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

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1 MGMP 65 = 0 if the member is aged less than 65 at the RT.FGMP 60 = 0 if the member is aged less than 60 at the RT.2 See glossary and examples for details of how to calculate the relevant pension increasefactors.3DOR, unless the member has taken early/late retirement for this tranche of Pre 97 pensionand the scheme’s approach is to revalue pension to NPA and then apply ERF/LRF. In suchcases amend to NPA.Enter 1 if no period in deferment.Applicable to all pensioners – addresses increases in payment(a) If “Age at DOR” > 65Increase in compensation at RT= { MGMP 65 x MLR 65:DOR x [SI DOR:RT – GI DOR:RT ]x Multiplier 2 }+ { FGMP 60 x FLR 60:DOR x [GI DOR:RT x 100% – SI DOR:RT x Multiplier 2] }= { x x [ - ] x }+ { x x [ x 100% - x ] }= £ pa (1)(b) If 60 < “Age at DOR” 65Increase in compensation at RT= { MGMP 65 x [SI 65:RT – GI 65:RT ] x Multiplier 2}+ { FGMP 60 x FLR 60:DOR x [GI DOR:RT x 100% – SI DOR:RT x Multiplier 2] }= { x [ - ] x }+ { x x [ x 100% - x ] }= £ pa (1)(c) If “Age at DOR” 60Increase in compensation at RT= { MGMP 65 x [SI 65:RT – GI 65:RT] x Multiplier 2}+ { FGMP 60 x [GI 60:RT x Multiplier 1 – SI 60:RT x Multiplier 2] }= { x [ - ] x }+ { x [ x - x ] }= £ pa (1)45
PLUS applicable to pensioners who have a period in defermentAdditional increase in compensation at RT= [ FGMP DOL x (FGMP_Revs DOL:DOR – XS_Revs DOL:DOR )- MGMP DOL x (MGMP_Revs DOL:DOR – XS_Revs DOL:DOR ) ]x ERF x LRF x SI DOR:RT x Multiplier 2= [ x ( - )- x ( - ) ]x x x x= £ pa (2)PLUS applicable to male pensioners who may have a statutory uplift before RT(applies to male pensioners who have taken normal retirement at NPA
Page 5 and 6: If you have any questions regarding
Page 8 and 9: A.4 Section 143 valuation requireme
Page 10 and 11: Combining information from several
Page 12 and 13: A.6 Schemes not included in the pil
Page 14 and 15: B.1 BackgroundB.1.1 Content of Part
Page 16 and 17: B.3 Statutory requirements for cont
Page 18 and 19: B.5 Interaction of the statutory re
Page 20 and 21: greater, no further adjustment is r
Page 22 and 23: For actives, the application of the
Page 24 and 25: B.7.4 Typically male deferred pensi
Page 26 and 27: B.8.3 Back-paymentsWhere pensioner
Page 28 and 29: B.10 Back-paymentsB.10.1 Back payme
Page 30 and 31: (c) New Pensioners between the RT a
Page 32 and 33: C.1 Data requirementsFor members of
Page 34 and 35: C.3 AssumptionsThis section contain
Page 36 and 37: females joining the scheme after ag
Page 38 and 39: C.4 PPF Standard FormsThese forms c
Page 40 and 41: Form 1 - Active members at the Rele
Page 42 and 43: Generalised formula for male deferr
Page 44 and 45: Generalised formula for female defe
Page 48 and 49: Pensioner Form 3(b) - GMP only case
Page 50 and 51: GMP pensioners - use this section i
Page 52 and 53: Age at DOR = DOR - DOB (years and m
Page 54 and 55: PLUS applicable to pensioners who h
Page 56 and 57: Calculation of Accumulated Back-pay
Page 58 and 59: Calculation of uplift at Relevant T
Page 60 and 61: Uplift in Pension at Date of Retire
Page 62 and 63: C.5 Examples of theoretical calcula
Page 64 and 65: Active Example 1. Male active membe
Page 66 and 67: Form 1 - Active members at the Rele
Page 68 and 69: Statutory minimum test for NPA 60 t
Page 70 and 71: Deferred pensioner examplesThe exam
Page 72 and 73: Modified Method (2): Opposite sex c
Page 74 and 75: Adjustment to Pension revalued to t
Page 80 and 81: The revised NPA 65 tranche = total
Page 86 and 87: Adjustment to Pension revalued to t
Page 88 and 89: Generalised formula for female defe
Page 92 and 93: Factors used in the form 2(a) for E
Page 96 and 97:
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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Generalised formula for male deferr
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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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PLUS applicable to pensioners who h
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Pre 97 PPF compensation at Relevant
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Age at DOR = DOR - DOB (years and m
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Calculation of Accumulated Back-pay
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Pre 97 Pension at Date of LeavingPr
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2.8% and 3% are UK Guaranteed Minim
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Factors used in the Form 3(a) for E
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Factors used in the Form 3(a) for E
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Pensioner Example 6. Male pensioner
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Modified Method (2): Opposite sex c
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Factors used in the Form 3(b) for E
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May use instead of standard calcula
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Back-payments Form 4(b) - GMP only
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Uplift at Relevant Time (before app
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Calculation of Accumulated Back-pay
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D.1 Factors for calculating opposit
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D.2 Questionnaire to gather scheme
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Early retirement information15. Did
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Late retirement from either active
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NPAFGMP DOLFemale Deferred Pensione
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e.g. 65 MGMP DOL = male GMP at date
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65 to RTEnter 1 if pension does not
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