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DefRev Migration

Deferreds Review Date

Enter the day and month of the Deferreds revaluation date. The date should be in DD/MM format.

Note that some methods of Revaluation have a Review Date fixed by the system:

  • Tax Years on 06/04
  • Section 52 Order on 01/01 (and the anniversary of Leaving).
  • Anniversary of Leaving

Deferreds Timing of Reviews

Specify the Timing of the Revaluation Review Dates. You can choose from the following:

  • Continuous
  • Review Date
  • Anniversary of Leaving
  • Section 52 Order
  • Tax Years

Note that the Tax Years definition will cease Revaluations at SPA and thus may not be appropriate for non-GMP Revaluations.

The Section 52 Order has calculations specific to the Section 52 Orders resulting in two changes in Revaluation during a Valuation Year ie at the earlier of the 1 January and the anniversary of Date of Leaving and then also when both dates have been passed.

Deferreds First Year Revaluation

Select from the drop-down list how the revaluation in the first year should be determined. The options are:

  • None
  • Proportional
  • Full

If "None" is selected, no revaluation is valued at the first review date or opportunity to pay revaluations following benefit commencement.

If "Proportional" is selected, then a proportional pension increase is valued at the first review date or opportunity to pay revaluations following benefit commencement.

If "Full" is selected, then a full revaluation is valued at the first review date or opportunity to pay revaluations following benefit commencement.

Deferreds Cap

Enter a scalar value for the caps.

Deferreds Cumulative Capping

Check this option if the Capping applied to Revaluation Rates is a cumulative cap applying over the entire period of deferral such as in the legislated Section 52 Revaluations.

Deferreds Past Revaluation Rate(s) Factor Set

Specify the Factor Table containing the Past Annual Revaluation Rates applied to this tranche of PUP receiving this revaluation rate.

This will be required where

  • the PUPs or GMPs provided in the data are as at the Leaving Date
  • the Revaluation Rate has Cumulative Capping such as in Section 52 Order Revaluations
  • in certain cases where the GMP may receive different rates of Revaluation according to when it becomes payable

Note that Factor Tables containing Past Revaluation Rate have changed format in 9.31 and later versions. Instead of the cumulative Index required previously, the actual rates of Revaluation credited at annual intervals are required. This changed was required because of the Cumulative Capping on the Section 52 Revaluations and should make the checking of Past Revaluations assumption much easier. In the short term, Factor Tables containing Indexes will be accepted and the rates will be determined from the Index.

Override any Existing Factor Table in Bases

The Deferred Revaluation Migration Tool will attempt to glean all relevant information from Deferreds Basis Parameter Sets including the any Factor Tables used in the revaluing of PUPs from Date of Leaving to Date of Valuation.

However, Factor Tables containing Past Revaluation Rate have changed format in 9.31 and later versions. Instead of the cumulative Index required previously, the actual rates of Revaluation credited at annual intervals are required. This changed was required because of the Cumulative Capping on the Section 52 Revaluations and should make the checking of Past Revaluations assumption much easier. In the short term, Factor Tables containing Indexes will be accepted and the rates will be determined from the Index.

As a result of the change, it may be optimal to allow a Factor Table in the new format to override the Factor Table(s) specified in the current Basis Parameters.

Edit Factor Tables

Pressing the Edit Factor Tables button allows you to add or edit Factor Table(s).

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.