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Edit Financial

Variable Name

Scheme Constants can be used to define loading factors that change with the financial basis for the scheme.

Enter a name for the Global Financial Parameter or the Constant being defined.

This name will be used to select the Global Financial Parameter in the individual basis files. The name should be generic i.e. InterestRate1 so that it remains relevant if the value changes at a future valuation date. The purpose of these variables is to enable a simple method of making changes to assumptions without the need to modify all category sets.

The Variable Name must not be the same as a Variable Name already used in SuperVal system. Using an existing Variable Name may cause a system crash or result in incorrect results for the calculations.

To add or delete a Global Financial Parameter right click over the numbers to the side of this table. To change a Global Variable Name click once over the existing name until the name is highlighted.

Grouping

Enter a name for the grouping.

Variable Description

Enter a description for the Global Financial Parameter i.e. Interest Rate for ex ABC Staff or the Constant being defined. Where possible the description should be generic so that it remains relevant if the absolute value of the variable changes at a future valuation date.

Variable Value

Enter the Global value for the variable or constant.

The rate can be input as either a single rate, a vector or a yield curve.

For a single rate, enter the value. For 6% enter 6 and not 0.06.

For a vector, enter the appropriate rates i.e. if 3 4 5 was entered then the rate of increase would be 3%, 4% and 5% in the first and second year after the valuation date and 5% thereafter.

For a yield curve, right click to choose the CSV file containing the relevant data. The CSV file should contain one row with a maximum of 200 numbers i.e. 200 columns. The CSV file should be saved in the input folder.

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.

Global Collar

Enter a scalar value for the collars.

Description used for Consolidation

Enter a description for the Global Financial Parameter in consolidation eg Fixed. Where possible the description should be generic so that it remains relevant if the absolute value of the variable changes at a future valuation date.

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 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.

Edit Factor Tables

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

OK

When you have finished entering the relevant information, click the OK button to move to the next screen.

SuperVal will check that all of the required entries on the page have been made. If additional fields require data SuperVal will briefly show in red the label of the first of these fields found on the page.

Cancel

Clicking on the Cancel button allows you to return to the previous screen without saving any of your changes.