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

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Factors used in the Form 3(b) for Example 6 have been calculated as follows:(Note calculation of factors not used in the calculation hasn’t been shown.)All factors have been calculated to 4 decimal places.GI DOR:RTIncreases on post 88 GMP from Date of Retirement to Relevant Time= 1.017 x 1.028 x 1.03 x 1.027 x 1.03= 1.1391GI 65:RTIncreases on post 88 GMP from age 65 to Relevant Time= 1.03 x 1.027 x 1.03= 1.0895FLR 60:DORIncreases on female GMP from age 60 to Date of Retirement, ifapplicable= (1+ (2x52+38)/700)x(1.011x1.03x1.017)=1.2739MLR 65:DORIncreases on male GMP from age 60 to Date of Retirement, ifapplicable= 1.0163
Pensioner Form 3(b) – GMP only caseFor pensioners receiving pre 6/4/1997 compensation equivalent to their GMP only.Proforma 3(a) should continue to be used if member is aged less than or equal to age 60at the Relevant TimeMember Information – (information that is provided on standard data interface layout)Name Example 6NI NumberScheme NameGenderAB123456CGMP Only at RTMaleDate of Birth (DOB) 08/02/1940Date of leaving (DOL) (= DOR, if retired from active status) 08/01/1995Date of retirement (DOR) 01/11/2002Assessment Date (AD) 02/05/2007Relevant Time (RT) = AD – 1 day 01/05/20071,323.30NPAPre97Comp RT = Sum of pre 6/4/1997 elements of “annualcompensation at Relevant Time” 1GMP Information (17/5/1990 – 5/4/1997)MGMP 65 = Male GMP (17/5/1990-5/4/1997) revalued to age 65 2 £ 1,214.54 paFGMP 60 = Female GMP (17/5/1990-5/4/1997) revalued to age 60 2 £ 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 pensionGI DOR:RT = Increases on post 88 GMP from DOR to RT 3 1.1391GI 60:RT = Increases on post 88 GMP from age 60 to RT 3 1.2063GI 65:RT = Increases on post 88 GMP from age 65 to RT 3 1.0895(ii) Late GMP increases in defermentMLR 65:DOR = increases on male GMP, Age 65-DOR, if applicable 1FLR 60:DOR = increases on female GMP, Age 60-DOR, if applicable 1.2739Age at DOR = DOR – DOB (years and months) 62 9/12Age at RT = RT – DOB (complete years) 671 Expected that such cases will have a single NPA recorded.2 MGMP 65 = 0 if the member is aged less than 65 at the RT.3 See glossary and examples for details of how to calculate the relevant pension increasefactors.164
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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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eing a late retirement pensioner fo
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Pensioner NPA 60 trancheThe member
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Factors used in the Pensioner Form
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1 MGMP 65 = 0 if the member is aged
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Factors used in the Male Deferred P
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Example 5 - Member with tranches of
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Pre 97 Pension at Date retired from
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Back-paymentsThe member is entitled
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Page 116 and 117: PLUS applicable to pensioners who h
Page 118 and 119: Pre 97 Pension at Date retired from
Page 120 and 121: Back-paymentsThe member is entitled
Page 128 and 129: Back-paymentsThe member is entitled
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 154 and 155: 1 MGMP 65 = 0 if the member is aged
Page 156 and 157: Factors used in the Form 3(a) for E
Page 158 and 159: 1 MGMP 65 = 0 if the member is aged
Page 160 and 161: Pensioner Example 6. Male pensioner
Page 162 and 163: Modified Method (2): Opposite sex c
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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