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

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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 3NI NumberScheme NameGender129AB123456CNR NPA 60 with upliftMaleDate of Birth (DOB) 08/02/1940Date of leaving (DOL) (= DOR, if retired from active) 08/01/1995Date of retirement (DOR) 08/02/2000Assessment Date (AD) 06/10/2007Relevant Time (RT) = AD – 1 day 05/10/2007GMP Information (17/5/1990 – 5/4/1997)MGMP DOL = Male GMP (17/5/1990-5/4/1997) at DOL £ 660.63 paFGMP DOL = Female GMP (17/5/1990-5/4/1997) at DOL £ 817.93 paMGMP 65 = Male GMP (17/5/1990-5/4/1997) revalued to age 65 1 £ 1,214.54 paFGMP 60 = Female GMP (17/5/1990-5/4/1997) revalued to age 60 1 £ 1,072.14 paScheme Information – (factors calculated using information on standard scheme questionnaire)Scheme Normal Pension Age (NPA) 65(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 1.2064GI 60:RT = Increases on post 88 GMP from age 60 to RT 2 1.2064GI 65:RT = Increases on post 88 GMP from age 65 to RT 2 1.0895(ii) Revaluations in deferment on Pre 97 pensionXS_Revs DOL:DOR = Excess pension revaluation (DOL-DOR/NPA) 3 1.1470MGMP_Revs DOL:DOR = Male GMP revaluation (DOL–DOR/NPA) 3 1.4026FGMP_Revs DOL:DOR = Female GMP revaluation (DOL–DOR/NPA) 3 1.3108MLR 65:DOR = increases on male GMP, Age 65-DOR, if applicable 1FLR 60:DOR = increases on female GMP, Age 60-DOR, if applicable 1(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) 1Age at DOR = DOR – DOB (years and months) 60Age at RT = RT – DOB (complete years) 67Multiplier 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 1
1 MGMP 65 = 0 if the member is aged less than 65 at the RT.FGMP 60 = 0 if the member is aged less than 60 at the RT2 See glossary and examples for details of how to calculate the relevant pension increasefactors.3DOR, unless the member has taken early/late retirement for this tranche of Pre 97 pensionand the scheme’s approach is to revalue pension to NPA and then apply ERF/LRF. In suchcases amend to NPA. n/aEnter 1 if no period in deferment.Applicable to all pensioners – addresses increases in payment(a) If “Age at DOR” > 65 NOIncrease in compensation at RT= { MGMP 65 x MLR 65:DOR x [SI DOR:RT – GI DOR:RT ]x Multiplier 2 }+ { FGMP 60 x FLR 60:DOR x [GI DOR:RT x 100% – SI DOR:RT x Multiplier 2] }= { x x [ - ] x }+ { x x [ x 100% - x ] }= £ pa (1)(b) If 60 < “Age at DOR” 65 NOIncrease in compensation at RT= { MGMP 65 x [SI 65:RT – GI 65:RT ] x Multiplier 2}+ { FGMP 60 x FLR 60:DOR x [GI DOR:RT x 100% – SI DOR:RT x Multiplier 2] }= { x [ - ] x }+ { x x [ x 100% - x ] }= £ pa (1)(c) If “Age at DOR” 60 YESIncrease in compensation at RT= { MGMP 65 x [SI 65:RT – GI 65:RT] x Multiplier 2}+ { FGMP 60 x [GI 60:RT x Multiplier 1 – SI 60:RT x Multiplier 2] }= { 1,214.54 x [ 1 - 1.0895] x 100% }+ { 1,072.14 x [ 1.2064 x 100% - 1 x 100% ] }= £ 112.59 pa (1)130
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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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Generalised formula for male deferr
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Modified Method (2): Opposite sex c
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Page 84 and 85: Modified Method (2): Opposite sex c
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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
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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
Page 176 and 177: D.2 Questionnaire to gather scheme
Page 178 and 179: 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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