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

Pensioner NPA 60 trancheThe member is over the female GMP Age of 60 for the NPA 60 tranche of compensation inpayment.Statutory requirements for female at age 62 7/12(a) Contracting-out legislationRevalued female GMP at age 62 7/12= [129.65 x 1.075 14 ] x [(1 + (2x52+29)/700) x (1.03x1.03x1.03)]356.85 x 1.30035 = £464.04 pa14 revaluations are granted to the female GMP at 6/4/1992 - 6/4/2005 inclusive;3%; 3%; 3% are UK Guaranteed Minimum Pension Increase Orders effective on 6 April2007, 2008 and 2009 respectively.The female GMP minimum in respect of the NPA 60 tranche of benefit is clearly covered atretirement.(b) Anti-franking and preservation legislationThe Trustees will have taken into consideration these pieces of legislation in setting thecalculation of the member’s late retirement pension. As this scheme uses unisex lateretirement factors it is assumed that the Trustees’ late retirement factors and method tookinto account the statutory requirements relating to both males and females. No furthercheck is therefore required.No further adjustment is required to the Pensioner NPA 60 tranche of PPF compensation tomeet the additional female legislative requirements.Deferred Pensioner trancheThe deferred pensioner tranche has NPA 65 and now contains an element of female GMP. Assuch, it is subject to the statutory minimum tests applicable to a female. At the AssessmentDate the member has not made a decision to retire. However, as the member is now overthe female GMP Age of 60 he is entitled to immediate payment of the female GMP with astatutory late retirement increase.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 lowerAs the member is over female GMP Age of 60 revaluation include statutory late revaluationfrom age 60 to the Relevant Time.(1) “all female GMP” in the NPA 65 tranche with revaluation on the GMP97