MyCompanyPension.co.uk - Helping members of occupational pension schemes to better understand their benefits.

17th November 2017
:: Scheme Member | Glossary | Glossary R-S

Glossary R- S
 
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  R
 
Registered pension scheme
A pension scheme registered with HMRC, approved for receiving tax relief.
 
 
Regulated Product
A product regulated by the Financial Services Authority (FSA). Products could include investments, pensions, mortgages, life insurance etc.
 
 
Revalue / revaluation
The increases to preserved benefit that are given in the period between preservation date (when you ceased to be an active member) and when benefits are taken, such as normal pension age or Normal Retirement Date.
 
 
Revalued guaranteed minimum pension (RGMP)
Describes a preserved scheme member’s accumulated guaranteed minimum pension at State Pension Age including the increases between the member’s preservation date (when you ceased to be an active member) and State Pension Age.
 
  S
 
Salary Related scheme
A defined benefit scheme that provides specific benefits on the retirement of a member of an occupational pension scheme based upon final pensionable salary, and pensionable service. Sometimes called a final salary scheme.
 
 
Salary sacrifice
A written agreement between the employer and employee where the employee relinquishes part of his salary in return for the employer making a corresponding contribution to a pension scheme.
 
 
Scheme Administrator
The Scheme Administrator is defined by HMRC as the person or persons notified to them as being responsible for the management of the scheme. An administrator can further be regarded as the person or persons who are responsible for the day to day running of a pension scheme.
 
 
Scheme Rules
The document or documents which detail the definitions of the Scheme and how benefits are applied to members.
 
 
Scheme service
The time period a person is credited with as being a member of the pension scheme, which is used in the calculation of that member’s benefits in a defined benefit scheme. Also called Pensionable Service.
 
 
Scheme solvency
Is a measure at a particular point in time of the scheme’s ability to pay for the benefits it has promised to members.
 
 
Section 32 Buyout
A contract in the name of the member into which all or part of the member’s interest in an occupational pension scheme has been transferred.
 
 
Section 67
A rule from the 1995 Pensions Act which requires certain procedures to be followed before modification can be made to members’ benefits which have already been ‘earned’, in order to protect those benefits.
 
 
Secured Pension
A scheme pension, or a pension bought at retirement (from an insurance company, for example) in the form of a lifetime annuity.
 
 
Self Invested Personal Pension (SIPP)
A personal pension which allows the member to choose from an approved range of investment funds. A registered pension scheme but not an occupational pension scheme.
 
 
Serious ill-health
Someone having a life expectancy of less than one year.
 
 
Small Self Administered Schemes (SSAS)
 
A self administered occupational pension scheme, usually with less than 12 members where at least one member is connected with another member, trustee or employer related to the scheme.
 
 
Stakeholder Pension
A type of defined contribution scheme which must comply with certain cost and access terms. Employers must offer their employees access to a stakeholder pension scheme unless the employer satisfies other criteria.
 
 
Standard lifetime allowance
The amount of pension savings a person can draw before being subject to Lifetime Allowance charge.
 
 
State Earnings Related Pension (SERPS)
 
The additional State Pension to enhance the Basic State Pension introduced on 6th April 1978 and replaced by S2P on 6th April 2002.
 
 
State Pension
Pension benefits provided by the State dependent upon a complex series of contribution and earnings rules.
 
 
State Pension age
Is the age at which you will become entitled to receive any retirement benefit that you have earned from the State Pension schemes.
 
 
State 2nd Pension (S2P)
The Additional State Pension introduced from 6th April 2002. It replaced SERPS.
 
 
Statutory Escalation
Those pension increases on pension benefits which are required by law.
  
 
 
 
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