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

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Statutory minimum test for NPA 60 tranche of Pre 97 PensionFor a female member this is the equivalent female GMP accrued 06/04/1978 –05/04/1997 at the Relevant Time = £560.69 paThere is therefore no change in the total pension at the Relevant Time.The member will be better off remaining as a female member as the male GMP is lowerand part of the Pre 97 pension with NPA 62 needs to be upgraded to NPA 60 to meet thestatutory requirement for females at NPA 60.Summary of Pre 97 Pension at the Relevant TimePre 97 pension at RTExisting Female£ paRevised Female£ paNPA 60 0 560.69NPA 62 1,264.84 704.15*Total 1,264.84 1,264.84*revised NPA 62 tranche = total pension – minimum pension from age 60= 0 + 1,264.84 – 560.69 = £704.15 paAdjustment to Pension at the Relevant Time as currently shown on the PPF DataInterface LayoutPre 97 pension at RTAdjustment to DIL£ paNPA 60 560.69 – 0 = +560.69NPA 62 704.15 – 1,264.84 = - 560.69Overall change 1,264.84 – 1,264.84 = 0As the member is over age 60 at the Relevant Time the new NPA 60 tranche of pensionshould come into immediate payment from the Assessment Date. This pension will not besubject to the compensation cap or 90% multiplier.The change in Pre 97 pension for this example has been illustrated using Form 1.67
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 2NI NumberSchemeGenderAB123456ANo NPA 60 PensionFemaleDate of Birth (DOB) 05/12/1946Date joined scheme (DOJ) 01/01/1994Assessment Date (AD) 02/07/2007Relevant Time (RT) 01/07/200760DP 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)£0 pa£560.69 paNormal Pension Age (NPA) to be completed if there is a tranche62of Scheme benefit with NPA other than 60Age at RT = RT – DOB (complete years) 60Generalised formula for active membersAdjustment to Pre 97 NPA 60 trancheMaximum [ ( FGMP DOL - 60 DP DOL ); 0 ]= Maximum [ ( 560.69 - 0 ); 0 ]= £ 560.69 paAdjustment to Pre 97 NPA 65 tranche (negative)- Maximum [ ( FGMP DOL - 60 DP DOL ); 0 ]= - Maximum [ ( 560.69 - 0 ); 0 ]= - £ 560.69 pa68
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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
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 66 and 67: Form 1 - Active members at the Rele
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
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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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Back-paymentsThe member is entitled
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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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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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1 MGMP 65 = 0 if the member is aged
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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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