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Or much more simply:
awk -F'|' '{$4 = "F4"; $5 = "F5"}1' OFS='|' "$Iputfile" > "$OutputFile"
but you should verify that $Iputfile is correct. From your output file variable name I would have...

^ is the regex indicating the beginning of the line.

This will change the prefix from 'x' to 'test'. As far as I know, you can only change the prefix and not the suffix. So the split files will be...