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

More documents

Recommendations

Info

Modified Method (2): Opposite sex calculation – applicable to a femalePre 97 Pension at Date of LeavingThe Pre 97 Deferred Pension at date of leaving = £2,330.00 pa is unchanged. However, thesplit of the different NPA tranches into GMP and excess pension has changed 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 £129.65 pa £100.35 paTotal n/a £2,330.00 pa £1,279.65 pa £1,050.35 paWhere the equivalent Female GMP at date of leaving is:NPA 60 tranche = 110.00 x 1.1786 = £129.65 pa(1.1786 is taken from the table in Part D.1 for calculating opposite sex GMP)Pre 97 Pension revalued to the Relevant Time (age 58)NPA 60 tranche15129.65*1.075 100.35*1.457 £529.83paNPA 65 tranche151,150.00 *1.075 950.00.0 *1.457 £4,786.86 pawhere:45.7% = Occupational Pensions (Revaluation) Order 2004 for 14 year revaluation period15 revaluations are granted to the female GMP at 6/4/1991 - 6/4/2005 inclusive89
Simplified Statutory Minimum Test for NPA 60 tranche of Pre 97 pensionMaximum(1) “all female GMP” with revaluation on the GMP; and(2) Accrued pre 97 pension with NPA 60+ GMP revaluation on “all female GMP”+ revaluation on the “revised excess pension” with NPA 60 or lower(1) “all female GMP” with revaluation on the GMP= 129.65 x 1.075 15 = £383.62 pa(2) Accrued Pre 97 pension with NPA 60+ GMP revaluation on “all female GMP”+ revaluation on the “revised excess pension” with NPA 60 or lower= 230.00 + 253.97 + 45.86 = £529.83 pa (maximum)where:GMP revaluation on “all female GMP” = 129.65 x (1.075 15 – 1) = £253.97 parevaluation on “revised excess pension” with NPA 60 or lower= (230.00 – 129.65) x (1.457 -1) = £45.86 paThere is sufficient pension in the NPA 60 tranche to meet the Statutory Minimumof £529.83 pa that must be paid from age 60.The Pre 97 pension with NPA 65 therefore remains unchanged.Summary of Pre 97 Pension at the Relevant TimePre 97 pension at RTMale£ paEquivalent Female£ paNPA 60 500.33 529.83NPA 65 4,786.86 4,786.86Total 5,287.19 5,316.69Adjustment to Pension revalued to the Relevant Time as currently shown on thePPF Data InterfacePre 97 pension at RTAdjustment to DIL£ paNPA 60 529.83 – 500.33 = + 29.50NPA 65 4,786.86 – 4,786.86 = 0Overall change 5,316.69 - 5,287.19 = +29.50The change in Pre 97 pension for this male example has been illustrated using Form 2(a).90
Page 5 and 6:
If you have any questions regarding
Page 8 and 9:
A.4 Section 143 valuation requireme
Page 10 and 11:
Combining information from several
Page 12 and 13:
A.6 Schemes not included in the pil
Page 14 and 15:
B.1 BackgroundB.1.1 Content of Part
Page 16 and 17:
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 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 136 and 137: Pre 97 PPF compensation at Relevant
Page 140 and 141:
PLUS applicable to pensioners who h
Page 142 and 143:
Age at DOR = DOR - DOB (years and m
Page 144 and 145:
PLUS applicable to pensioners who h
Page 146 and 147:
Calculation of Accumulated Back-pay
Page 148 and 149:
Pre 97 Pension at Date of LeavingPr
Page 150 and 151:
2.8% and 3% are UK Guaranteed Minim
Page 152 and 153:
Factors used in the Form 3(a) for E
Page 154 and 155:
1 MGMP 65 = 0 if the member is aged
Page 156 and 157:
Factors used in the Form 3(a) for E
Page 158 and 159:
1 MGMP 65 = 0 if the member is aged
Page 160 and 161:
Pensioner Example 6. Male pensioner
Page 162 and 163:
Modified Method (2): Opposite sex c
Page 164 and 165:
Factors used in the Form 3(b) for E
Page 166 and 167:
May use instead of standard calcula
Page 168 and 169:
Back-payments Form 4(b) - GMP only
Page 170 and 171:
Uplift at Relevant Time (before app
Page 172 and 173:
Calculation of Accumulated Back-pay
Page 174 and 175:
D.1 Factors for calculating opposit
Page 176 and 177:
D.2 Questionnaire to gather scheme
Page 178 and 179:
Early retirement information15. Did
Page 180 and 181:
Late retirement from either active
Page 182 and 183:
NPAFGMP DOLFemale Deferred Pensione
Page 184 and 185:
e.g. 65 MGMP DOL = male GMP at date
Page 186:
65 to RTEnter 1 if pension does not
show all

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

Create successful ePaper yourself

Delete template?

Save as template?