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Minimum contributions

Contributions payable to an appropriate personal pension scheme or to a FSAVC scheme by the DWP in respect of a member who has contracted out. The contributions are the flat rate rebate plus the age-related rebate of national insurance contributions and basic rate tax relief on the employer’s share of the rebate where paid into a personal pension plan. The term also describes any minimum amount that a member must contribute in order to be a member of an occupational or personal pension scheme, or in order to make additional voluntary contributions.

minimum data set (MDS)

Core set of screening, clinical, and functional elements used for long-term care patient assessment. Resource utilization group (RUG-III) is a classification system based on MDS. Medicare prospective payment systems and skilled nursing facilities use MDS as the data for classifying patients for case mix. Beginning in June 1998, electronic collection and transmission of MDS data were required.

Minimum deposit business

System to use policy loans to pay premiums in which the policy owner instructs the insurer to pay the premium out of the policy’s cash value and to bill the policy owner for a premium only if the cash value is insufficient to pay the premium. Also called leveraged business .

Minimum Funding Requirement (MFR)

MFR is intended to provide security for members of defined benefit schemes in the event of their employer becoming insolvent and making further contributions to the scheme. Schemes must hold a minimum level of assets to meet its liabilities and set out a time scale within which any underfunding must be addressed. An MFR valuation must be conducted by the scheme actuary at least every third year. Following the Pensions Bill (February 2004) MFR will be replaced in 2005 by scheme-specific funding requirements allowing schemes greater flexibility in developing funding strategies appropriate to their circumstances. The Bill also introduces the concept of full buyout that will affect solvent employers who wind up their defined benefit schemes.