Issued annually when the government specifies the amount by which preserved benefits should increase between a member leaving a scheme and their normal pension date. The name is taken from PSA93, Schedule 3.

Special payment schedule aimed at ensuring that the pension scheme will not have an actuarial deficiency during the period concerned. Defined benefit schemes, because of the minimum funding requirement, must maintain a schedule signed by an actuary containing contribution rates and payment dates.

The part of an insurance policy that sets out the detail that is specific to the individual contract. The information includes: name and address of insured, policy inception date, the period of insurance and the premium.
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An Insurance Policy that covers under separate agreements several enumerated causes of losses, which are otherwise frequently covered under individual separate policies.

Actuary appointed by the trustees or managers of an occupational pension scheme under PA95, s.47.

Person appointed to manage a pension scheme who must ensure that the scheme is operated in accordance with the requirements of the authorities and its own trust deed and rules. The appointment is mandatory for exempt approved schemes. The administrator may have to give certain revenue undertakings.

Occupational pension scheme auditor appointed by the trustees or managers under PA95, s.47.

Rules relating to a particular pension scheme. All members have the right to see the full scheme rules.

The period of employment with one or more connected employers. See CONTINUOUS SERVICE.

Individuals or independent institutions that are responsible for the management of a trust in accordance with the trust deed. Scheme trustees have the power to select any investment they wish in order to adhere to the trust deed. Their activities come under the jurisdiction of Opra who may remove or suspend a trustee.

Various investment, savings and insurance schemes to ensure that a parent will be able to meet educational costs when they arise. The range of policies that can be built into the parents’ plan include endowment, critical illness, income protection and special policies such as reimbursement of fees when illness prevents the child from attending school.