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

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Generalised formula for male deferred pensionersAdjustment to Pre 97 NPA 60 tranche(a) [ FGMP DOL x (FGMP_Revs DOL:RT - XS_Revs DOL:RT )- 60 MGMP DOL x (MGMP_Revs DOL:RT - XS_Revs DOL:RT ) ]= [ 820.02 x ( 1.6242 - 1.181 )= 189.52– 392.41 x ( 1.6242 - 1.181 ) ](b) ( FGMP DOL x FGMP_Revs DOL:RT ) –60DP RT= ( 820.02 x 1.6242 ) – 1,630.95= -299.07Choose the maximum of (a), (b)= £ 189.52 pa ie (a)Adjustment to Pre 97 NPA 65 tranche (negative)Complete (a) or (b) below, in line with the one which was used above:(a) - [ ( 65 MGMP DOL – Pre90_ 65 MGMP DOL )x (MGMP_Revs DOL:RT - XS_Revs DOL:RT ) ] Yes= - [ ( 303.35 - 0 )= - £ 134.44 pax ( 1.6242 - 1.181 ) ](b) - [( 65 MGMP DOL - Pre90_ 65 MGMP DOL ) x (MGMP_Revs DOL:RT -XS_Revs DOL:RT ) +(FGMP DOL - 60 DP DOL ) x XS_Revs DOL:RT ) ] No= - [ (__________ - _____________) x (_______ - _______)+ (_______ - _______) x _______]= -75
Deferred Example 2. Male deferred pensioner at the Relevant TimeTimelineAge 58516065Date ofleaving(DOL)RelevantTime(RT)SchemeNPA 1SchemeNPA 2Membership DetailsDate of Birth = 5 December 1946Date joined scheme = 1 January 1994Date of leaving the scheme = 31 December 1997Assessment Date = 2 July 2005Relevant Time (RT) = 1 July 2005 (age 58 years)Pre 97 Pension at Date of LeavingPre 97 Deferred Pension at date of leaving = £1,262.19 pa which has been split intotranches NPA 60 and NPA 65 (based on service dates) as follows:Service Dates NPA Total Pensionat date of leavingPost 88 GMPmade up of:Excess pension01/01/1994 – 20/12/1994 60 £308.43 pa £98.10 pa £210.33 pa21/12/1994 – 05/04/1997 65 £953.76 pa £303.35 pa £650.41 paTotal n/a £1,262.19 pa £401.45 pa £860.74 paThe scheme provided revaluation on the pension in deferment at the following rates: Fixed Rate Revaluation on GMP (in this case 6.25% pa) Statutory revaluation on the excess pensionPre 97 Pension revalued to the Relevant Time (age 58)NPA 60 tranche898.10*1.0625 210.33*1.181 £407.73paNPA 65 tranche8303.35*1.0625 650.41*1.181 £1,260.83pawhere:18.1% = Occupational Pensions (Revaluation) Order 2004 for 7 year revaluation period8 revaluations are granted to the male GMP at 6/4/1998 - 6/4/2005 inclusive76
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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
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B.5 Interaction of the statutory re
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greater, no further adjustment is r
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For actives, the application of the
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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 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 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
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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 Pension at Date retired from
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Pre 97 PPF compensation at Relevant
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Pensioner Form 3(a) - not GMP only
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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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