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

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Age at DOR = DOR – DOB (years and months) 65Age 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 0Period DOR:RT = RT - DOR (years and days)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 years 239 days2 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. DOREnter 1 if no period in deferment.These calculations make no allowance for any interest to be included in the scheme backpaymentsdue prior to the Assessment Date. Where the scheme rules require the trusteesto include interest for late payment then an adjustment should be made to include anappropriate allowance for interest up to the Assessment Date only.141
Calculation of uplift at Relevant Time (before applying 90% multiplier)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 ] }+ { FGMP 60 x FLR 60:DOR x [GI DOR:RT – SI DOR:RT ] }= { x x [ - ] x }+ { x x [ - ] }= £ pa (1)(b) If 60 < “Age at DOR” 65 YESIncrease in compensation at RT= { MGMP 65 x [SI 65:RT – GI 65:RT ] }+ { FGMP 60 x FLR 60:DOR x [GI DOR:RT – SI DOR:RT ] }= { 969.14 x [ 1.0927 - 1.0895 ] }+ { 964.34 x 1.5184 x [ 1.0895 - 1.0927 ] }= - £ 1.58 pa (1)(c) If “Age at DOR” 60 NOIncrease in compensation at RT= { MGMP 65 x [SI 65:RT – GI 65:RT] }+ { FGMP 60 x [GI 60:RT – SI 60:RT ] }= { x [ - ] }+ { x [ - ] }= £ pa (1)142
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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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The revised NPA 65 tranche = total
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Adjustment to Pension revalued to t
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Generalised formula for female defe
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Page 92 and 93: Factors used in the form 2(a) for E
Page 94 and 95: Generalised formula for male deferr
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 106 and 107: Generalised formula for male deferr
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 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 162 and 163: Modified Method (2): Opposite sex c
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
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Statement on Equalisation for GMPs AND the application of a ...

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