View Unit : Calculating and Quoting Pension Scheme Early Leavers Notifications

Unit

Unit Reference Number

F/503/0506

Qualification Framework

QCF

Title

Calculating and Quoting Pension Scheme Early Leavers Notifications

Unit Level

Level 3

Unit Sub Level

None

Guided Learning Hours

Unit Credit Value

Date of Withdrawal

SSAs

15.1 Accounting and Finance

Unit Grading Structure

Pass

Assessment Guidance

Pension Schemes used for the calculation of benefits must be DB and DC schemes which should include not contracted out of SERPS/S2P and contracted out of SERPS/S2P.

All of the following supplementary and discretionary benefits should be assessed: (a) split accruals, breaks in service and/or part time service, (b) transfers in, (c) additional voluntary contributions, (d) augmentations

View Unit's Qualifications

Learning Outcomes and Assessment Criteria

Learning Outcome - The learner will:		Assessment Criterion - The learner can:
1	Be able to interpret and apply pension scheme rules in the event of a leaver notification	1.1	Identify and apply scheme rules and definitions for all given schemes in the event of a member leaving the scheme
2	Be able to determine benefits payable based on member records, scheme rules and legislation	2.1	Extract, collate and check all necessary information and documentation before benefits can be quoted and settled
		2.2	Perform calculations to accurately determine benefits, taking into account the member’s records, scheme rules and relevant legislation and in line with organisational and statutory requirements and the service level commitment
		2.3	Identify and take into account any necessary supplementary and discretionary benefits in the calculating of benefits
3	Be able to accurately calculate the pension scheme early leaver notification	3.1	Calculate and provide information relating to HM Revenue & Customs Regulations where required
3		3.2	Calculate statutory increases on deferred pensions for the period between date of exit and normal retirement date
4	Be able to quote benefits which match leaver benefit calculations in line with scheme, organisational and statutory requirements	4.1	Notify the beneficiary, sponsor or Trustee in writing of their entitlements within the required timescales and give instructions on the required response
		4.2	Provide complete and accurate information to accompany the quotation ensuring that benefits quoted match calculations
		4.3	Perform activities in a way that meets Disclosure requirements and relevant legislation

Equivalent Units

There are no equivalences to display.