Pensioner members appointed as trustees.

The payment to the state by a private pension scheme when it ceases to be contracted out of a defined benefit scheme. It enables the state to provide the guaranteed minimum pension for scheme members (or pensioners over state pension age).

Scheme that pays compensation to members of occupational pension schemes when assets have fallen in value due to dishonesty or employer insolvency. The scheme is run by the Pensions Compensation Board under parliamentary jurisdiction. Compensation is funded by a levy on occupational pension schemes.

Occupational pension scheme not managed by the firm itself but either by an insurance company, which receives the premiums, invests them for the benefit of the fund, and pays out the pensions, or by external investment managers.

Formed in 1976 to promote professionalism amongst those involved with pension scheme management and consultancy. It sponsors the national vocational qualification (NVQ) in pensions administration and is generally concerned with maintaining high standards within the pensions industry.

Decides complaints and disputes about the way pension schemes are run (maladministration). Complaints on sales/marketing fall to the FSA. PO is an independent, impartial adjudicator whose decision binds all parties and can be appealed only on a point of law. PO does not become involved in a dispute between a member and his scheme until normal dispute resolution and OPAS involvement have been exhausted. (Visit www.pensionsombudsman.org.uk).

Replaces Opra in 2005 when it takes over the regulation of occupational pensions and specific functions of personal pensions and stakeholder pensions. It is also assuming new functions. The Regulator will be funded by a levy on relevant schemes. The Pensions Regulator Tribunal will be established to handle references from determinations by the Regulator. There will be a new criminal offence for failing to attend on a witness summons before the Tribunal.

A term describing a percentage increase or decrease to give effect to changes in fire insurance premium rates to reflect changes in the experience of the various classes of risk.
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An increase or decrease by a percentage of fire insurance rates made to reflect changes in experience in the various classes.