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Deferreds Basis: Financial

Pre Retirement Interest Rate

This is the annual rate at which benefits will be discounted pre retirement.

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.

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

Post Retirement Interest Rate

This is the annual rate at which benefits will be discounted post retirement.

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.

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

PUPs as at Leaving Date

Check this box to revalue the member’s PUPs between Date of Leaving and Date of Valuation.

If checked, the data items loaded for PUP will be assumed to be the PUPs at the Date of Leaving.

SuperVal will revalue the PUPs to Date of Valuation using the Past Revaluation Rates specified as part of the Revaluation Rate parameters.

If unchecked, SuperVal will assume the PUP data items are the PUPs as at Date of Valuation.

Rate of revaluation of PUP

This is the rate at which the PUP will increase in deferment i.e. between valuation date and NRA.

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.

Pre-1988 GMP Increases in Payment

This is the rate at which Pre-1988 GMP benefits will increase in payment annually.

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.

Post-1988 GMP Increases in Payment

This is the rate at which Post-1988 GMP benefits will increase in payment annually.

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.

Pension Increases

This is the rate at which pensions will increase in payment annually where Main has been selected for Pension Increases in Payment on either the Slices tab (Active) or one of the PUPS tabs (Deferred).

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.

Pension Increases: Special

This is the rate at which pensions will increase in payment annually where Special has been selected for Pension Increases in Payment on either the Slices tab (Active) or one of the PUPS tabs (Deferred).

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.

Pension Increases: Pension Increase 3

This is the rate at which pensions will increase in payment annually where Pension Increase 3 has been selected for Pension Increases in Payment on either the Slices tab (Active) or one of the PUPS tabs (Deferred).

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.

Pension Increases: Pension Increase 4

This is the rate at which pensions will increase in payment annually where Pension Increase 4 has been selected for Pension Increases in Payment on either the Slices tab (Active) or one of the PUPS tabs (Deferred).

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.

Timing of Pension Increases

Select from the drop-down list how the timing of pension increases 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 Increase Date field.

Increase Date

If the Timing of Pension Increases has been set to Review Date then enter the day and month of the pension increase date. The date should be in DD/MM format.

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.

Save As

Click the Save As button to save with a new parameter description.

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.