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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 L-N
Glossary L - N
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Late retirement
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When a member chooses to continue working beyond his normal pension age or Normal Retirement Date.
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Lifetime Allowance
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The amount of pension savings a person can draw before being subject to the Lifetime Allowance charge.
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Lifetime Allowance charge
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The tax charge on funds which exceed an individual’s Lifetime Allowance.
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Lifetime Allowance check
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The process undertaken when a benefit crystalisation event occurs to check if the member’s pension fund exceeds his remaining lifetime allowance.
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Money purchase scheme
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A pension arrangement where the pension benefits at retirement are determined by agreed levels of contributions paid into the fund by the member and employer. They are often called defined contribution schemes. They provide benefits based upon the money held in individual ‘pots’ specifically on behalf of each member. The amount in your ‘pot’ at retirement will depend upon the investment returns achieved on the member and employer contributions.
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Money purchase scheme with a defined benefit underpin
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It provides two alternative pension options from the same pension scheme. It provides the better of: a ‘defined benefit’ element of the pension scheme and a ‘money purchase’ element of the pension scheme.
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Mortality risk
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The likelihood of you living longer than might be expected by considering historical data.
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Non-contributory scheme
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An employer sponsored pension scheme where members are not obliged to contribute.
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Non-joiner
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A person who declines the option to join an occupational pension scheme.
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Normal pension age
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The age specified by the scheme at which members are able to retire without requiring employer or trustee consent and without incurring any penalty.
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Normal Retirement Age
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Is the term we use to describe your age when you reach Normal Retirement Date.
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Normal Retirement Date
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The date you would normally retire and receive pension benefit.
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