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Assumptions Review: Benefits

Membership Group

Membership Groups can be:

  • Active
  • Deferred
  • Pensioner
  • Contributions
  • Expenses

Category Description

Category Description:

  • Scheme if assumption is at scheme level
  • Description of category if assumption is at basis / category level

Sex

Sex: M / F

Contingency

If Analyse Contingencies separately tick box is checked when summarising the financial assumptions, then the liabilities will be separated by contingency. (This is not necessary if only looking at Financials; it is recommended if looking at Mortality changes).

Contingencies can be:

  • Voluntary Early Retirement
  • NRA (or later) Retirement
  • Death in Service
  • Ill Health
  • Leaving Service
  • Death in Deferment
  • Death after Voluntary Early Retirement
  • Member Future Contributions
  • Employer Future Contributions
  • First Employer Deficit Contributions
  • Employer 1% Future Contributions
  • Death after NRA (or later) Retirement
  • Death after Ill Health Retirement
  • Death after Leaving Service
  • Scheme Fee
  • Per Member (inflated)
  • Additional
  • Entrant
  • Survivor
  • Unspecified
  • Late Retirement
  • Death after Late Retirement
  • Death in Service after NRA
  • PHI
  • Death during PHI
  • Retirement after PHI
  • Death after PHI Retirement
  • Second Employer Deficit Contributions
  • Employer Insured Pension Premiums
  • Employer Insured Lump Sum Premiums
  • All Retirement

Start Year Benefit

Start Year Benefit is either:

  • Yes
  • No

Past Service Benefit

Past Service Benefit displays Yes / No for each tranche.

Benefit Type

Benefit Type can be:

  • Cash
  • GMP Pre 1988
  • GMP Post 1988
  • Main Peninc
  • Special Peninc
  • Peninc 3
  • Peninc 4
  • Underpin
  • Insured Pension
  • Insured Lump Sum
  • Future Contributions
  • Pension 1
  • Pension 2
  • Pension 3
  • Pension 4
  • Pension 5
  • Pension 6
  • Pension 7
  • Pension 8
  • Pension 9
  • Pension 10
  • Pension 11
  • Pension 12
  • Pension 13
  • Pension 14
  • Pension 15
  • Pension 16
  • Death in Deferment
  • Non-Standard PUP
  • Future Expenses
  • Additional Liability
  • Cash Commutation
  • Cash on Top
  • All except GMP
  • Both GMP

Benefit Basis

The Benefit Basis for Actives is input in the tab Slices, box Benefit Basis. There is a choice of Final Salary or CARE.
The Benefit Basis for Contributions is input in the Amortisation tab when consolidating and can be: All Member Salaries, Current Member Salaries, Level Amounts or Fixed Amounts plus Accrued Interest.

Interest Switch

For Active members, the user can select in the Financials tab, in the Switch field, which of the Pre Retirement Interest Rate or the Post Retirement Interest Rate is used for discounting post withdrawal and for Accrued Valuations.

This is populated in the Interest Switch Field as Pre-Ret Interest to Ret or Post-Ret Interest to Ret respectively.

Pre-Retirement Interest Name

Pre-Retirement Interest Names are set up in the Scheme Financial Assumptions, in the column Global Name.

Pre-Retirement Interest Group

The groupings are set up in the Scheme Financial Assumptions, in the column Grouping.

Pre-Retirement Interest Value

A selection of Pre-Retirement Interest Values can be set up in the Scheme Financial Assumptions in the tab Interest, column Global Value; the one required for that category is then selected in the Financial Tab (Actives / Deferreds) in the box Pre Retirement Interest Rate.

Pre-Retirement Interest Cap

Caps and collars are input in the Scheme Financial Assumptions, in the columns Global Cap and Global Collar.

Pre-Retirement Interest Collar

Caps and collars are input in the Scheme Financial Assumptions, in the columns Global Cap and Global Collar.

Pre-Retirement Interest Table ID

The table ID is set up in the consolidation database if a .csv file is used for the assumption value in the Scheme Financial Assumptions, rather than a number or a vector.

Post-Retirement Interest Name

Post-Retirement Interest Names are set up in the Scheme Financial Assumptions, in the column Global Name.

Post-Retirement Interest Group

The groupings are set up in the Scheme Financial Assumptions, in the column Grouping.

Post-Retirement Interest Value

A selection of Post-Retirement Interest Values can be set up in the Scheme Financial Assumptions in the tab Interest, column Global Value; the one required for that category is then selected in the Financial Tab in the box Post Retirement Interest Rate.

Post-Retirement Interest Cap

Caps and collars are input in the Scheme Financial Assumptions, in the columns Global Cap and Global Collar

Post-Retirement Interest Collar

Caps and collars are input in the Scheme Financial Assumptions, in the columns Global Cap and Global Collar

Post-Retirement Interest Table ID

The table ID is set up in the consolidation database if a .csv file is used for the assumption value in the Scheme Financial Assumptions, rather than a number or a vector.

Salary Review Date

Salary Review Date is an input from Actives>Salaries.
If Salary Increase Timing was either Review Date or Weighted then the date salaries increase is input in the form DD/MM.

FAS Period

Final Average Salary Averaging Period is the averaging period set on the Salary tab.

Inflation Name

The Inflation names are set up in the Scheme Financial Assumptions, in the column Global Name.

Inflation Group

The groupings are set up in the Scheme Financial Assumptions, in the column Grouping.

Inflation Value

A selection of Inflation Rates can be set up in the Scheme Financial Assumptions in the tab Inflation, column Global Value; the one required is then selected:

  • in the Financial Tab (Actives), in the box Salary Increase Rate
  • in the Scheme Contributions definition, in the box Earnings Bands Increase
  • in the Scheme Expense rate Parameters or Other tab when consolidating, in the box _Scheme Fee Inflation Rate (% p.a.)

Inflation Cap

Caps and collars are input in the Scheme Financial Assumptions, in the columns Global Cap and Global Collar.

Inflation Collar

Caps and collars are input in the Scheme Financial Assumptions, in the columns Global Cap and Global Collar.

Inflation Table ID

The table ID is set up in the consolidation database if a CSV file is used for the assumption value in the Scheme Financial Assumptions, rather than a number or a vector.

Revaluation Name

The Revaluation names are set up in the Scheme Financial Assumptions, in the column Global Name.

Revaluation Group

The groupings are set up in the Scheme Financial Assumptions, in the column Grouping.

Revaluation Value

A selection of Revaluation Rates can be set up in the Scheme Financial Assumptions in the tab Revaluation, column Global Value; the one required is then selected in the:

  • Financial tab (Actives), in the box CARE Revaluation Rate and Deferred Revaluation Rate, Rate 2 and Rate 3.
  • Legislation tab, in the box Section 148 Orders

Revaluation Cap

Caps and collars are input in the Scheme Financial Assumptions, in the columns Global Cap and Global Collar.

Revaluation Collar

Caps and collars are input in the Scheme Financial Assumptions, in the columns Global Cap and Global Collar.

Revaluation Table ID

The table ID is set up in the consolidation database if a .csv file is used for the assumption value in the Scheme Financial Assumptions, rather than a number or a vector.

Increase Name

The Increase names are set up in the Scheme Financial Assumptions, in the column Global Name.

Increase Group

The groupings are set up in the Scheme Financial Assumptions, in the column Grouping.

Increase Value

A selection of Increase Rates can be set up in the Scheme Financial Assumptions in the tab Increase, column Global Value; the one required for a particular category is then selected in the Financial Tab in the box Pension Escalation.

Increase Cap

Caps and collars are input in the Financial Assumptions, in the columns Global Cap and Global Collar.

Increase Collar

Caps and collars are input in the Financial Assumptions, in the columns Global Cap and Global Collar.

Increase TableID

The table ID is set up in the consolidation database if a CSV file is used for the assumption value in the Scheme Financial Assumptions, rather than a number or a vector.

Increase Cons Description

The consolidation description for Increases is input in the Financial Assumptions, in the column Description used for Consolidation.

Includes Pre88 GMP

Includes Pre-88 GMP: Yes / No.

Whether or not Pre-88 GMP is included within the benefit depends upon the slice number input in box Offset Slices in Legislation tab of Category Valuation / Benefits Basis.

Includes Post88 GMP

Includes Post-88 GMP: Yes / No.

Whether or not Post-88 GMP is included within the benefit depends upon the slice number input in box Offset Slices in Legislation tab of Category Valuation / Benefits Basis.

Liability Value

The Liability Value for each tranche is displayed at the far right of the Assumptions Table.

Grid editing options

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.

Hide Columns

Hide/UnHide Static Columns

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.