All members referred to below joined the scheme on 01/02/1975 The pension scheme to which all the members referred to in this question has the following design: Salary figures for the last 5 years have increased at an inflation rate of 6% per annum Annual tax rates are given in the table below The pension scheme has an NRA of 65 years The pension scheme has an accrual factor of 1/60 Voluntary retirement pension = normal pension reduced by 4% for each year not served up to NRA Spouse's Death After Retirement Benefits: . -Pension: 40% of member's pension -Lump-sum: 5-year guarantee Death in Service Benefits: -Spouse's pension: 2/3 of member's pension if he/she had retired due to ill health on the day he/she died. - Lump-sum: 3 x Salary Pension increases: Limited Price Indexation granted each October. The rate of increase shall be lower of the rate of increase in RPI or 5%. Member's contributions: 5% of Pensionable Salary The following definitions are included in the Rules of the Scheme: Pensionable Salary = PAYE earnings for the complete tax year prior to the calculation date "Final Pensionable Salary = average of the last 3 "Pensionable Salary" figures. Year Annual Salary Figures Annual Tax Rates Number of Years Early Consumer Price Index (CPI) R160 2016 23 760 + 25% of the amount above 132 000 4 100 000 2017 25% of taxable income above 140 000 3 110 27 000 + 25% of taxable income N 2018 120 2019 28 800 + 25% of taxable income above 160 000 1 125 2020 29 808 + 25% of taxable income above 165 600 0 130 Mrs. Radebe joined the scheme on 01/02/1975 and retired on 01/06/2020: a) Calculate the pension, which Mrs. Radebe will receive on retirement? (Show all workings) (15 marks) b) Define NRR and calculate Mrs. Radebe's NRR. (5 marks) c) If Mrs. Radebe's retires 3 years before the normal retirement age, what is her pension? (5 marks) d) If Mrs. Radebe falls ill and retires 4 years before the normal retirement age, calculate her pension. (4 marks) Mr. Smith died on 1/11/2019 having retired with a pension of 160 000 p.a. on 1/10/2016. Calculate: a) The amount of pension he was receiving before he passed away; and (7 marks) b) The benefits payable to his wife. (5 marks) Mrs. Hilton passed away in service, due to ill health, on 1/9/2020 at age 58, having.joined the scheme on 1/02/1985. Calculate a) The amount of monthly contributions she was making to the scheme at the time of her passing. (4 marks) b) The benefits payable to her husband. (5 marks) All members referred to below joined the scheme on 01/02/1975 The pension scheme to which all the members referred to in this question has the following design: Salary figures for the last 5 years have increased at an inflation rate of 6% per annum Annual tax rates are given in the table below The pension scheme has an NRA of 65 years The pension scheme has an accrual factor of 1/60 Voluntary retirement pension = normal pension reduced by 4% for each year not served up to NRA Spouse's Death After Retirement Benefits: . -Pension: 40% of member's pension -Lump-sum: 5-year guarantee Death in Service Benefits: -Spouse's pension: 2/3 of member's pension if he/she had retired due to ill health on the day he/she died. - Lump-sum: 3 x Salary Pension increases: Limited Price Indexation granted each October. The rate of increase shall be lower of the rate of increase in RPI or 5%. Member's contributions: 5% of Pensionable Salary The following definitions are included in the Rules of the Scheme: Pensionable Salary = PAYE earnings for the complete tax year prior to the calculation date "Final Pensionable Salary = average of the last 3 "Pensionable Salary" figures. Year Annual Salary Figures Annual Tax Rates Number of Years Early Consumer Price Index (CPI) R160 2016 23 760 + 25% of the amount above 132 000 4 100 000 2017 25% of taxable income above 140 000 3 110 27 000 + 25% of taxable income N 2018 120 2019 28 800 + 25% of taxable income above 160 000 1 125 2020 29 808 + 25% of taxable income above 165 600 0 130 Mrs. Radebe joined the scheme on 01/02/1975 and retired on 01/06/2020: a) Calculate the pension, which Mrs. Radebe will receive on retirement? (Show all workings) (15 marks) b) Define NRR and calculate Mrs. Radebe's NRR. (5 marks) c) If Mrs. Radebe's retires 3 years before the normal retirement age, what is her pension? (5 marks) d) If Mrs. Radebe falls ill and retires 4 years before the normal retirement age, calculate her pension. (4 marks) Mr. Smith died on 1/11/2019 having retired with a pension of 160 000 p.a. on 1/10/2016. Calculate: a) The amount of pension he was receiving before he passed away; and (7 marks) b) The benefits payable to his wife. (5 marks) Mrs. Hilton passed away in service, due to ill health, on 1/9/2020 at age 58, having.joined the scheme on 1/02/1985. Calculate a) The amount of monthly contributions she was making to the scheme at the time of her passing. (4 marks) b) The benefits payable to her husband