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Pension jargon and terms explained. Cut through the jargon around pensions with our handy glossary for pension terms. From annual allowance to value protection, we've got easy-to-understand, plain language explanations to help you understand your pensions product. Alternative annual allowance.
As a general rule, terms which have the same meaning in the pensions field as in everyday life have been excluded from the glossary - their meanings will be found in any standard dictionary. Some terms have been given a wide and general definition: it should always be remembered that, in particular cases,
Jul 1, 2021 · Understand what pension terms and phrases mean. July 1, 2021. This glossary of pension terms and phrases is organized alphabetically. Terms in this glossary include: Structural Design of Retirement Systems. Defined Benefit Plan. Defined Contribution Plan. Pension System, Plan, and/or Tier. Valuation. Pension Financial Terms. Actuarial Assumptions.
GLOSSARY OF TERMS - PENSIONS Prepared by David Forfar,MA, FFA with the assistance of David Raymont, Librarian of Institute of Actuaries, London. Note:- some of the definitions refer to Guidance Note 26 (GN26) of the Faculty and Institute of Actuaries of which a copy is obtainable from www.actuaries.org.uk
Pension – steady income given to a person as the result of service that begins when a specific event occurs (such as retirement). Pensions are typically paid monthly and based on factors such as years of service and prior compensation. The payment may be made by a government, employer, pension fund, or life insurance company.
All definitions are correct at the time of publication and the document is updated annually to coincide with the publication of the PPI’s annual Pensions Primer. The Pensions Primer is a guide to the UK pensions system and provides a detailed description of the current pensions system and some of the archaeology of these layers.
This is a guide to help people understand pensions terminology generally. The Pensions Regulator also issues technical and practitioner guidance which contain glossaries of the technical and...
[This glossary brings together in one place an explanation of some terminology related to pensions] Types of Pension. What are pension schemes? They are collective savings products designed to provide the scheme participants with an income in retirement.
A-Z of pensions and actuarial terminology. Version 1.0 July 2013. Status of this information. This document is intended to be a general guide to some of the most frequently encountered pensions and actuarial terminology. It is not intended to be exhaustive and it is no substitute for professional advice.
Dec 1, 2011 · The nine benefit crystallisation events are as follows: • funds are designated to provide a member with an unsecured pension • member becomes entitled to a scheme pension • a scheme pension already in payment to a member is increased beyond a permitted margin • a member becomes entitled to a lifetime annuity under a defined benefit ...
