See: PENSION SHARING.
Tag: RAW
Pension transfer
Transfer of the cash value from one approved pension scheme to another. A transfer payment is made to the member’s receiving scheme.
Pension trust fund
Fund that consists of money contributed by the employer and, in some cases, the employees to provide retirement benefits. Contributions are paid to a trustee who invests the money, collects the interest, and disburses the benefits under the terms of the trust agreement. Pension trusts can be either self-administered or partially insured with benefits purchased from an insurance company by the trustee. Also called trust fund plan.
Pension trust fund (Pensions)
A fund comprised of money intended pay for pension benefits. This money is contributed by the employer and the employee.
Pensionable earnings
1. See NET RELEVANT EARNINGS. 2. Pensionable earnings/salary are the earnings on which pension scheme benefits and contributions are calculated as defined in the scheme rules. Normally it refers to total PAYE earnings from the employer for the relevant tax year and therefore includes bonuses, overtime, commissions and benefits in kind. Some final salary schemes may restrict ‘pensionable earnings’ to the member’s basic salary; definitions vary so full PAYE (P60) earnings are not necessarily the scheme’s pensionable earnings.
Pensionable salary
Definitions are by scheme rules. In a final salary scheme it is not necessarily the salary in the last year of service. See PENSIONABLE EARNINGS.
Pensionable service
The years of service used by an employer for calculating entitlement to pension benefits from an occupational pension scheme. Scheme rules define the eligible periods and types.
Pensioneer trustee
An independent trustee whose appointment is mandatory to are approval for a small self-administered scheme. The pensioneer is then not allowed to resign unless an immediate replacement is available.
Pensioner members
People receiving a pension from an occupational pension scheme.
Pensioner trustees
Pensioner members appointed as trustees.