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

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The revised NPA 65 tranche = total revalued pension – minimum pension from age 60 =415.50 + 1,284.84 - 768.48 = £931.86 paAdjustment to Pension revalued to the Relevant Time as currently shown on thePPF Data Interface LayoutPre 97 pension at RTAdjustment to DIL£ paNPA 60 768.48 – 407.73 = +360.75NPA 65 931.86 – 1,260.83 = - 328.97Overall change 1,700.34 – 1,668.56 = +31.78The change in Pre 97 pension for this male example has been illustrated using Form 2(a).Factors used in the form 2(a) for Example 2 have been calculated as follows:(Note calculation of factors not used in the calculation hasn’t been shown.)All factors have been calculated to 4 decimal places.XS_Revs DOL:RTRevaluation on excess pension from Date of Leaving (DOL) to RelevantTime (RT)= 1.181MGMP_Revs DOL:RTRevaluation on male GMP from Date of Leaving (DOL) to RelevantTime (RT)= 1.0625 8 = 1.6242FGMP_Revs DOL:RTRevaluation on female GMP from Date of Leaving (DOL) to RelevantTime (RT)= 1.0625 8 = 1.624279
Form 2(a) – Male Deferred Pensioners at the Relevant TimeMember Information - (information that is provided on standard data interfacelayout)Name Example 2NI NumberSchemeGenderAB123456BSmall NPA 60 DPMaleDate of Birth (DOB) 05/12/1946Date joined scheme (DOJ) 01/01/1994Date of leaving (DOL) 31/12/1997Assessment Date (AD) 02/07/2005Relevant Time (RT) 01/07/200560DP RT = Sum of pre 6/4/1997 elements of “annualcompensation at the Relevant Time” with NPA 6060DP DOL = Sum of pre 6/4/1997 elements of “annualcompensation at DOL” with NPA 60GMP Information60MGMP DOL = Male GMP (17/5/1990-5/4/1997) at DOL whenscheme NPA=6065MGMP DOL = Male GMP (6/4/1978 -5/4/1997) at DOL whenscheme NPA=65*Pre90_ 65 MGMP DOL = Male GMP (pre 17/5/1990) at DOLwhen scheme NPA=65*FGMP DOL = GMP (17/5/1990-5/4/1997) at DOL relevant to afemale memberScheme Information - (from standard scheme info form)£407.73 pa£308.43 pa£98.10 pa£303.35 pa0£473.15 paNormal Pension Age (NPA) to be completed if there is a tranche65of Scheme benefit with NPA other than 60XS_Revs DOL:RT = Revaluation on Excess Pension (DOL to RT) 1.181MGMP_Revs DOL:RT =Revaluation on male GMP (DOL to RT) 1.6242FGMP_Revs DOL:RT = Revaluation on female GMP (DOL to RT) 1.6242Age at RT = RT – DOB (complete years) 58* notation should be amended, if necessary to tie in with NPA of scheme other than 6080
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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
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B.8.3 Back-paymentsWhere pensioner
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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 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 122 and 123: Pensioner Form 3(a) - not GMP only
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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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