Calculation Parameter (UDPV Definitions)

Value

Description

GMP AGE

Look up on the Global Parameters the value as specified. If the Formula Applied To is TERRITORY, then this look up is on the Territory Global Parameters.

INDEXEDINCREASE

The table should be updated with new increase percentages.  The minimum 5% check should be performed before updating the table so that the correct % is already captured in the table, and the UDPV does not need to do it.  These increases represent the lesser of 5% and the increase in the Index subject to a minimum of 0% i.e. RPI.

BANK FACTOR

Look up the Bank Factor value on the Global Parameters.

BASE YIELD PERC

An effective date with a rate, currently 3%.

EQUALISATION

Look up the Equalisation date on the Global Parameters. This is currently defined as 17/05/1990.

FULLTIME

Look up on the Global Parameters the value that defines the Full Time hours per week. This is currently defined as 35.

LIFETIME ALLOW

Look up the Life Time allowance amount on the Global Parameters.

MART

Look up the Martins date on the Global Parameters. This is currently defined as 01/01/1973 and represents the date when members converted to the Martin’s scheme.

NEW CODE

Look up the New Code date on the Global Parameters. This is currently defined as 06/04/1980.

NIC RATE

Look up the National Insurance Contribution Rate on the Global Parameters for the tax year being processed.

OLD CODE

Look up the Old Code date on the Global Parameters.  This is currently defined as 05/04/1980.

PART TIME

Look up the Part Time value on the Global Parameters.

SPD SERVICE

Look up the State Pension Deduction date on the Global Parameters. This is currently defined as 01/01/1977.

SPD SERVICE WW

Look up the State Pension Deduction date on the Global Parameters.

STATE COM FACT

Look up the State Commutation Factor value on the Global Parameters. Currently defined as 20.

STATEPENSIONAMT

Look up the State Pension Amount on the Territory Global Parameters. If the marital status of the member is MARRIED, then the description on the global parameter must also be MARRIED.

SP PROP INCAP

Look up the spouse’s proportion payable to death of a pensioner who retired on grounds of incapacity.  It is currently 50%.

TAX

Look up on Member Values.

TAX FREE LS %

Look up the maximum tax free lump sum percentage on the Global Parameters.  It is currently 25%

TAX RATE 20%  

Look up the 20% tax rate on the Global Parameters.

TAX RATE 40%

Look up the 40% tax rate on the Global Parameters.

SINGLE ANN 9.3

Look up factor.

SINGLE ANN 2.3

Look up factor.

SECTION 148

Look up factor.  This is used in the Calculation Methods for revaluations, Factors / Rate for S148 will be captured as a compounded rate based on the term from date of deferment to date of calculation.

SPOUSE ANN 2.4

Look up factor.

SPOUSE ANN 9.4

Look up factor.

LATE RETIREMENT

Look up factor.  AP89 Late Retirement factors using type of scale YEARS AFTER NRD.

EARLY MONEY RED

Look up factor.  Early retirement factors - value for money reduction factor using type of scale YEARS TO NRD

COMMUTATION

Look up factor using type of scale AGE.

EARLY DEFPEN EQ

Look up factor.  Early retirement factors - deferred pension equivalent using type of scale YEARS TO NRD.

EARLY APSR EQ

Look up factor.  Early retirement factors - active past service reserve equivalent using type of scale YEARS TO NRD.

EARNINGS CAP

Look up the Internal Earnings Cap on the Global Parameters.  It is reviewed annually using type of scale

EARLY RET YIELD

Look up factor

LIMIT TAX 20%

Look up the 20% tax rate on the Global Parameters.

LPI YIELD

Look up the Limited Price Index Yield on the Global Parameters.

MAXIMUM SERVICE

Look up on the Global Parameters the value relating to this parameter.

PRERET DISCOUNT

Look up the real pre retirement discount rate on the Global Parameters.  It is provided by Watson Wyatt each month and is an annual rate.

TRIVIAL COM EPB

Look up factor.  Trivial Commutation of an EPB using type of scale AGE.

TRIVIAL COM SPD

Look up factor.  Trivial Commutation of a Member's pension State pension deduction using type of scale SPA-AGE.

PRE88GMPREVALTC

Look up factor.  Pre 88 GMP factor - trivial commutation including contingent spouse's fraction using type of scale REVAL-AGE.  The revaluation rate must be coded for the member as Type=GMP, Sub Type=SCHEME and Classification = FIXED or SECTION 148.

PO88GMPREVALTC

Look up factor.  Post 88 GMP factor - trivial commutation including contingent spouse's fraction using type of scale REVAL-AGE.  The revaluation rate must be coded for the member as Type=GMP, Sub Type=SCHEME and Classification = FIXED or SECTION 148.

CONVERSION FACT

Look up factor.  Look up factor using type of scale IDX YIELD%-AGE.

SWITCHING FACT

Look up factor based on Years to NRD.

MFR CASH MVA

Look up factor.  EARLY Retirement 40A

EARLY RETIRE40A

Look up factor.

MARKET VAL ADJ

Look up factor.

TRIVIAL COM LMT

Look up the Trivial Commutation Limit on the Global Parameters.  It is currently set at 2000 GBP.

UK TERR COMM

Look up the allowed commutation percentage.

YOUNG SP PENLTY

Look up the penalty factor on Global Parameters for spouses 10 or more years younger than the member on death.  It is currently 2,5% per annum.

TC FIXED 3%

Global Parameter lookup using the type of scale AGE and gender of the spouse as the side parameter.

TC POST88 GMP

Global Parameter lookup using the type of scale AGE and gender of the spouse as the side parameter.

TC PRE88 GMP

Global Parameter lookup using the type of scale AGE and gender of the spouse as the side parameter.

TC RPI

Global Parameter lookup using the type of scale AGE and gender of the spouse as the side parameter.

TC RPI MN0%MX5%

Global Parameter lookup using the type of scale AGE and gender of the spouse as the side parameter.

TC RPI MN3%MX5%

Global Parameter lookup using the type of scale AGE and gender of the spouse as the side parameter.