Actives Basis: PHI
Benefit Multiple
This field determines the percentage of salary used to calculate the PHI benefit payments.
Enter the fixed percentage here e.g. for 50% enter 50.
Salary for PHI Benefit
Select the salary used for the calculation of the PHI benefits.
Benefit Comparison
Set the PHI benefits to be a maximum or minimum of x% of salary and (y% of salary less an offset).
Offset Benefit Multiple
This field determines the percentage of the offset benefit that is used to calculate the PHI benefit payments.
Enter the fixed percentage here e.g. for 50% enter 50.
Initial Offset Amount
Select a data item or enter a parameter to set the initial offset amount e.g. LEL, State Incapacity benefit, etc.
Salary for Offset Benefit
Select the salary used for the offset benefit.
Male Ceasing Age
Enter the age when the PHI benefits stop and normal retirement benefits come into payment from the Scheme.
Female Ceasing Age
Enter the age when the PHI benefits stop and normal retirement benefits come into payment from the Scheme.
PHI Waiting Period
Specify the length of the period (in months) to allow for an initial period during which the member receives full sick pay and is not in receipt of PHI beneefits.
(In practice this is likely to be 3 or 6 months)
Deduct Member Contributions from Benefit
Check this box to deduct the required contributions from the PHI benefits received.
Offset Increase
This is the rate at which the initial offset amount will increase.
Timing of Offset Increases
Select from the drop-down list how the timing of the offset increase should be applied. The options are:
- Continuous
- Review Date
If Review Date is selected then enter the day and month (DD/MM) the increase is paid in the Offset Increase Date field.
Offset Increase Date
If the Timing of Offset Increases has been set to Review Date then enter the day and month of the increase date. The date should be in DD/MM format.
Notional Salary Increase
This is the rate at which the notional pensionable salary will increase.
Timing of Notional Salary Increases
Select from the drop-down list how the timing of the offset increase should be applied. The options are:
- Continuous
- Review Date
If Review Date is selected then enter the day and month (DD/MM) the increase is paid in the Notional Salary Increase Date field.
Notional Salary Increase Date
If the Timing of Notional Salary Increases has been set to Review Date then enter the day and month of the increase date. The date should be in DD/MM format.
Benefit Increase in Payment
This is the rate at which the PHI payments will increase.
Edit Scheme Financials
Clicking the Edit Scheme Financials button takes you to the Scheme Financials menu.
Here you will be able to see a list of all the Financials that are currently defined. Double-click on the tree to see an expanded list of all financial assumptions that are defined.
Click the Add/Edit Financials to change the value of one of the assumptions.
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.