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MyCompanyPension.co.uk - Helping members of occupational pension schemes to better understand their benefits.
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:: Scheme Member | Glossary | Glossary G-K
Glossary G - K
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Grouped Personal Pensions (GPP)
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A collection of money purchase contracts arranged by the employer (to which he may or may not contribute) on behalf of participating employees with a personal pension provider- mainly insurance companies.
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Guaranteed Minimum Pension (GMP)
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The minimum pension a defined benefit pension scheme must pay to a member as a condition of being contracted out of SERPS, the Additional State Pension between 6th April 1978 and 5th April 1997.
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Her Majesty’s Revenue & Customs (HMRC)
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Was formed on 18th April 2005, following the merger of the Inland Revenue and HM Customs & Excise Departments. HMRC impose the rules to which registered pension schemes must conform.
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Hybrid scheme
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An occupational pension scheme that provides the better of two alternative calculations such as final salary and money purchase basis, or, it may be an occupational pension scheme that provides a combination of both types of benefit.
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Ill-health
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A state of health, either physical or mental, which limits or restricts the ability of the member to continue working.
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Ill-health benefit
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A benefit paid to a member before normal pension age or Normal Retirement Date on the grounds of ill-health.
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Impaired life annuity
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A pension arrangement that is set up specifically to reflect a lower future life expectancy of a specified illness or impairment.
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Integration
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The design of some pension schemes that take into account the payment of state scheme pension benefits. A common method of integration is a reduction to the amount of pensionable salary used by the scheme when calculating pension benefits, to reflect the amount of state pension expected. Therefore, the scheme is designed to pay a pension reduced by the amount of expected basic state pension, rather than paying a pension wholly in addition to the basic state pension.
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Investment returns
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The amount of capital and income arising from investments by the pension scheme.
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