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

More documents

Recommendations

Info

Form 1 - Active members at the Relevant TimeCalculations are only required if the scheme has any Compensation with a NPA > 60 in theperiod 17/5/1990 - 5/4/1997Member Information - (information that is provided on standard data interfacelayout)Name Example 1NI NumberAB123456AScheme Small NPA 60PensionGenderMaleDate of Birth (DOB) 05/12/1946Date joined scheme (DOJ) 01/01/1994Assessment Date (AD) 02/07/2005Relevant Time (RT) 01/07/200560DP DOL = Sum of pre 6/4/1997 elements of “annualcompensation at the Relevant Time” with NPA 60(zero if the member has no compensation with NPA 60)GMP InformationFGMP DOL = Female GMP at RTScheme Information - (from standard scheme information form)£308.43 pa£473.15 paNormal Pension Age (NPA) to be completed if there is a tranche65of Scheme benefit with NPA other than 60Age at RT = RT – DOB (complete years) 58Generalised formula for active membersAdjustment to Pre 97 NPA 60 trancheMaximum [ ( FGMP DOL - 60 DP DOL ); 0 ]= Maximum [ ( 473.15 - 308.43 ); 0 ]= £ 164.72 paAdjustment to Pre 97 NPA 65 tranche (negative)- Maximum [ ( FGMP DOL - 60 DP DOL ); 0 ]= - Maximum [ ( 473.15 - 308.43 ); 0 ]= - £ 164.72 pa65
Active Example 2. Female active member at the Relevant TimeTimelineAge 6062RelevantTime(RT)SchemeNPAMembership DetailsDate of Birth = 5 December 1946Date joined scheme = 21 December 1994Assessment Date = 2 July 2007Relevant Time (RT) = 1 July 2007 (age 60 years)Pre 97 Pension at the Relevant TimePre 97 Deferred Pension at the Relevant Time = £1,284.84 pa which has NPA 62Service Dates NPA Total Pensionat date of leavingPost 88 GMPmade up of:Excess pension21/12/1994 – 05/04/1997 62 £1,264.84 pa £560.69 pa £704.15 paTotal n/a £1,264.84 pa £560.69 pa £704.15 paModified Method (2): Opposite sex calculation – applicable to a malePre 97 Pension at the Relevant TimeThe Pre 97 Deferred Pension at the Relevant Time = £1,264.84 pa is unchanged.However, the split of the different NPA tranches into GMP and excess pension has changedas follows:Service Dates NPA Total Pensionat date of leavingPost 88 GMPmade up of:Excess pension21/12/1994 – 05/04/1997 62 £1,264.84 pa £477.21 pa £787.63 paTotal n/a £1,264.84 pa £477.21 pa £787.63 paThe equivalent Male GMP at date of leaving is:NPA 62 tranche = 560.69 x 0.8485 x 1.076 / 1.0727 = £477.21 paWhere:0.8485 is taken from the table in Part D.1 for calculating opposite sex GMPFemale statutory late retirement for the period from age 60 to the RT= (1 + 29/700) x 1.03 = 1.07273% is the UK Guaranteed Minimum Pension Increase Orders effective on 6 April 20077.6% = Social Security Revaluation of Earnings Factors Order for 2007 for tax year2005/0666
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 46 and 47: 1 MGMP 65 = 0 if the member is aged
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 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
Page 98 and 99: Pensioner NPA 60 trancheThe member
Page 100 and 101: Factors used in the Pensioner Form
Page 102 and 103: 1 MGMP 65 = 0 if the member is aged
Page 104 and 105: Factors used in the Male Deferred P
Page 108 and 109: Example 5 - Member with tranches of
Page 110 and 111: Pre 97 Pension at Date retired from
Page 112 and 113: Back-paymentsThe member is entitled
Page 114 and 115: Pensioner Form 3(a) - not GMP only
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 122 and 123:
Pensioner Form 3(a) - not GMP only
Page 124 and 125:
Page 126 and 127:
Page 128 and 129:
Back-paymentsThe member is entitled
Page 130 and 131:
Page 132 and 133:
Page 134 and 135:
Page 136 and 137:
Pre 97 PPF compensation at Relevant
Page 138 and 139:
Page 140 and 141:
Page 142 and 143:
Age at DOR = DOR - DOB (years and m
Page 144 and 145:
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 184 and 185:
e.g. 65 MGMP DOL = male GMP at date
Page 186:
65 to RTEnter 1 if pension does not
show all

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

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?