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

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Generalised formula for female deferred pensionersAdjustment to Pre 97 NPA 60 tranche(a) 62 FGMP DOL x (FGMP_Revs DOL:RT - XS_Revs DOL:RT )= 560.69 x ( 1.6282 - 1.181 )= 250.74(b) [ (FGMP DOL x FGMP_Revs DOL:RT ) ] - 60 DP RT= [ ( 560.69 x 1.6282 ) ] - 0= 912.92Choose the maximum of (a), (b)= £ 912.92 pa ie (b) appliesAdjustment to Pre 97 NPA 62 tranche (negative)Complete (a) or (b) below, in line with the one which was used above:(a) - [ 62 FGMP DOL x (FGMP_Revs DOL:RT - XS_Revs DOL:RT ) ] No= - [ x ( - ) ]= £ pa(b) - [ (FGMP DOL x FGMP_Revs DOL:RT ) ] - 60 DP RT Yes= - [ ( 560.69 x 1.6282 ) ] - 0= - £ 912.92 paNote no calculation is required if all Pre 97 benefits have NPA 6087
Deferred Example 4. Male deferred pensioner at the Relevant TimeTimelineAge44586065Date ofleaving(DOL)RelevantTime(RT)SchemeNPA 1SchemeNPA 2Membership DetailsDate of Birth = 5 December 1946Date joined scheme = 1 May 1985Date of leaving the scheme = 31 December 1990Assessment 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 = £2,330.00 pa which has been split intotranches NPA 60 and NPA 65 (based on service dates) as follows:Service Dates NPA Total Pensionat date of leavingGMPmade up of:Excess pension01/05/1985 – 16/05/1990 65 £2,100.00 pa £1,150.00 pa £950.00 pa17/05/1990 – 31/12/1990 60 £230.00 pa £110.00 pa £120.00 paTotal n/a £2,330.00 pa £1,260.00 pa £1,070.00 paThe scheme provided revaluation on the pension in deferment at the following rates: Fixed Rate Revaluation on GMP (in this case 7.5% pa) Statutory revaluation on the excess pensionPre 97 Pension revalued to the Relevant Time (age 58)NPA 60 tranche15110.00 *1.075 120.0*1.457 £500.33paNPA 65 tranche151,150.00 *1.075 950.00 *1.457 £4,786.86 pawhere:45.7% = Occupational Pensions (Revaluation) Order 2004 for 14 year revaluation period15 revaluations are granted to the male GMP at 6/4/1991 - 6/4/2005 inclusive88
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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
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(c) New Pensioners between the RT a
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C.1 Data requirementsFor members of
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C.3 AssumptionsThis section contain
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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 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 136 and 137: Pre 97 PPF compensation at Relevant
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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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Age at DOR = DOR - DOB (years and m
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PLUS applicable to pensioners who h
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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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