Parameter Name

Description

AnnuityCode

Type of joint life annuity to evaluate:

For a pop-up annuity, 𝐵 is calculated as follows:

Percentage

The joint percentage payable to the survivor according to the AnnuityCode. May be either a percent or a number, e.g. 50% or .5.

Note: A value that is 10 or greater (i.e. 1000%) will be divided by 100, e.g. if you enter 10 it will be treated as 10%; if you enter 50 it will be treated as 50%.

CurrentAgeX

Current age of the primary annuitant 𝑥 (i.e. the age at the valuation date). May be provided as an integer, or as a fractional amount (e.g. years & months).

CurrentAgeY

Current age of the secondary annuitant 𝑦 (i.e. the age at the valuation date). May be provided as an integer, or as a fractional amount (e.g. years & months).

CommencementAge

Age of primary annuitant 𝑥 at benefit commencement.

·       If CommencementAge > CurrentAgeX then it will be valued as a deferred annuity.

·       If CommencementAge is missing or zero, then CommencementAge is assumed to be = CurrentAgeX and it will be valued as an immediate annuity

LevelAge

Age at which amount of annuity changes for the leveling option.

LevelFraction

Fraction of the original payment amount to be paid starting at LevelAge.
LevelFraction = PostBen ÷ PreBen, where PostBen = PreBen - SSBen.

InterestRate

The interest rate(s) to discount future payments to calculate the present value. May be a number, a percentage, a text string, a named range, or reference to a range.

·       Rates can be defined using these interest definitions.

·       Note: A value that is greater than 25% (i.e. 0.25) will be divided by 100; e.g. if you enter 2.75 it will be treated as .0275 or 2.75%.

MortalityTableX

Mortality table definition text string for primary annuitant 𝑥.

MortalityTableY

Mortality table definition text string for secondary annuitant 𝑦.
Optional, default = MortalityTableX.

AgeSetbackX

Mortality table age set-back for primary annuitant 𝑥. A negative number is a set-forward.
Note that you can also define a setback using the "/sb" option in the table definition (or "/sf").
Optional, default = 0.

AgeSetbackY

Mortality table age set-back for secondary annuitant 𝑦. A negative number is a set-forward.
Note that you can also define a setback using the "/sb" option in the table definition (or "/sf").
Optional, default = 0.

Frequency

Number of payments per year:
Optional, default = 12

COLA

Periodic cost-of-living adjustment applied to the benefit amount.
Optional, default = 0
Rates can be defined using these COLA definitions.

CalculationMethod

Method of calculation
Optional, default = 0

NoPreRetMort

The defines the application of pre-retirement mortality for a deferred annuity.
Optional, default = 0.

AnnTiming

Defines when the payments are made in the period.
Optional, default = 0.