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

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NPAFGMP DOLFemale Deferred Pensioners onlyFemale GMP at date of leaving the scheme accrued during serviceperiods (between 6/4/1978 –5/4/1997 (inclusive)) where the schemeNPA was higher than 60e.g. 65 FGMP DOL = female GMP at date of leaving accrued during aservice period where the scheme NPA was 65FGMP DOLActives and deferred pensionersFor malesEquivalent female GMP accrued between 17/5/1990 – 5/4/1997(inclusive) at date of leaving the scheme.For femalesFemale GMP accrued between 6/4/1978 –5/4/1997 (inclusive) at date ofleaving the schemePensionersGMP accrued between 17/5/1990 – 5/4/1997 (inclusive) at date ofleaving the scheme.FGMP 60Pensioners onlyFor malesEquivalent female GMP accrued between 17/5/1990 – 5/4/1997(inclusive) revalued to age 60For femalesFemale GMP accrued between 6/4/1978 –5/4/1997 (inclusive) revaluedto age 60In both cases, set to zero if the member is age less than 60 at the RTFGMP_Revs DOL:RTDeferred pensioners onlyRevaluations on the female GMP or equivalent female GMP between DOLand RTIf RT is after age 60; statutory late retirement on the female GMPshould be included to the RTFGMP_Revs DOL:DORPensioners onlyRevaluations on the female GMP or equivalent female GMP between DOLand DORIf DOR is after age 60; statutory late retirement on the female GMPshould be included to DORFGMP_Revs DOL:NPAPensioners onlyRevaluations on the female GMP or equivalent female GMP between DOLand NPA181
If NPA is after age 60; statutory late retirement on the female GMPshould be included to NPAFLR 60:DORPensioners onlyStatutory increases on the female GMP or equivalent female GMPbetween age 60 and DOR.= (1 + Number weeks age 60 to DOR/700) x (Statutory increases onpost 88 GMP from Age 60 to DOR)Enter 1, if not used in the calculationsGMP Age The age when a member is entitled to receive their GMP – i.e. age 60for women and age 65 for menGI 60:RTScheme increases awarded on post 5/4/1988 GMP from age 60 to RTGI 65:RTScheme increases awarded on post 5/4/1988 GMP from age 65 to RTGI DOR:RTScheme increases awarded on post 5/4/1988 GMP from DOR to RTLRFLate retirement factor at DOR applied to the scheme pension revaluedto either DOR or NPA (depending on scheme rules).The factor may vary between retirements from active and deferredstatus and between retirements at different timesMethod 2A method of equalising pension for GMP that requires a year on year (ormore frequent) comparison of the male and females benefits. Thismethod was outlined in the PPF’s first consultation on equalisation forGMPs carried out in April 2008. Method 2 is being used to calculate anyback-payments due prior to the Assessment DateMGMP DOLPensioners onlyMale GMP or equivalent male GMP at date of leaving the schemeaccrued between 17/5/1990 – 5/4/1997 (inclusive)MGMP 65Pensioners onlyMale GMP or equivalent male GMP accrued between 17/5/1990 –5/4/1997 (inclusive) revalued to age 65Set to zero if the member is age less than 65 at the RTNPAMGMP DOLMale deferred pensioners onlyMale GMP at the date of leaving the scheme accrued during serviceperiods (between 6/4/1978 – 5/4/1997 (inclusive)) where the schemeNPA was greater than 60182
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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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Pensioner Form 3(a) - not GMP only
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Page 132 and 133: PLUS applicable to pensioners who h
Page 134 and 135: Pre 97 Pension at Date retired from
Page 136 and 137: Pre 97 PPF compensation at Relevant
Page 138 and 139: Pensioner Form 3(a) - not GMP only
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 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 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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