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

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e.g. 65 MGMP DOL = male GMP at date of leaving accrued during a serviceperiod where the scheme NPA was 65.60MGMP DOLMale deferred pensioners onlyMale GMP at the date of leaving the scheme accrued during serviceperiods (between 17/5/1990 – 5/4/1997 (inclusive)) where the schemeNPA was 60MGMP_Revs DOL:RTMale deferred pensioners onlyRevaluations on the male GMP between DOL and RT.If RT is after age 65; statutory late retirement on the male GMP shouldbe included to the RTMGMP_Revs DOL:DORPensioners onlyRevaluations on the male GMP or equivalent male GMP between DOLand DORIf DOR is after age 65; statutory late retirement on the male GMPshould be included to DORMGMP_Revs DOL:NPAPensioners onlyRevaluations on the male GMP or equivalent male GMP between DOLand NPAMLR 65:DORPensioners onlyIncreases on the male GMP or equivalent male GMP between age 65 andDOR= (1 + Number weeks age 65 to DOR/700) x (Statutory increases onpost 88 GMP from Age 65 to DOR)Enter 1, if not used in the calculationsNPA / NormalPension AgeNormal Pension Age (as defined for PPF purposes by paragraph 34 ofschedule 7 to the Pensions Act 2004). This is generally the earliestpayable age in relation to a pension or part of it. Note that under thisdefinition there can be more than one NPA. Where NPA is used in theforms it generally refers to the NPA which is not 60. Further guidance isgiven in each formNPAPre97Comp RTGMP only pensionersPre 6/4/1997 compensation at the Relevant Time, this includes the 90%multiplier if applicablePartial application ofMethod 2” orModified Method (2)The PPF’s agreed method of equalisation for GMPs for PPF compensationset out in the first consultation on Equalisation for GMPs that the PPFcarried out in April 2008. This is the method for equalisation for GMPsthat the PPF is adopting for payments after the RT183
Pre97Pension_Inc DORBack-payments onlyIncrease in Pre 97 pension at the DOR (calculated on Form 4(a) or4(b)). Note that this can be later than DOR on Form 4(b).Pre97Pension_Inc RTBack-payments onlyIncrease in Pre 97 pension at the RT before the application of thecompensation cap and 90% multiplier, if applicable. Calculated on Form4(a) or 4(b)Pre 78 PensionPension accrued before 6 April 1978 (excluding Equivalent PensionBenefits)Pre 97 PensionPension accrued before 6 April 1997 (excluding Equivalent PensionBenefits)Pre90_ NPA MGMP DOLMale deferred pensioners onlyMale GMP at the date of leaving the scheme accrued during serviceperiods before 17/5/1990 where the scheme NPA was greater than 60e.g. Pre90_ 65 MGMP DOL = male GMP at date of leaving accrued before17/05/1990 where the scheme NPA was 65RT/ Relevant Timeusually the day before the qualifying insolvency events143 valuationStatutory valuation required where a scheme is an assessment period.The valuation is described in section 143 of the Pensions Act 2004.s148 revaluation/Section 148 ordersSection 148 orders appropriate for revaluing GMPs in deferment asdefined under the appropriate Social Security Revaluation of EarningsFactors OrderSI DOR:RTScheme increases awarded on pre 6/4/1997 excess pension from DORto RTEnter 1 if pension does not increase in payment, otherwise showcumulative increase over period e.g.1.0609 for two pension increases at3% p.a.SI 60:RTScheme increases awarded on pre 6/4/1997 excess pension from age60 to RTEnter 1 if pension does not increase in payment, otherwise showcumulative increase over period e.g.1.0609 for two pension increases at3% p.a.SI 65:RTScheme increases awarded on pre 6/4/1997 excess pension from age184
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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 134 and 135: Pre 97 Pension at Date retired from
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Page 138 and 139: Pensioner Form 3(a) - not GMP only
Page 140 and 141: PLUS applicable to pensioners who h
Page 142 and 143: Age at DOR = DOR - DOB (years and m
Page 144 and 145: PLUS applicable to pensioners who h
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 182 and 183: NPAFGMP DOLFemale Deferred Pensione
Page 186: 65 to RTEnter 1 if pension does not
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Statement on Equalisation for GMPs AND the application of a ...

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