Indexation

Indexation type

If the type of indexation provided by your scheme is not exactly covered by any of the options, please choose the one that in your opinion is the closest match. Where more than one type of indexation applies to different benefits, please enter the one that relates to the largest proportion of liabilities.

Indexation rate & revaluation rate

With effect from April 2011 the statutory minimum rate of indexation and/or revaluation has been calculated by reference to CPI, prior to this date the statutory minimum was calculated by reference to RPI.  Whether this change impacts on the indexation rate and/or revaluation rate applying to a particular scheme will depend on the provisions of the scheme rules. Trustees and employers should refer to their advisors to clarify the position.  Where future indexation and/or revaluation will be calculated by reference to CPI and by reference to RPI for different parts of the benefits, please enter the one that relates to the largest proportion of liabilities.  Similarly, if future indexation and/or revaluation will be calculated by reference to CPI and by reference to RPI for different categories of members, please enter the one that relates to the largest proportion of liabilities.

Normal pension age (NPA)

It is expected that scheme actuaries will calculate the Normal Pension Age items as a routine part of the section 179 valuation calculations. However, if this information is not available, it would be acceptable for the actuary to calculate this information approximately in circumstances where the information has not been produced accurately as part of the valuation or in cases where it would entail a significant amount of extra work to identify the accurate information.

Where more than one NPA applies, we would like schemes to input the age that applies to the largest proportion of liabilities.

Only active members and deferred members should be considered for this calculation. Pensioners and dependants should not be included.

A figure must be entered into the post-2009 NPA box even if you have no post-2009 benefits in your scheme, since your scheme rules should still provide a post-2009 NPA even if there are no post-2009 benefits. However, if there are different post-2009 NPAs for different categories of member, or if it would otherwise prove difficult to find the information, you should enter the same figure as you entered for post-97 NPA.