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Final pensionable salary

Defined in the particular pension scheme and calculated in a specified way (e.g. averaged over a limited period prior to the normal retirement date (or earlier date of leaving) or the actual final salary). The pension scheme definition is usually more restrictive than the IR’s final remuneration definition. See FINAL SALARY SCHEME.

Final remuneration (IR definition)

IR definition, more generous than scheme definitions, provides that the final remuneration should be not greater than either: (a) the average total earnings liable to Schedule E tax over three or more consecutive years in the 10 preceding retirement; or (b) basic annual pay of an employee liable to Schedule E tax for any one year of the five preceding retirement plus certain bonuses and commission averaged over a period and benefits in kind. Adjustments can be made using dynamisation. The limit affects how much of a member’s earnings can be taken into account when IR calculates the maximum benefit available under an approved scheme.

Final Report

In temporary disability workers’ compensation cases, the last report submitted by a physician to the insurance company stating the patient is able to return to work. In permanent disability workers’ compensation cases, the last report indicating permanent disability of the patient. Also called Doctor’s Final (or Monthly) Report and Bill .

Final rule

Official release of a requirement or guideline created by the Secretary of Health and Human Services (HHS) to meet a specific law. When a final rule is officially released, entities may begin to use the rule. After a period of implementation, then a compliance deadline is mandated.

Final salary scheme

The main type of defined benefit scheme. The pension is a proportion of final salary based on an accrual rate, e.g. onesixtieth, for each year of scheme membership plus any added years. Forty years produces the maximum allowable pension. Scheme trustees must ensure that contribution levels are sufficient to deliver the pensions promised. Members can commute part of their rights into a tax-free lump seem equal to 1.5 times the final salary. See FINAL PENSIONABLE SALARY; FINAL REMUNERATION.