Consolidation: Other
Asset Value
Enter the value of the assets to be used in the consolidation of
results. The value input should be the actuarial value placed on the
total invested assets at the valuation date in respect of the members to
be consolidated.
Asset Rollup Rate (% p.a.)
This is the annual rate of interest which will be used to roll up the assets. Typically this will equal the valuation rate of interest.
Select from the drop-down list the Global Financial Parameter that contains the rate applicable. Once selected the current value of the Global Financial Parameter is shown to the right of this field.
To add a new Global Financial Parameter use the Edit Scheme Financials button at the bottom of this tab.
Liability Description
Liability Amount
Other liabilities should be used for any special liabilities which must be calculated manually.
These other liabilities are assumed to be payable immediately and are included in the first year cash flow on normal retirement.
Related
Grid Help
Right-clicking on a column heading presents a menu with the following options which allow you to expand or reduce the number of columns of data to be entered:
- Add a new column to the right of the grid;
- Insert a new column at the position of the cursor; and
- Delete the current column at the position of the cursor.
Grid Help
Right-clicking on the Top Left Corner of the grid displays a menu which allows you to set the following Grid Editing Options:
- Editing of a cell can be invoked by either clicking on the cell or by pressing F2 when the cell is active (Clicking will only change the current active cell); and
- determine the cursor movement once editing is complete to be either to the next cell down, the next cell to the right or to stay in the current cell.
Scheme Fee
Scheme expenses can be expressed as a Scheme Fee which is then inflated at a Scheme Fee Inflation Rate.
The Scheme Fee will be split between different categories of active members in proportion to their respective total salaries. Note, that this Fee will remain unchanged (before inflation) irrespective of the membership level and thus, for an open fund, is generally only appropriate if a New Entrant Replacement Model is applied.
The Member Fee (inflating per remaining member) can be used to represent a Scheme Fee for an open fund where no replacement of members has been used. As the amount for each member decreases each year as the member decrements but the level of expense would (in theory) be maintained by new entrants to the Scheme.
Scheme Fee Inflation Rate (% p.a.)
This is the annual rate at which Scheme Fee will be increased.
Select from the drop-down list the Global Financial Parameter that contains the rate applicable. Once selected the current value of the Global Financial Parameter is shown to the right of this field.
To add a new Global Financial Parameter use the Edit Scheme Financials button at the bottom of this Tab.
Member Fee
Scheme Expenses can be expressed as a fixed amount (which is inflated at
the Scheme overall inflation rate) in respect of each remaining member
in the Scheme.
The inflating fixed amount per member is an attempt to represent a Scheme Fee for an open fund where no replacement of members has been used as the amount for each member decreases each year as the member decrements but the level of expense would (in theory) be maintained by new entrants to the fund.
% of Company Contributions
Enter the Scheme Expenses expressed as a percentage of Company
Contributions. For 5% enter 5 not 0.05.
Note, that the % of Company Contributions and the % of Member
Contributions fields can be used in combination to get a percentage of
total contributions.
% of Member Contributions
Enter the Scheme Expenses expressed as a percentage of Members’
Contributions. For 5% enter 5 and not 0.05.
Note, that the % of Company Contributions and the % of Member
Contributions fields can be used in combination to get a percentage of
total contributions.
% of Salaries
Scheme Expenses can be expressed as a percentage of Memberssalaries.
For 5% enter5not0.05`.
Edit Expenses
The Edit Expenses button allows you to modify the expense assumptions if those displayed are incorrect.
Include Pensioners Benefits in Accrued Benefits Indices
You must specify whether you wish to include the Accrued Benefits in respect of pensioners (both current and projected pensioners as well as the other liabilities) in the calculation of the Accrued Benefit indices.
Include Insured Benefits in Cash Flow Projections
For valuation methods other than Projected Unit Credit and Unit Credit (where the selection is made at the time of running the valuation), you must specify whether you wish the cost of the insured benefits to be cash flow projection.
Graphical Presentation Only
Indicate if you wish to skip the consolidation output and simply display the Graphical Presentation only.
Output Full Basis Details
If you have chosen not to show a Graphical Representation Only, then you must specify whether you wish to include the detailed basis descriptions in the consolidation output. If unchecked, an abbreviated two page summary is available showing the basic actuarial basis details and the run-time of the valuation run.
Retain Category Splits in Database
This field, when checked, differentiates different category results in the consolidation database.
Ignore Consolidation Descriptions for Benefit Types in Database
Indicate if you wish to ignore the Consolidation Descriptions in the Consolidation Database
Consolidation Output Filename
Specify the name of the file the Consolidation Output should be saved to.
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.
Use QSM Settings
User can select the parameters that are suitable for Quick Scenario Modelling i.e. selecting this button will set ALM/LDI Interface to "Exclude Left Servce" and tick "Retain Category Splits in Database"
Run
Click the Run button to run the calculations.
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.