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

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