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

Pre 97 Pension at Date of LeavingPre 97 Deferred Pension at date of leaving accrued 17 May 1990 – 5 April 1997= £2,420.00 pa split into GMP and excess elements as follows:PeriodSchemeNPAPost 88 GMP£ paExcess Pension£ paTotalPension£ pa17/5/1990 – 31/12/1991 60 220.00 360.00 580.001/1/1992 – 5/4/1997 65 700.00 1,140.00 1,840.00Total n/a 920.00 1,500.00 2,420.00Pre 97 Pension at Date retired from scheme (age 61 8/12)1. Early Retirement Pension iro NPA 65 trancheScheme method is to revalue pension to date of early retirement and then apply an earlyretirement factorEarly retirement pension at age 61 8/12 (3 4/12 years early)= [(700.00 x 1.0625 8 ) + (1,140.00 x 1.181)] x (1 - 0.035 x 3 4/12) = £2,193.55 pawhere:18.1% = Occupational Pensions (Revaluation) Order 2004 for 7 year revaluation period8 revaluations are granted to the male GMP at 6/4/1998 - 6/4/2005 inclusive2. Late Retirement Pension iro NPA 60 trancheScheme method is to revalue pension to Normal Pension Age 60 and then apply a lateretirement factorLate retirement pension at age 61 8/12 (1 8/12 years late)= [(220.00 x 1.0625 6 ) + (360.00 x 1.146)] x (1 + 0.12 x 1 8/12) = £874.89 pawhere:14.6% = Occupational Pensions (Revaluation) Order 2003 for 6 year revaluation period6 revaluations are granted to the male GMP at 6/4/1998 - 6/4/2003 inclusivePre 97 PPF compensation at Relevant Time1. NPA 65 tranche (paid at 90% since member is age only 63 at the Relevant Time)= 2,193.55 x 90%= £1,974.20 pa2. NPA 60 tranche (paid at 100% since member is age 63 at the Relevant Time)= £874.89 pa147