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

136,361.40
102,271.05
51,397.94

Total monthly pension - Option A

51,397.94

Option B - Half DB Half DC

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

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