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Pensioners Basis: Main

Member Data File

Double click to select the member data file containing the member data for the particular class of membership i.e. active, deferred or pensioner. The data file will have been created via Data>Data Build and will have a .DAT extension. The data file will be found in the Input Folder.

Data Format

The data format of the data file(s).

The data format are saved parameters specifying the column specification of each of the data items contained in the data file. Data format descriptions are prefixed by an indication of the type of format e.g. <Act> for Actives, <Def> for Deferreds, <Pen> for Pensioners.

If you intend to use the GMP Calculators to calculate GMPs after creating your data, ensure that columns are created in your data file for these fields. (In addition, enter dummy data into the data file for the first member that is at least as large as the largest expected GMP for all members. This will ensure that the Format created leaves sufficient space for the GMPs calculated.)

Data>Build

If you have created data using Data>Build then the format name will be the same as the original source (CSV) file or Excel file/tab name.

BasisModule>Migrate

If you have migrated your data files from earlier versions the name will be unchanged.

Use Category Selection

Click to highlight the category data you wish to use in this Basis Category. In V9.00+ the category data can contain up to a maximum of 10 characters.

This will be useful if setting up benefit changes in addition to the current scheme categories. For example, the user may want to run the Category 1 data through two similar benefit categories, one with NRA 65 and one with NRA 67. The user should create a second category but select the data for Category 1 here. The user can then make the required changes to the rest of the benefit category.

An alternative to using the same Category Data in multiple categories would be to create a new Basis File for the changed benefits. Most users will find it easier to identify the purpose of the runs as the filename can reflect the basis setup i.e. Benefit Improvements or Sale and Purchase.

Guarantee Period

Enter the period for which the member’s pension is guaranteed to be paid irrespective of whether the member survives this period. For a 5 years post retirement guarantee enter 5. If no guarantee is payable enter 0.

For Pensioners the remaining years guarantee period will be calculated using the member’s standard data item DPC - Date Pension Commenced.

Overlap during Guarantee Period

If the member’s pension is guaranteed, then the option to select how the guarantee is paid becomes available.

Check this box if, on the member’s death during the guarantee period, all outstanding payments in the guarantee period are paid as a lump sum at death and any spouse’s reversion becomes payable immediately. When valuing Actives or Deferreds or using the annuity calculators, the option to select whether this benefit is discounted or undiscounted becomes available. For Pensioners, the lump sum is calculated as the sum of the undiscounted payments at the point of death when this option is selected.

Leave this box unchecked if, on the member’s death during the guarantee period, payments continue until the end of the guarantee period and any spouse’s reversion becomes payable thereafter. Payments are always discounted in this scenario.

Pension Payment Frequency

Select from the drop-down list the frequency of the pension payments. The options are:

  • Annual
  • Semi-Annual
  • Quarterly
  • Monthly
  • Lunar-Monthly
  • Fortnightly
  • Weekly
  • Continuous

Pension Payment Mode

Select from the drop-down list the timing of pension payments. The options are:

  • In Arrears
  • In Advance

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.