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

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Calculation of Accumulated Back-paymentsAccumulated Back-payments due iro the period from date of Retirement to theRelevant Time at Calculation Date= (Pre97Pension_Inc DOR + Pre97Pension_Inc RT ) x Period DOR:RT2= ( 290.94 + 316.33 ) x (2 + 239/365)2= £806.09145
Pensioner Example 5. Male pensioner retired at age 62NPA tranches at 60 & 65TimelineAge6153 608/12 6365Date ofleaving(DOL)SchemeNPA 1Date retiredfrom scheme(DOR)RelevantTime(RT)SchemeNPA2Membership DetailsDate of Birth = 8 February 1944Date joined scheme = 1 January 1985Date of leaving the scheme = 8 January 1998Date retired from scheme = 1 November 2005 (age 61 8/12 (complete month)*)Scheme normal retirement date 1 = 8 February 2004 (age 60)Scheme normal retirement date 2 = 8 February 2009 (age 65)Assessment Date = 2 May 2007Relevant Time (RT) = 1 May 2007 (age 63)Scheme NPA historyPeriod Females MalesPre 17 May 1990 60 6517 May 1990 – 31 December 1991 60 601 January 1992 onwards 65 65The scheme provided revaluation on the pension in deferment at the following rates: Fixed Rate Revaluation on GMP (in this case 6.25% pa) 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 awarded every 6 AprilThe scheme calculated early retirement pensions by applying an early retirement factorto the pension revalued to date of early retirement. The early retirement factor was 3.5%pa simple (*calculated using the members age calculated to complete months).The scheme calculated late retirement pensions by applying a late retirement factor tothe pension revalued to normal pension age. The late retirement factor was 12% pa simple(*calculated using the members age calculated to complete months).146
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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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Factors used in the form 2(a) for E
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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 142 and 143: Age at DOR = DOR - DOB (years and m
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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