How do I add a new annuity rate?

The annuity rates recorded in CCD are used when completing a pension shortfall analysis. CCD will be installed with a number of rates but as they change so frequently it would not be possible for us to maintain them on a on-going basis. This article will explain how to update the annuity rates.

Access the Setup module, select Tables from the left hand menu and the Annuity rates tab. You will be presented a pre-loaded list of rates:


To amend any rate, simply click into the Rate and the Date current fields and update as required. Please note percentages need to be entered as a decimal figure, for example 5.9% would be entered .059%.

If none of the existing rates meet the criteria you require for a client, a new annuity rate can be added by selecting Add rate from the top right of the screen:


We recommend you base the annuity code around the details of the annuity. For example a Single life code could be recorded as - 'SM60R'. This code would have been worked out as follows:
S = Single Life
M = Male
60 = Current age
R = Indexation linked to RPI

A joint life code could be recorded as - 'J75M60F60R'. This code would have been worked out as follows:
J = Joint Life
75 = Dependant's pension entitlement
M = Male
60 = Male's current age
F = Female
60 = Female's current age
R = Indexation linked to RPI

Enter the annuity code and a full description of the rate, as this will be displayed in the 'Personal Financial Review' for your clients. Add the annuity rate as a decimal, for example 5.9% would be entered .059. Input the date rate current.

Once completed using the blue navigation trail from the top of the screen and select Annuity rates to return to the list of rates available. Your new rate will be added to the list.