Assumptions

General
No of years of service at 1 July 2015
No of years of service left
Salary at 1 July 2015
Salary growth % p.a
Discount Factor
Option B/C
% Cash supplement
Additional Contributions (Rs)
Fund performance
% of lump sum taken out at retirement
No of years to be paid annuities with remaining lump sum
Annual Rate of return in Lump sum taken out is invested
Option C
Balanced to be transferred to DCCB at 1 July 15, per Empower

25.00
20.00
75,500.00
3.00%
3.50%

0.00%
7.00%
50.00%
20.00
7.00%

1,000,000.00

Option A - Fully Defined Benefit

Final Salary
Monthly pension
PV of Monthly pension

136,361.40
102,271.05
51,397.94

Total monthly pension - Option A

51,397.94

Option B - Half DB Half DC

Defined Benefit
Monthly pension - DB portion
PV of Monthly pension - DB portion

31,458.33
15,809.89

Defined Contribution
% Core Contribution by bank
% Contribution by staf
Lump sum at end of service
PV of lump sum at end of service
PV of Lump sum remaining for annuity payments
PV of Monthly Pension Payments
Yearly return on lump sum taken out
Monthly return on lump sum taken out

6.00%
12.10%
833,556.74
418,917.18
209,458.59
1,539.83
14,662.10
1,221.84

Total monthly pension - Option B

18,571.56

4,530.00
9,135.50

Year

Contributions b/f
0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45

14,622.09
30,706.38
48,368.39
67,732.13
88,930.66
112,106.81
137,413.83
165,016.11
195,090.06
227,824.87
263,423.47
302,103.50
344,098.34
389,658.25
439,051.54
492,565.88
550,509.65
613,213.40
681,031.46
754,343.58
833,556.74
919,107.10
1,011,462.02
1,111,122.31
1,218,624.56
1,334,543.68
1,459,495.60
1,594,140.17
1,739,184.25
1,895,385.05
2,063,553.64
2,244,558.79
2,439,330.98
2,648,866.82
2,874,233.65
3,116,574.54
3,377,113.63
3,657,161.82
3,958,122.90
4,281,500.04
4,628,902.83
5,002,054.76
5,402,801.18
5,833,117.93
6,295,120.47

Salary
75,500.00
77,765.00
80,097.95
82,500.89
84,975.92
87,525.19
90,150.95
92,855.48
95,641.14
98,510.38
101,465.69
104,509.66
107,644.95
110,874.30
114,200.52
117,626.54
121,155.34
124,790.00
128,533.70
132,389.71
136,361.40
140,452.24
144,665.81
149,005.78
153,475.96
158,080.23
162,822.64
167,707.32
172,738.54
177,920.70
183,258.32
188,756.07
194,418.75
200,251.31
206,258.85
212,446.62
218,820.01
225,384.61
232,146.15
239,110.54
246,283.85
253,672.37
261,282.54
269,121.02
277,194.65
285,510.49

% growth p.a
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%

46
47
48
49
50
51
52
53
54
55
56
57
58
59
60

6,791,073.72
7,323,402.54
7,894,702.99
8,507,754.34
9,165,531.95
9,871,221.03
10,628,231.40
11,440,213.25
12,311,074.00
13,244,996.37
14,246,457.72
15,320,250.72
16,471,505.46
17,705,713.14
19,028,751.43

294,075.80
302,898.07
311,985.02
321,344.57
330,984.90
340,914.45
351,141.89
361,676.14
372,526.43
383,702.22
395,213.29
407,069.68
419,281.77
431,860.23
444,816.03

3.00%
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%

% contribution by % contribution by
Additional
Total yearly
Bank
staf
Contributions contributions
6.00%
12.10%
13,665.50
6.00%
12.10%
14,075.47
6.00%
12.10%
14,497.73
6.00%
12.10%
14,932.66
6.00%
12.10%
15,380.64
6.00%
12.10%
15,842.06
6.00%
12.10%
16,317.32
6.00%
12.10%
16,806.84
6.00%
12.10%
17,311.05
6.00%
12.10%
17,830.38
6.00%
12.10%
18,365.29
6.00%
12.10%
18,916.25
6.00%
12.10%
19,483.74
6.00%
12.10%
20,068.25
6.00%
12.10%
20,670.29
6.00%
12.10%
21,290.40
6.00%
12.10%
21,929.12
6.00%
12.10%
22,586.99
6.00%
12.10%
23,264.60
6.00%
12.10%
23,962.54
6.00%
12.10%
24,681.41
6.00%
12.10%
25,421.86
6.00%
12.10%
26,184.51
6.00%
12.10%
26,970.05
6.00%
12.10%
27,779.15
6.00%
12.10%
28,612.52
6.00%
12.10%
29,470.90
6.00%
12.10%
30,355.02
6.00%
12.10%
31,265.68
6.00%
12.10%
32,203.65
6.00%
12.10%
33,169.76
6.00%
12.10%
34,164.85
6.00%
12.10%
35,189.79
6.00%
12.10%
36,245.49
6.00%
12.10%
37,332.85
6.00%
12.10%
38,452.84
6.00%
12.10%
39,606.42
6.00%
12.10%
40,794.62
6.00%
12.10%
42,018.45
6.00%
12.10%
43,279.01
6.00%
12.10%
44,577.38
6.00%
12.10%
45,914.70
6.00%
12.10%
47,292.14
6.00%
12.10%
48,710.90
6.00%
12.10%
50,172.23
6.00%
12.10%
51,677.40

6.00%
6.00%
6.00%
6.00%
6.00%
6.00%
6.00%
6.00%
6.00%
6.00%
6.00%
6.00%
6.00%
6.00%
6.00%

12.10%
12.10%
12.10%
12.10%
12.10%
12.10%
12.10%
12.10%
12.10%
12.10%
12.10%
12.10%
12.10%
12.10%
12.10%

53,227.72
54,824.55
56,469.29
58,163.37
59,908.27
61,705.52
63,556.68
65,463.38
67,427.28
69,450.10
71,533.60
73,679.61
75,890.00
78,166.70
80,511.70

Fund
Discounting
PV of
Performance Contributions c/f
factor
contributions c/f
7%
14,622.09
3.50%
14,622.09
7%
30,706.38
3.50%
29,668.00
7%
48,368.39
3.50%
45,152.41
7%
67,732.13
3.50%
61,090.50
7%
88,930.66
3.50%
77,497.94
7%
112,106.81
3.50%
94,390.93
7%
137,413.83
3.50%
111,786.24
7%
165,016.11
3.50%
129,701.17
7%
195,090.06
3.50%
148,153.65
7%
227,824.87
3.50%
167,162.16
7%
263,423.47
3.50%
186,745.85
7%
302,103.50
3.50%
206,924.50
7%
344,098.34
3.50%
227,718.54
7%
389,658.25
3.50%
249,149.10
7%
439,051.54
3.50%
271,238.05
7%
492,565.88
3.50%
294,007.95
7%
550,509.65
3.50%
317,482.17
7%
613,213.40
3.50%
341,684.83
7%
681,031.46
3.50%
366,640.87
7%
754,343.58
3.50%
392,376.10
7%
833,556.74
3.50%
418,917.18
7%
919,107.10
3.50%
446,291.66
7%
1,011,462.02
3.50%
474,528.05
7%
1,111,122.31
3.50%
503,655.78
7%
1,218,624.56
3.50%
533,705.32
7%
1,334,543.68
3.50%
564,708.14
7%
1,459,495.60
3.50%
596,696.78
7%
1,594,140.17
3.50%
629,704.88
7%
1,739,184.25
3.50%
663,767.22
7%
1,895,385.05
3.50%
698,919.74
7%
2,063,553.64
3.50%
735,199.61
7%
2,244,558.79
3.50%
772,645.25
7%
2,439,330.98
3.50%
811,296.38
7%
2,648,866.82
3.50%
851,194.05
7%
2,874,233.65
3.50%
892,380.72
7%
3,116,574.54
3.50%
934,900.25
7%
3,377,113.63
3.50%
978,798.02
7%
3,657,161.82
3.50%
1,024,120.91
7%
3,958,122.90
3.50%
1,070,917.42
7%
4,281,500.04
3.50%
1,119,237.65
7%
4,628,902.83
3.50%
1,169,133.41
7%
5,002,054.76
3.50%
1,220,658.28
7%
5,402,801.18
3.50%
1,273,867.61
7%
5,833,117.93
3.50%
1,328,818.65
7%
6,295,120.47
3.50%
1,385,570.59
7%
6,791,073.72
3.50%
1,444,184.58

7%
7%
7%
7%
7%
7%
7%
7%
7%
7%
7%
7%
7%
7%
7%

7,323,402.54
7,894,702.99
8,507,754.34
9,165,531.95
9,871,221.03
10,628,231.40
11,440,213.25
12,311,074.00
13,244,996.37
14,246,457.72
15,320,250.72
16,471,505.46
17,705,713.14
19,028,751.43
20,446,911.55

3.50%
3.50%
3.50%
3.50%
3.50%
3.50%
3.50%
3.50%
3.50%
3.50%
3.50%
3.50%
3.50%
3.50%
3.50%

1,504,723.89
1,567,253.89
1,631,842.17
1,698,558.60
1,767,475.44
1,838,667.34
1,912,211.52
1,988,187.79
2,066,678.66
2,147,769.42
2,231,548.26
2,318,106.35
2,407,537.92
2,499,940.40
2,595,414.52

Option C - Fully Defined Contribution

% Core Contribution by bank
% Contribution by staf
Lump sum at end of service
PV of lump sum at end of service
PV of Lump sum remaining for annuity payments
PV of Monthly Pension Payments
Yearly return on lump sum taken out
Monthly return on lump sum taken out
Total monthly pension - Option C

6.00%
12.10%
3,444,729.63
2,211,040.87
1,105,520.43
8,127.20
77,386.43
6,448.87
14,576.07

4,530.00
9,135.50

Year

Contributions
% contribution
b/f
Salary
% growth p.a by Bank
0
1,000,000.00
75,500.00
3.00%
6.00%
1
1,084,622.09
77,765.00
3.00%
6.00%
2
1,175,606.38
80,097.95
3.00%
6.00%
3
1,273,411.39
82,500.89
3.00%
6.00%
4
1,378,528.14
84,975.92
3.00%
6.00%
5
1,491,482.39
87,525.19
3.00%
6.00%
6
1,612,837.17
90,150.95
3.00%
6.00%
7
1,743,195.30
92,855.48
3.00%
6.00%
8
1,883,202.29
95,641.14
3.00%
6.00%
9
2,033,549.27
98,510.38
3.00%
6.00%
10
2,194,976.23
101,465.69
3.00%
6.00%
11
2,368,275.42
104,509.66
3.00%
6.00%
12
2,554,295.09
107,644.95
3.00%
6.00%
13
2,753,943.34
110,874.30
3.00%
6.00%
14
2,968,192.40
114,200.52
3.00%
6.00%
15
3,198,083.08
117,626.54
3.00%
6.00%
16
3,444,729.63
121,155.34
3.00%
6.00%
17
3,709,324.86
124,790.00
3.00%
6.00%
18
3,993,145.68
128,533.70
3.00%
6.00%
19
4,297,559.00
132,389.71
3.00%
6.00%
20
4,624,028.04
136,361.40
3.00%
6.00%
21
4,974,119.12
140,452.24
3.00%
6.00%
22
5,349,508.84
144,665.81
3.00%
6.00%
23
5,751,991.89
149,005.78
3.00%
6.00%
24
6,183,489.27
153,475.96
3.00%
6.00%
25
6,646,057.20
158,080.23
3.00%
6.00%
26
7,141,896.61
162,822.64
3.00%
6.00%
27
7,673,363.23
167,707.32
3.00%
6.00%
28
8,242,978.53
172,738.54
3.00%
6.00%
29
8,853,441.30
177,920.70
3.00%
6.00%
30
9,507,640.10
183,258.32
3.00%
6.00%
31 10,208,666.54
188,756.07
3.00%
6.00%
32 10,959,829.59
194,418.75
3.00%
6.00%
33 11,764,670.74
200,251.31
3.00%
6.00%
34 12,626,980.36
206,258.85
3.00%
6.00%
35 13,550,815.13
212,446.62
3.00%
6.00%
36 14,540,516.73
218,820.01
3.00%
6.00%
37 15,600,731.77
225,384.61
3.00%
6.00%
38 16,736,433.24
232,146.15
3.00%
6.00%
39 17,952,943.31
239,110.54
3.00%
6.00%
40 19,255,957.88
246,283.85
3.00%
6.00%
41 20,651,572.72
253,672.37
3.00%
6.00%

42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60

22,146,311.54
23,747,155.94
25,461,577.52
27,297,572.23
29,263,697.11
31,369,109.56
33,623,609.50
36,037,684.31
38,622,557.01
41,390,237.85
44,353,579.40
47,526,335.61
50,923,224.92
54,559,997.85
58,453,509.31
62,621,795.92
67,084,158.82
71,861,252.24
76,975,178.27

261,282.54
269,121.02
277,194.65
285,510.49
294,075.80
302,898.07
311,985.02
321,344.57
330,984.90
340,914.45
351,141.89
361,676.14
372,526.43
383,702.22
395,213.29
407,069.68
419,281.77
431,860.23
444,816.03

3.00%
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%

6.00%
6.00%
6.00%
6.00%
6.00%
6.00%
6.00%
6.00%
6.00%
6.00%
6.00%
6.00%
6.00%
6.00%
6.00%
6.00%
6.00%
6.00%
6.00%

% contribution Additional
by staf
Contributions
12.10%
12.10%
12.10%
12.10%
12.10%
12.10%
12.10%
12.10%
12.10%
12.10%
12.10%
12.10%
12.10%
12.10%
12.10%
12.10%
12.10%
12.10%
12.10%
12.10%
12.10%
12.10%
12.10%
12.10%
12.10%
12.10%
12.10%
12.10%
12.10%
12.10%
12.10%
12.10%
12.10%
12.10%
12.10%
12.10%
12.10%
12.10%
12.10%
12.10%
12.10%
12.10%
-

Total yearly
Fund
Contributions
contributions Performance
c/f
13,665.50
7%
1,084,622.09
14,075.47
7%
1,175,606.38
14,497.73
7%
1,273,411.39
14,932.66
7%
1,378,528.14
15,380.64
7%
1,491,482.39
15,842.06
7%
1,612,837.17
16,317.32
7%
1,743,195.30
16,806.84
7%
1,883,202.29
17,311.05
7%
2,033,549.27
17,830.38
7%
2,194,976.23
18,365.29
7%
2,368,275.42
18,916.25
7%
2,554,295.09
19,483.74
7%
2,753,943.34
20,068.25
7%
2,968,192.40
20,670.29
7%
3,198,083.08
21,290.40
7%
3,444,729.63
21,929.12
7%
3,709,324.86
22,586.99
7%
3,993,145.68
23,264.60
7%
4,297,559.00
23,962.54
7%
4,624,028.04
24,681.41
7%
4,974,119.12
25,421.86
7%
5,349,508.84
26,184.51
7%
5,751,991.89
26,970.05
7%
6,183,489.27
27,779.15
7%
6,646,057.20
28,612.52
7%
7,141,896.61
29,470.90
7%
7,673,363.23
30,355.02
7%
8,242,978.53
31,265.68
7%
8,853,441.30
32,203.65
7%
9,507,640.10
33,169.76
7% 10,208,666.54
34,164.85
7% 10,959,829.59
35,189.79
7% 11,764,670.74
36,245.49
7% 12,626,980.36
37,332.85
7% 13,550,815.13
38,452.84
7% 14,540,516.73
39,606.42
7% 15,600,731.77
40,794.62
7% 16,736,433.24
42,018.45
7% 17,952,943.31
43,279.01
7% 19,255,957.88
44,577.38
7% 20,651,572.72
45,914.70
7% 22,146,311.54

12.10%
12.10%
12.10%
12.10%
12.10%
12.10%
12.10%
12.10%
12.10%
12.10%
12.10%
12.10%
12.10%
12.10%
12.10%
12.10%
12.10%
12.10%
12.10%

47,292.14
48,710.90
50,172.23
51,677.40
53,227.72
54,824.55
56,469.29
58,163.37
59,908.27
61,705.52
63,556.68
65,463.38
67,427.28
69,450.10
71,533.60
73,679.61
75,890.00
78,166.70
80,511.70

7%
7%
7%
7%
7%
7%
7%
7%
7%
7%
7%
7%
7%
7%
7%
7%
7%
7%
7%

23,747,155.94
25,461,577.52
27,297,572.23
29,263,697.11
31,369,109.56
33,623,609.50
36,037,684.31
38,622,557.01
41,390,237.85
44,353,579.40
47,526,335.61
50,923,224.92
54,559,997.85
58,453,509.31
62,621,795.92
67,084,158.82
71,861,252.24
76,975,178.27
82,449,588.27

PV of
Discounting
contributions
factor
c/f
3.00%
1,084,622.09
3.00%
1,141,365.42
3.00%
1,200,312.37
3.00%
1,261,548.53
3.00%
1,325,162.79
3.00%
1,391,247.51
3.00%
1,459,898.62
3.00%
1,531,215.80
3.00%
1,605,302.58
3.00%
1,682,266.51
3.00%
1,762,219.33
3.00%
1,845,277.12
3.00%
1,931,560.45
3.00%
2,021,194.59
3.00%
2,114,309.67
3.00%
2,211,040.87
3.00%
2,311,528.62
3.00%
2,415,918.81
3.00%
2,524,362.98
3.00%
2,637,018.58
3.00%
2,754,049.15
3.00%
2,875,624.60
3.00%
3,001,921.43
3.00%
3,133,122.99
3.00%
3,269,419.75
3.00%
3,411,009.59
3.00%
3,558,098.07
3.00%
3,710,898.72
3.00%
3,869,633.38
3.00%
4,034,532.49
3.00%
4,205,835.45
3.00%
4,383,790.95
3.00%
4,568,657.34
3.00%
4,760,703.01
3.00%
4,960,206.77
3.00%
5,167,458.24
3.00%
5,382,758.32
3.00%
5,606,419.56
3.00%
5,838,766.68
3.00%
6,080,136.98
3.00%
6,330,880.89
3.00%
6,591,362.43

3.00%
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%

6,861,959.75
7,143,065.71
7,435,088.41
7,738,451.79
8,053,596.27
8,380,979.38
8,721,076.39
9,074,381.05
9,441,406.29
9,822,684.93
10,218,770.50
10,630,238.05
11,057,684.91
11,501,731.65
11,963,022.93
12,442,228.43
12,940,043.85
13,457,191.91
13,994,423.39