(of pension scheme)
111DB scheme — defined benefit scheme (DB scheme): An occupational pension scheme or other retirement benefit scheme which promises the member a defined level of benefit on death or retirement. Employer s contributions have then to be determined from time to… …
112money purchase scheme — Also known as a defined contribution scheme. A pension scheme where the benefits payable to an individual member are calculated by reference to contributions paid in to the scheme in respect of that member increased by the investment return… …
113money-purchase scheme — Also known as a defined contribution scheme. A pension scheme where the benefits payable to an individual member are calculated by reference to contributions paid in to the scheme in respect of that member increased by the investment return… …
114final salary scheme — The calculation of your pension on retirement is based on a fraction of your pensionable earnings for each year you ve been a member of the pension scheme. The most common fraction used is 1/6th and if you had been a member of the scheme from the …
115Frozen Occupational Pension — A frozen occupational pension (or a preserved pension ) is one which has been left behind in an occupational pension scheme by people who are no longer employed by the sponsoring employer. These pensions are frozen until retirement age. This does …
116group personal pension plan — group personal pension plan/group personal pension scheme (GPPP) An arrangement for the employees of a specific employer to participate in a personal pension scheme on a group basis. A GPPP is effectively a series of individual personal pensions… …
117multi-employer scheme — An occupational pension scheme that has more than one participating employer. Multi employer schemes are either segregated, meaning that the scheme assets may only be used for a particular section of the scheme, or non segregated, in which case… …
118alternatively secured pension — Introduced by the Finance Act 2004, a registered pension scheme that is a money purchase scheme may pay an alternatively secured pension to a member who reaches age 75 without having chosen to draw a pension or take a lifetime annuity. In essence …
119Frozen pension — There are two distinct meanings of frozen pension .Frozen occupational pensionPensions which have been left behind in an occupational pension scheme by people who are no longer employed by the sponsoring employer are frozen until retirement age.… …
120bridging pension — A supplementary pension paid by an occupational pension scheme to a member who retires and starts drawing a scheme pension before reaching state pension age. Bridging pensions are designed to ensure that members receive a regular income from the… …
