Deed of Adherence
Deed of Appointment
Default Investment Strategy
Deferred Annuity
Deferred Benefit
Deferred Pensioner
Deferred Retirement
Defined Benefit Scheme
Defined Contribution Scheme
Definitive Trust Deed
Dependant
Derivatives
Designated Benefit
Determination
Directly Invested Scheme
Disability Benefit
Disclosure
Disclosure Regulations
Discontinuance
Discontinuance Valuation
Discretionary powers
Discretionary Increase
Dispute Resolution
Disregard
A deed admitting a new employer to participate in an existing scheme.
A legal document by which a trustee is appointed.
An automatic investment strategy required by law to be applied under a PRSA contract unless the contributor indicates otherwise.The Default Investment Strategy is linked to general good practice for investment for retirement and certified by the PRSA Actuary. Trustees of a defined contribution scheme may specify a particular strategy as a default if they are offering members a choice of alternative strategies.
An annuity which commences from a future date.
Any benefit whose payment is delayed, e.g., until a person reaches normal pension age . Most often used to refer to benefits which accrue to a scheme member on leaving service.
A person entitled to a pension payment at a future date. Normally this would be an early leaver but the term can also be used to describe someone whose retirement has been postponed.
Another term for late retirement .
A scheme in which the pension and other benefits which will be paid to the members and/or their dependants are clearly stated in the rules of the scheme. Most defined benefit schemes are final salary schemes.
Also known as a money purchase scheme - a scheme where the individual member's benefit is determined solely by reference to the contributions paid into the scheme by or on behalf of that member and the investment return earned on those contributions.
The detailed trust deed governing a pension scheme which contains details of all the trustees' powers. It is usually accompanied by the rules of the scheme.
A person who is financially dependent on a member or pensioner, or was so at the timeof death or retirement of the member or pensioner. For Revenue purposes, a child of the member or pensioner may be regarded as dependent until he/she reaches the age of 18 or ceases to receive full time educational or vocational training if later. Under the Family Law Acts, children may be dependent up to age 23.
Generic term for financial instruments used to manage investment portfolios, such as financial futures and traded options.
A term used to describe the portion of a member spouse's pension expectations allocated spouse's pensions expectations allocated by the Court to a non-member spouse or dependant by means of a pension adjustment order made under the terms of the Family Law Act, 1995 or of the Family Law (Divorce) Act, 1996.
1. Decision of the trustees or other relevant person in an internal disputes resolution procedure.
2. Final and binding ruling of the Pensions Ombudsman in a complaint or dispute, subject to appeal to the High Court.
A scheme whose assets are not invested exclusively in certain named categories of investment, such as insurance policies, cash, unit funds. Such schemes become subject to the member trustee regulations if they have more than 12 active members.
A benefit payable to an employee who is unable to work for medical reasons.This may be paid from a pension scheme as an ill-health early retirement benefit or it may be payable by the employer either directly or under the terms of an insurance policy or income continuance plan (which is not part of the pensions scheme). A disability benefit can also arise under a voluntary disability insurance scheme, paid for in full by its members . Not to be confused with Social Welfare Disability Benefit.
1. Requirements under the disclosure regulations .
2. Rules on information to be supplied by intermediaries and sales staff to purchasers of financial products, in relation to commission and other remuneration received by them.
Regulations issued under the Pensions Act requiring disclosure of information about pension schemes and their benefits to interested parties, including members, their beneficiaries and Trades Unions.
Cessation of contribution payments to a scheme, leading to its becoming paid up, or with a view to its windingup.
Actuarial valuation conducted on the basis that the scheme is to be discontinued .
Powers conferred on the trustees or on the employer by the trust deed and rules of a pension scheme whereby issues (for example, the destination of death benefits) can be determined at their discretion.
An increase in benefits which is awarded on a discretionary basis, as against one to which the member is entitled under the rules. Can be ad-hoc or regular in nature.
see Internal Disputes Resolution .
see Offset .