Pre 97 Pension at Date retired from schemePension revalued to age 60= (817.93 x 1.07 4 ) + (1,231.14 x 1.147) = £2,484.26 pawhere:14.7% = Occupational Pensions (Revaluation) Order 1999 for 5 year revaluation period.4 revaluations are granted on the female GMP to age 60.Statutory requirements for female at age 60(a) Contracting-out legislationRevalued GMP at age 60 = 817.93 x 1.07 4 = £1,072.14 pa(b) Anti-franking and preservation legislation= pension accrued with NPA 60+ GMP revaluation on female GMP to age 60+ scheme revaluation to age 60 on excess pension= 2,049.07 + 817.93 x (1.07 4 - 1) + 1,231.14 x (1.147 - 1)= £2,484.26 paThis is the same as the pension already calculated by the scheme at age 60 so no uplift isrequired.Pre 97 PPF compensation at Relevant Time= 2,484.26 +1,072.14 x (1.011x1.03x1.017x1.017x1.028x1.03x1.027x1.03 – 1)= £2,705.48 pawhere:1.1%; 3%; ….. 3% are UK Guaranteed Minimum Pension Increase Orders effective on 6April 2000, 2001, .… 2007 respectively.126
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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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Adjustment to Pension revalued to t
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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
Page 174 and 175: 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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Statement on Equalisation for GMPs AND the application of a ...

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