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

Statutory requirements for male(a) Contracting-out legislationApplies to total Pre 97 pension at male GMP age 65. Test is therefore not applicable at theRelevant Time.(b) Anti-franking and preservation legislationThe Trustees will have taken into consideration these pieces of legislation in setting thecalculation of the member’s early and late retirement pension. As this scheme uses unisexearly and late retirement factors it is assumed that the Trustees’ factors and method tookinto account the statutory requirements relating to both males and females. No furthercheck is therefore required.Modified Method (2): Opposite sex calculation – applicable to a femalePre 97 Pension at Date of LeavingDeferred Pension at date of leaving = £2,420.00 pa with revised split into GMP and excesselements as follows:PeriodSchemeNPAPost 88 GMP£ paExcess Pension£ paTotalPension£ pa17/5/1990 – 31/12/1991 60 264.00 316.00 580.001/1/1992 – 5/4/1997 65 840.00 1,000.00 1,840.00Total n/a 1,104.00 1,316.00 2,420.00Where the Equivalent Female GMP at date of leaving:NPA 60 tranche = 220.00 x 1.2000 = £264.00 paNPA 65 tranche = 700.00 x 1.2000 = £840.00 pa(1.2000 is taken from the table in Part D.1 for calculating opposite sex GMP)Pre 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)= [1,359.20 + 1000.00 x 1.181] x (1 - .035 x 3 4/12) = £2,243.84 pawhere:18.1% = Occupational Pensions (Revaluation) Order 2004 for 7 year revaluation periodfemale late retirement GMP at date retired ie 1/11/2005= [840.00 x 1.0625 5 ] x [(1 + (1x52+38)/700) x (1.028x1.03)]= 1,137.43 x 1.19498 = £1,359.20 pa5 revaluations are granted to the female GMP at 6/4/1998 - 6/4/2002 inclusive148