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Deferreds Basis: Underpin

Benefits Underpinned

Check this box to value an Underpin to the benefits. Leave unchecked if the benefits are not underpinned.

Underpin Commencement Date

If the Benefits Underpinned box is checked, and for deferreds only the Include in Underpin on the PUPs is set to Split According to Service, then enter a Start Date for the Underpin in DD/MM/YYYY format. If the Underpin has always applied simply enter a date eg 01/01/1900 to ensure that all benefits are compared with the Underpin.

Actives The user should select on each Slice whether or not the benefits calculated should be compared to the Underpin calculated. The Start Date for actives will also be used to determine the amount of GMP to be included in the Underpin comparison. In determining the amount of GMP included SuperVal will take account of:

  • Pre-88 GMP accruing between 6/4/1978 and 5/4/1988
  • Post-88 GMP accruing between 6/4/1988 and 5/4/1997. (Note 5/4/1997 will always be used instead of the Not After Date on the Offset Slice.)

Deferreds Please note the standard data item ACW will always be used as the value of the underpin fund as at the valuation date. No other data item can be specified for the underpin for Deferreds.

Underpin Interest (% p.a.)

For actives, the Underpin Comparison is made at the earlier of Death, Withdrawal, Early and Normal Retirement. For deferreds, the Underpin Comparison is made at the earlier of Death, Early and Normal Retirement. This is the rate at which the underpin fund is increased while the member remains in service/deferment.

Select from the drop-down list the Global Financial Parameter that contains the rate applicable. Once selected, the current value 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.

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.