|
|
XL Reports –
Drawdown Uplifts 2013
|
For members whose drawdown limit was last calculated before 6th April 2011, a factor of 120% was included in the calculation of the limit. Subsequent calciulations did not include the 120% factor.
For any member where the latest limit does not include the 120% factor, the limit automatically increases by 20% from the drawdown year that starts on or after 26th March 2013.
The 20% GAD Uplift report on the Members tab produces a list of the appropriate members showing their lower limit and the limit that will apply when the 20% uplift is applied. All arrangements (Normal, pre 2006 and TiDs) are treated separately.
The list should be checked to ensure that the data is correct. Once you are happy with the data, the report can be run again and the limits stored in the database.
The limits are stored with a Limit Type of ‘20% Uplift’. This does not affect the ongoing 3 year cycle for full recalculation of the limits.
The fact that limits are stored for a future year will not affect the calculaations for the scope for more pension in the current year.
Other items include Member status filters