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PPF Yields Edit

PPF Yield Assumptions: Applicable Date

Enter the date at which the PPF Yields are applicable. The format must be DD/MM/YYYY.

PPF Yields: Secondary Key

The Secondary Key can be used to distinguish between different yields that apply at the same valuation date i.e. where yields are dependent on the date the PPF S179 (Levy) Valuation will be signed.

The user can use the Secondary Key to enter a description of the appropriate yields i.e. GNV2 (Pre 1 Nov 06). This can be either a numeric value or a description and up to 20 characters in length.

When selecting the yields in the Scheme PPF tab, both the yield date and the Secondary Field narrative are visible.

Index Linked over 5 years 5% Inflation

Enter the FTSE Index Linked over 5 years 5% inflation Gilt Yield as at the Applicable Date. (SuperVal will calculate the annualised yield.)

This yield will be used in the calculation of Yield C (pre 31 March 2008 valuations) and Yield D (post 30 March 2008 valuations). The annualised yields are calculated as follows:

\frac{\left[ \left( 1 + \frac{I - L_{5yrs 5\%}}{2} \right)^2 -1 \right] + \left[ \left( 1 + \frac{I - L_{5yrs 0\%}}{2} \right)^2 -1 \right]}{2}

The adjustment required to both Yield C (pre 31 March 2008 valuations) and Yield D (post 30 March 2008 valuations) is documented in the Guidance from the PPF and is determined by the date of valuation. SuperVal automatically allows for the adjustments documented in Guidance Note A3, A4, A5, A6, A7, A8 and A9.

The yield is entered as a percentage, i.e. for 3% enter 3 and not 0.03.

Index Linked over 5 years 0% Inflation

Enter the FTSE Index Linked over 5 years 0% inflation Gilt Yield as at the Applicable Date. (SuperVal will calculate the annualised yield.)

This yield will be used in the calculation of Yield C (pre 31 March 2008 valuations) and Yield D (post 30 March 2008 valuations). The Yields are calculated as follows:

\frac{\left[ \left( 1 + \frac{I - L_{5yrs 5\%}}{2} \right)^2 -1 \right] + \left[ \left( 1 + \frac{I - L_{5yrs 0\%}}{2} \right)^2 -1 \right]}{2}

The adjustment required to both Yield C (pre 31 March 2008 valuations) and Yield D (post 30 March 2008 valuations) is documented in the Guidance from the PPF and is determined by the date of valuation. SuperVal automatically allows for the adjustments documented in Guidance Note A3, A4, A5, A6, A7, A8 and A9.

The yield is entered as a percentage, i.e. for 3% enter 3 and not 0.03.

Index- Linked 5-15yrs 5%

Enter the FTSE Index Linked for 5 - 15 years 5% inflation Gilt Yield as at the Applicable Date. (SuperVal will calculate the annualised yield.)

Index- Linked 5-15yrs 0%

Enter the FTSE Index Linked for 5 - 15 years 0% inflation Gilt Yield as at the Applicable Date. (SuperVal will calculate the annualised yield.)

Index Linked over 15 years 5% Inflation

Enter the FTSE Index Linked over 15 years 5% inflation Gilt Yield as at the Applicable Date. (SuperVal will calculate the annualised yield.)

This yield will be used in the calculation of Yield A. Yield A is calculated as follows:

\frac{\left[ \left( 1 + \frac{I - L_{15yrs 5\%}}{2} \right)^2 -1 \right] + \left[ \left( 1 + \frac{I - L_{15yrs 0\%}}{2} \right)^2 -1 \right]}{2}

The adjustment required to Yield A is documented in the Guidance from the PPF and is determined by the date of valuation. SuperVal automatically allows for the adjustments documented in Guidance Notes A3, A4, A5, A6, A7, A8 and A9.

The yield is entered as a percentage, i.e. for 3% enter 3 and not 0.03.

Index Linked over 15 years 0% Inflation

Enter the FTSE Index Linked over 15 years 0% inflation Gilt Yield as at the Applicable Date. (SuperVal will calculate the annualised yield.)

This yield will be used in the calculation of Yield A. Yield A is calculated as follows:

\frac{\left[ \left( 1 + \frac{I - L_{15yrs 5\%}}{2} \right)^2 -1 \right] + \left[ \left( 1 + \frac{I - L_{15yrs 0\%}}{2} \right)^2 -1 \right]}{2}

The adjustment required to Yield A is documented in the Guidance from the PPF and is determined by the date of valuation. SuperVal automatically allows for the adjustments documented in Guidance Notes A3, A4, A5, A6, A7, A8 and A9.

The yield is entered as a percentage, i.e. for 3% enter 3 and not 0.03.

Fixed Interest 10 years Gilt Yield

Enter the FTSE Fixed Interest 10 year Gilt Yield as at the Applicable Date. (SuperVal will calculate the annualised yield.)

This yield will be used in the calculation of Yield B (pre 31 March 2008 valuations) and Yield C (valuations between 31 March 2008 and 30 October 2009). The annualised yield will be calculated as follows:

\left( 1 + \frac{Fixed Interest_{10yr Yield}}{2} \right)^{2} - 1

The adjustment required to Yield B (pre 31 March 2008 valuations) and Yield C (valuations between 31 March 2008 and 30 October 2009) is documented in the Guidance from the PPF and is determined by the date of valuation. SuperVal automatically allows for the adjustments documented in Guidance Note A3, A4, A5, A6, A7, A8 and A9.

The yield is entered as a percentage, i.e. for 3% enter 3 and not 0.03.

Fixed Interest 15 years Gilt Yield

Enter the FTSE Fixed Interest 15 year Gilt Yield as at the Applicable Date. (SuperVal will calculate the annualised yield.)

This yield will be used in the calculation of Yield C (post 30 October 2009 valuations). The annualised yield will be calculated as follows:

\left( 1 + \frac{Fixed Interest_{15yr Yield}}{2} \right)^{2} - 1

The adjustment required to Yield C (post 30 October 2009 valuations) is documented in the Guidance from the PPF and is determined by the date of valuation. SuperVal automatically allows for the adjustments documented in Guidance Note A3, A4, A5, A6, A7, A8 and A9.

The yield is entered as a percentage, i.e. for 3% enter 3 and not 0.03.

Fixed Interest 20 years Gilt Yield

Enter the FTSE Fixed Interest 20 year Gilt Yield as at the Applicable Date. (SuperVal will calculate the annualised yield.)

This yield will be used in the calculation of Yield B (post 30 March 2008 valuations). Yield B (post 30 March 2008 valuations) is calculated as follows:

\left( 1 + \frac{Fixed Interest_{20yr Yield}}{2} \right)^2 -1

The adjustment required to Yield B (post 30 March 2008) is documented in the Guidance from the PPF and is determined by the date of valuation. SuperVal automatically allows for the adjustments documented in Guidance Note A3, A4, A5, A6, A7, A8 and A9.

The yield is entered as a percentage, i.e. for 3% enter 3 and not 0.03.

Pre 2009 Pre Retirement Adjustment

SuperVal calculates the PPF yields in accordance with the Guidance issued from the PPF and documented in Guidance Notes A3, A4, A5, A6, A7, A8 and A9.

This field can be used to make adjustment to this calculation i.e. to reflect Guidance prior to A3 or when new Guidance is issued.

Enter the adjustment that applies to the yield used for compensation increasing in deferment and accrued before 6 April 2009. The adjustment is additive, i.e. if the calculated yield is 3.25% and 0.25 is entered, the revised yield will be 3.50%.

PPF Yields: Post-2009 Pre Retirement Adjustment

SuperVal calculates the PPF yields in accordance with the Guidance issued from the PPF and documented in Guidance Notes A3, A4, A5, A6 and A7.

This field can be used to make adjustment to this calculation i.e. to reflect Guidance prior to A3 or when new Guidance is issued.

Enter the adjustment that applies to the yield used for compensation increasing in deferment and accrued after 5 April 2009. The adjustment is additive i.e. if the calculated yield is 3.25% and 0.25 is entered, the revised yield will be 3.50%.

Pensioner Post Retirement (With Increases) Adjustment

SuperVal calculates the PPF yields in accordance with the Guidance issued from the PPF and documented in Guidance Notes A3, A4, A5, A6, A7, A8 and A9.

This field can be used to make adjustment to this calculation, i.e. to reflect Guidance prior to A3 or when new Guidance is issued.

Enter the adjustment that applies to the yield used for compensation with increases in payment. The adjustment is additive, i.e. if the calculated yield is 3.25% and 0.25 is entered; the revised yield will be 3.50%.

Pensioner Post Retirement (No Increases) Adjustment

SuperVal calculates the PPF yields in accordance with the Guidance issued from the PPF and documented in Guidance Notes A3, A4, A5, A6, A7, A8 and A9.

This field can be used to make adjustment to this calculation, i.e. to reflect Guidance prior to A3 or when new Guidance is issued.

Enter the adjustment that applies to the yield used for compensation with no increases in payment. The adjustment is additive, i.e. if the calculated yield is 3.25% and 0.25 is entered; the revised yield will be 3.50%.

Non-Pensioner Post Retirement (With Increases) Adjustment

SuperVal calculates the PPF yields in accordance with the Guidance issued from the PPF and documented in Guidance Notes A3, A4, A5, A6, A7, A8 and A9.

This field can be used to make adjustment to this calculation, i.e. to reflect Guidance prior to A3 or when new Guidance is issued.

Enter the adjustment that applies to the yield used for compensation with increases in payment. The adjustment is additive, i.e. if the calculated yield is 3.25% and 0.25 is entered, the revised yield will be 3.50%.

Non-Pensioner Post Retirement (No Increases) Adjustment

SuperVal calculates the PPF yields in accordance with the Guidance issued from the PPF and documented in Guidance Notes A3, A4, A5, A6, A7, A8 and A9.

This field can be used to make adjustment to this calculation, i.e. to reflect Guidance prior to A3 or when new Guidance is issued.

Enter the adjustment that applies to the yield used for compensation with no increases in payment. The adjustment is additive, i.e. if the calculated yield is 3.25% and 0.25 is entered, the revised yield will be 3.50%.

Adding or deleting Columns

Right-clicking on a column heading presents a menu with the following options which allow you to expand or reduce the number of columns of data to be entered:

  • Add a new column(s) to the right of the grid;
  • Insert a new column at the position of the cursor; and
  • Delete the current column at the position of the cursor.

Grid editing options

Right-clicking on the Top Left Corner of the grid displays a menu which allows you to set the following Grid Editing Options:

  • Editing of a cell can be invoked by either clicking on the cell or by pressing F2 when the cell is active (Clicking will only change the current active cell); and
  • determine the cursor movement once editing is complete to be either to the next cell down, the next cell to the right or to stay in the current cell.

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.