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

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A.2 Document guideFor ease of use this document has been split into a number of parts as follows:Part A provides a summary of the PPF’s proposed approach, timeframe and gives aprocess to follow in doing it.Part B sets out technical information regarding the legislative requirements.Part C sets out the approach that the PPF will adopt for members of schemes which havetransferred to the PPF already. A series of forms are included for each category ofmember, with an explanation of the assumptions made in developing these. Variousworked examples of the calculations and how these follow through into the standard formshave also been provided.Part D sets out further useful information including forms useful for collating the requiredinformation and performing the calculations.5
Page 5: If you have any questions regarding
Page 9 and 10: A.5 Procedure for schemes included
Page 11 and 12: i. Pensioners who are affected by t
Page 13 and 14: Part B - Technical detailsContentsB
Page 15 and 16: B.2 Equalisation of accrual - Modif
Page 17 and 18: B.4 Interaction of the statutory re
Page 19 and 20: If it is sufficient (scenario 2), t
Page 21 and 22: B.6 Actives - explanation of calcul
Page 23 and 24: B.7 Deferred Pensioners - explanati
Page 25 and 26: B.8 Pensioners - explanation of cal
Page 27 and 28: B.9 Historic members with no curren
Page 29 and 30: (a) Pensioners at the Relevant Time
Page 31 and 32: Part C - The Board of the PPF’s a
Page 33 and 34: C.2 Impact on calculationsThe PPF h
Page 35 and 36: C3.4Early / latepensionfactorsC3.5C
Page 37 and 38: C3.11Interest onBackpaymentsbefore
Page 39 and 40: The table below indicates which for
Page 41 and 42: Form 2(a) - Male Deferred Pensioner
Page 43 and 44: Form 2(b) - Female Deferred Pension
Page 45 and 46: Pensioner Form 3(a) - not GMP only
Page 47 and 48: PLUS applicable to pensioners who h
Page 49 and 50: May use instead of standard calcula
Page 51 and 52: Back-payments Form 4(a) - not GMP o
Page 53 and 54: Calculation of uplift at Relevant T
Page 55 and 56: Calculation of uplift at Date of Re
Page 57 and 58:
Back-payments Form 4(b) - GMP only
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Uplift at Relevant Time (before app
Page 61 and 62:
Calculation of Accumulated Back-pay
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Active examplesThe examples below i
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Statutory minimum test for NPA 60 t
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Active Example 2. Female active mem
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Form 1 - Active members at the Rele
Page 71 and 72:
Deferred Example 1. Male deferred p
Page 73 and 74:
Simplified Statutory Minimum Test f
Page 75 and 76:
Form 2(a) - Male Deferred Pensioner
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Deferred Example 3. Female deferred
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Form 2(b) - Female Deferred Pension
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Deferred Example 5. Male > age 60 d
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Modified Method (2): Opposite sex c
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=£1,012.40 pa (maximum) (see calcu
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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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Pensioner examplesThese calculation
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Pensioner Example 1. Male pensioner
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Factors used in the form 3(a) for E
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1 MGMP 65 = 0 if the member is aged
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Factors used in the Form 3(a) for E
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Page 139 and 140:
Page 141 and 142:
Back-payments Form 4(a) - not GMP o
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Calculation of uplift at Relevant T
Page 145 and 146:
Calculation of uplift at Date of Re
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Statutory requirements for male(a)
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where:[264.00 x 1.0625 5 ] x [(1 +
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Pre 97 Pension at Date retired from
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1.7%, 2.8% … 3% are UK Guaranteed
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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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Calculation of uplift at Relevant T
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Uplift in Pension at Date of Retire
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Part D - Other useful informationCo
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The examples below illustrate how t
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The following questions all relate
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(iii) Early retirement in ill-healt
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D.3. Glossary - notation & terminol
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If NPA is after age 60; statutory l
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Pre97Pension_Inc DORBack-payments o
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