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

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.

YearsCertain

Number of years guaranteed payments. May be an integer, or a factional amount (e.g. years & months).
Optional, default = 0

YearsCertain applies to both the single life normal form of annuity and the joint life optional form of annuity. To specify two different YearsCertain values, enter a text string with two numbers delimited with “,”, e.g. “YearsCertain_SL YearsCertain_JL”.

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.

StopAge

Age when the annuity benefit stops -- no payment at this age.
Optional, default = to end of the mortality table.

AnnTiming

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

YrsCertOption

This is to select the method of calculation for the certain portion of the annuity when using CalculationMethod =0. It does not apply for other methods. This is used only if YearsCertain not a whole number.
Optional, default = 0.