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Actives Basis: LateRetirement

Benefit Accrual after NRA

Check the box if accrual of benefits continues after NRA.

Salary for Late Retirement

Select from the drop-down list the salary to use for Late Retirement. The options are:

  • NRA Salary
  • Retirement Salary

If NRA Salary is used, specify the increases that should be applied to salaries after NRA and before actual retirement date in the Post NRA Salary Revaluation Rate on the Salaries tab.

If Retirement Salary is used both the Salary Increase Rate (on the Financial tab) and the Promotional Scale Table (on the Salaries Tab) will be used to increase the member’s salary up to the member’s actual retirement.

Male Retirement Factors Parameter Set

Female Retirement Factors Parameter Set

Retirement Factor Parameter Set is a Scheme Global parameter which groups the Male or Female Retirement Factor variables. This can be created by using either the Create Globals function or using the Add/Edit Retirement Factors button. Once created, these parameters can be edited without going back into the Basis similar to other global parameter sets.

Male LRF1 (Revaluation 1 & 3)

Male LRF1 (Revaluation 2)

Male LRF2 (Revaluation 1 & 3)

Male LRF2 (Revaluation 2)

Female LRF1 (Revaluation 1 & 3)

Female LRF1 (Revaluation 2)

Female LRF2 (Revaluation 1 & 3)

Female LRF2 (Revaluation 2)

This field allows the user to specify a set of late retirement adjustment factors that apply to benefits. The user can specify 4 different sets of Late Retirement Factors. These are:

  • LRF1 for use with Revaluation Rates in deferment 1 and 3
  • LRF1 for use with Revaluation Rate 2
  • LRF2 for use with Revaluation Rates in deferment 1 and 3
  • LRF2 for use with Revaluation Rate 2

There should be non-zero entries for all ages at which members are assumed to retire.

SuperVal assumes exits at NRA and all subsequent ages occur at age exact (and not half way through the year). Double-click to select from a list of available rate tables.

Benefits of members above LRA can be adjusted to reflect late payment by adding a factor in ages above LRA. Please note members above LRA will be assumed to retire at the valuation date.

If this field is left bank, and a Late Retirement decrement is used, then SuperVal will assume a LRF equal to 1.

Please note that if the separate Late Retirement Factors for cash-on-top benefits are left blank then, for options other than Accrual × Salary for each year then the factor specifed here for pensions will be used.

Decr Help

Rate tables can be selected by any of the following methods:

  • Right-click on the field for a list of appropriate Rate Tables. For a field that will accept more than one type of Rate Table (e.g. Miscellaneous Tables), the list will be restricted to the current Table Type specified in the field – if you wish to see all allowable Rate Tables, delete the Table Type from the field before clicking; or
  • Double Clicking on the field will produce the Rate Tables form where Rate Tables can be viewed (numerically and graphically) and Rate Tables can be added or edited. A Rate Table can be selected by pressing the Select button or double clicking on the Rate Table description in the tree; or
  • the list of allowable Rate Tables can be scrolled through by pressing the < or > keys. The description of the Rate Table to the right of the field will change as each new Table is selected.

Linearly Interpolate Male Retirement Factors for mid-point Exit values

Linearly Interpolate Female Retirement Factors for mid-point Exit values

When checked, the system will linearly interpolate factors for mid year exits such as early retirements and deaths. For Normal Retirements, the system will apply no interpolation. If unchecked, the system will use the factor specified at the age nearest rounded down for mid year exits as previous versions have done.

LRFs apply to

Select from the drop-down list which benefits the LRF apply to. The options are:

  • All Pension
  • Pre NRA Accrued Pension

Use All Pension if the late retirement factors apply to all the pension.

Use Pre NRA Accrued Pension if the late retirement factors only apply to the portion accrued up to NRA.

Apply LRFs to Spouse's

Check this box if you require the spouse’s death after retirement pension to include the late retirement factors applied to the member’s pension. Leave the box unchecked if you require the spouse’s death after retirement pension to be based on member’s pension before the application of late retirement factors.

Male COT LRF1 (Revaluation 1 & 3)

Male COT LRF1 (Revaluation 2)

Male COT LRF2 (Revaluation 1 & 3)

Male COT LRF2 (Revaluation 2)

Female COT LRF1 (Revaluation 1 & 3)

Female COT LRF1 (Revaluation 2)

Female COT LRF2 (Revaluation 1 & 3)

Female COT LRF2 (Revaluation 2)

This field allows the user to specify a set of late retirement adjustment factors that apply to cash on top options other than Accrual &times; Salary for each year. When using Accrual × Salary for each year SuperVal always assumes the Late Retirement Factors are equal to 1.00. The user can specify 4 different sets of Late Retirement Factors. These are:

  • LRF1 for use with Revaluation Rates in deferment 1 and 3
  • LRF1 for use with Revaluation Rate 2
  • LRF2 for use with Revaluation Rates in deferment 1 and 3
  • LRF2 for use with Revaluation Rate 2

Double click to select from a list of available rate tables.

SuperVal assumes exits at NRA and all subsequent ages occur at age exact (and not half way through the year). Double-click to select from a list of available rate tables.

Please note that if this field is left blank for cash-on-top benefits then, for options other than Accrual × Salary for each year the LRF pensions factors will be used. If you do not wish the cash-on-top benefits to be adjusted, specify a table with all LRFs set to 1.00.

Add/Edit Retirement Factors

Add or Edit any Retirement Factor parameter sets

SaveAs

Click the Save As button to save with a new file name.

Save

Clicking on the Save button allows you to save the entries.

Quit

Clicking on the Quit button allows you to exit without saving any of your changes.

In some of the screens you will be asked to confirm if you want to exit Ignoring all changes. If you click Yes, the file will be closed without saving any changes. If you click No you will be returned to your original screen.

From the Browser, the Quit button will take you to a graphical display of the results.