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Pension Glossary

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  • Pension Glossary

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    Pensionable Earnings

    Also sometimes known as pensionable salary, this term refers to earnings used to calculate pension benefits and contributions that depend on a members salary. It is used in salary-based pension schemes, such as a final salary scheme, to determine the member’s accrued benefit and contribution levels. Often only a member’s basic salary is used to

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    Pension Benefits

    These are the benefits that are payable by a pension scheme to a member when they retire. It includes everything that a member get when they retire, as a result of them having been a member of the pension scheme. This usually means the money they receive as a pension. However, pension benefits may also

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    Additional State Pension

    The State Pension is made up of two elements, the basic State Pension and the additional State pension. Only employees qualify for the additional State pension, which is now referred to as the State Second Pension or S2P. Before April 2002, the additional State pension was known as SERPS (State Earnings Related Pension Scheme). The

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    Revaluation

    All defined benefit schemes must increase their accrued benefits in line with the retail price index (RPI) until the normal retirement age. Revaluation will calculate the increases for inflation in accrued benefits from a particular date. It can be applied to pensionable salary, a deferred pension and pensions that are being paid. Generally, it is

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    Qualifying Years

    The amount of State pension someone receives in retirement depends on the number of qualifying years they have paid weekly National Insurance contributions. To receive the full State pension you should have 30 qualifying years of National Insurance Contributions. If you have less qualifying years you will receive a smaller basis State pension. However, you

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    Protected Rights

    This is the pension benefit from a money purchase scheme which has been built up as a result of being contracted out of the State additional pension – be it the State Second pension or SERPs. Instead of making National Insurance Contributions to the State additional pension, employees could get a rebate on these NI

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    Preserved Pension

    Also sometimes known as a frozen or deferred pension, a preserved pension is another name given to the pension benefits earned by a member of a defined benefit pension scheme before they stopped being an active member. Providing the non-active member has the minimum level of service (two years if employed after 1988 and five

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    Phased Retirement Agreement

    This is when a personal pension is arranged as several separate plans, instead of just one individual savings plan. The holder then buys annuities with the different pension plans at different times in their retirement. This enables them to keep some of their pension savings invested in the markets and have some annuity income at

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    Personal Pension Plan

    This is a retirement savings scheme run by a bank or life assurance company. The plan is just for the holder of the plan. Usually the holder will be self-employed or an employee that is not a member of an occupational pension scheme. Some employers offer a group personal pension (GPP), which is a collect

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    Pensionable Service

    This is the period of employment which is used to calculate the accrued benefits of a member of a defined benefit pension scheme. It refers to the length of service within the scheme that counts towards the calculation of the member’s pension entitlements. Pensionable service isn’t just the number of years that someone worked at

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