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

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