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Deferreds Basis: NSPUPs

Data Item for Death Before Retirement Pension

Select from the drop-down list the data item to be valued as a non-standard Death before Retirement pension.

Percentage of the PUP Amount

This field is used to determine the percentage of the data item that is paid to a spouse as a death before retirement pension. Enter the percentage here, for 50% enter 50.

Note where 100% is entered, the data item will be valued as death before retirement pension only i.e. a member’s single life pension will not be valued in addition.

Revaluation Rate Override for Death Before Retirement

The user has the option to enter an override for the Revaluation Rate entered on the Financial Tab. This will be used to increase the death before retirement pension prior to 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.

Pension in Payment Increase Rate: Death Before Retirement Pension

Once in payment, the Non Standard Death before Retirement Pension, can be set to increase at one of four different increase rates. Select from the drop-down list the appropriate rate. The options are:

  • Main Pension
  • Special Pension
  • Pension Increase 3
  • Pension Increase 4

Adjustment Factor for Death Before Retirement Pension

A negative or positive loading adjustment can be applied to the Death Before Retirement Pension.

Enter the number as a multiplier i.e. for 1.1 for a 10% increase or 0.9 for a 10% decrease. If no adjustment is required enter 1. If 0 is entered the liability for the Death Before Retirement Pension will be zero.

This field can be used to allow for any contingencies such as children’s pensions, which are not valued by SuperVal.

Treat as Post-97 for Cap

Check this box if this Non Standard Death Before Retirement Pension should be treated as a Post-1997 pension when running a Non PPF (Capped) Valuation. Leave unchecked if this benefit should be treated as Pre-1997 pension.

Data Item for Death After Retirement

Select from the drop-down list the data item to be valued as a non-standard Death after Retirement pension.

Percentage of the PUP Amount

This field is used to determine the percentage of the data item that is paid to a spouse as a death after retirement pension. Enter the percentage here, for 50% enter 50.

Note where 100% is entered, the data item will be valued as death after retirement pension only i.e. a members single life pension will not be valued in addition.

Revaluation Rate Override for Death After Retirement

The user has the option to enter an override for the Revaluation Rate entered on the Financial Tab. This will be used to increase the death after retirement pension prior to 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.

Early Retirement Reduction Factor Table for Death After Retirement

Select from the drop-down list which set of Early Retirement Reduction Factors to apply to the Death after Retirement benefits. The options are:

  • None
  • ERF1
  • ERF2

ERF1 and ERF2 are specified on the Ret Pension Tab.

Note, the option to Use Barber Start and End Dates to determine the Early-Retirement Factors used is not available for Death after Retirement pensions specified on this Tab. If this is required, the user should load separate data items and value with different Early-Retirement Factors.

Pension in payment Increase Rate: Death After Retirement Pension

Once in payment, the Non Standard Death after Retirement Pension, can be set to increase at one of four different increase rates. Select from the drop-down list the appropriate rate. The options are:

  • Main Pension
  • Special Pension
  • Pension Increase 3
  • Pension Increase 4

PUP Adjustment Factor

A negative or positive loading can be applied to the NSPUP.

Enter the number as a multiplier i.e. 1.1 for a 10% increase or 0.9 for a 10% decrease. If no adjustment is required enter 1. If 0 is entered the liability for the PUP will be zero.

This field can be used to allow for any contingencies, such as children’s pensions, which are not valued by SuperVal.

Treat as Post-97 for Cap

Check this box if this Non Standard Death After Retirement Pension should be treated as a Post-1997 pension when running a Non PPF (Capped) Valuation. Leave unchecked if this benefit should be treated as Pre-1997 pension.

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.