To initiate a benefit quotation, from the menu on the top, select Quote (or select New Quote from the sub-menu on the left).
Select
or select
The New Benefit Quote screen will be displayed.
Select the relevant member by entering the reference number. Alternatively, click SEARCH FOR AN EMPLOYEE. The Annuity Member List screen will be displayed.
Select the required member by clicking on the hyperlinked name.
The Benefit Quote Request screen will be displayed.
Note:
When SUBMIT is selected, the system will read the latest approved BSV for the scheme and will find all products that have a value of Member Choice selected for the Formula Applied To field on the BAGA Benefit Product Details screen.
If no value is found, then the Benefit Quote Results screen will be displayed.
Note:
The following applies to schemes using the flexible benefit rules.
When the number of benefit package rules exceeds the number defined on the batch parameter PACKAGE THRESH, the calculation is processed in batch mode.
A message will be displayed on the screen.
When the calculation has completed, an e-mail message will be sent to the user.
For details on how to proceed from this point, refer to Quotes under
Processes
Benefits
Quotes
Quotes Using Standard Benefit Rules
If a value of Member Choice is found, and the scheme uses the flexible benefit rules, the system compiles a list of questions and displays them on the Benefit Quote Input screen.
The following is a list of the questions that may be asked by the system:
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What is the member's actuarial reserve value? |
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What is the annuity rate to purchase the member's pension? |
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What percentage of the pension is to be commuted? |
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What is the lump sum commutation as determined by the actuary? |
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What is the lump sum commutation factor? |
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What % do you want to commute? |
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The dependant's credit account pension payable on Member's death in deferment( as advised by Scheme Actuary) |
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The dependant's investment account pension payable on Member's death in deferment( as advised by Scheme Actuary) |
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Appropriate percentage declared on the date of the Pension Sharing Order. |
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Is the member retiring due to ill-health on the higher level? |
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Is there a commutation amount elected by the Member on retirement? Please note than the answer is always "No" for serious ill-health retirement. |
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Is the member transferring to a contracted-out scheme? |
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Does the spouse qualify for the contracted out benefits? |
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Does the Member have a Child or Dependant? |
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Have the Trustees agreed to use the NonPRInvAccBalance to provide benefits for a Spouse and Dependants? |
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Does the Member have a Dependant? |
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Does the Member have a Fund Spouse? |
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Did the member retire due to incapacity? |
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Is the Member an active Member, does AXA PPP consider the Member incapacitated at the highest level as defined under the Rules and do the Bank and Trustees agree that an ill health pension may be paid? |
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Does AXA PPP consider the Member incapacitated at the lower level as defined under the Rules and do the Bank and Trustees agree that an ill- health pension may be paid ? |
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Has evidence been received that the Member is expected to live for less than one year? |
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Did the Member pass the HMRC test? |
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Did the Member retire before 6 April 2006? |
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Has the Member opted to protect their death benefit lump sum? |
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Does the Member meet all of the relevant terms and conditions as per section 6.11 of the redundancy policy? |
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Has it been agreed between the Bank and the Member that Protected rights pension can be determined with reference to the Member only? |
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Has the Bank decided to apply the Employer Senior Executive Top UP and Cash Allowance Contributions to provide for a lump sum? |
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Has the Bank decided to apply the Employer Senior Executive Top UP and Cash Allowance Contributions to provide a pension? |
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Is the member transferring out overseas? |
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Is the member transferring out? |
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Is total lump sum payment within 2 years of date of death? |
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How much money is owed by the Member? |
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What is the Old Fund pension equivalent as determined by the actuary? |
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What is the value of the member's preserved benefit? |
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For ill health retirement(HIGHER LEVEL) obtain the protected lump, if any, from technical department |
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Does Gibraltar member have any retained benefits from any other Scheme? |
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Please enter the retirement lump sum amount elected by the Member. |
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Was the Pension Sharing Order made in Scotland,Wales or outside England? |
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Please enter the Spouse's percentage chosen by the member on retirement for non protected rights. Please note that for quotation purposes it should be done on 0%, 50% and 66.67%. |
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Did the Trustees decide to provide the Dependant's pension as a lump sum of Employee contributions plus Spouse/Dependant's pension purchased with residual Employer contributions? |
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What is the annuity rate to purchase the spouse's pension? |
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The spouse's pension payable on Member's death in service iro of Employer Senior Executive Contributions (as advised by Scheme Actuary) |
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Has the technical team given consent to proceed with payment of trivial commutation amount? |
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Did the Member become deferred through redundancy within the last 2 years? |
Answer each question and capture an answer (if applicable), using either the drop-down box to capture YES or NO, or capturing a percentage or amount (if applicable). Note that if a selection for a question that has a drop-down box is not made, the default answer will be NO.
Once the necessary details have been captured, click SUBMIT.
Note:
The answers will be saved to the member values table. These answers are used by the system during the calculation of the benefit.
If there is a scale linked to the benefit product, and there is therefore a choice of values, the values will be displayed in a drop-down list on a Benefit Quote Input screen for selection.
Select the required value from the drop-down list and click SUBMIT.
For more details refer to
Supplements
Claim, Quote and Projection Input Questions
The Benefit Quote Results screen will be displayed.
For details on how to proceed from this point, refer to Quotes under
Processes
Benefits
Quotes
Quotes Using Flexible Benefit Rules