Three Months Average Earnings for Assumed Pensionable Pay
To ensure the average earnings is calculated correctly, even if there are no previous earnings, make sure you have created the following:
- Create the rate definition as below:
Field Description Category Derived Rate Employment Level Payroll Assignment Reporting Required No Calculate Live Rates Yes Periodicity Null Periodicity Conversion Formula Standard Rate Annualized - Select the Rate Contributor tab and enter these details:
Field Description Reference Date This Month End Date Balance Name <BaseName> Assumed Pensionable Pay Balance Dimension Set Assignment Last 3 Months if Calendar Monthly Payroll;
Set Assignment NoCB Period to Date if Lunar Payroll
Periodicity Set it to Null - In the Create Calculation Value Definition window,
complete the fields as shown here:
Field Description Calculation Type Rate Definition Use existing value definition group Check, if you will use the already defined LGPS Pension rates Value Definition Group Select the Public Sector Pension rates Calculation Value Definition Details section Retrieval Date Effective Date Calculation Values Define the Range Items and select the Rate Definition created before. - In the Element window, select the user created Element of
<BaseName> Calculator Element and go to calculation factor to add a new
factor as below:
Field Description Calculation Step LGPS Average Three Months Earnings Calculation Value Definition Select the Value Definition of the Derived Rate created before.