F
A | B | C | D | E | F | G | H | I| J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z
Family Law Act
Family Law (Divorce) Act
Fas 87 and 88
Final Pensionable Earnings
Final Remuneration
Final Salary Scheme
Flexible Benefits
Fluctuating Emoluments
Forfeiture of Benefits
Forgoing
Free Cover
Frozen Benefit
Frozen Scheme
Funded Scheme
Funding
Funding Certificate
Funding Level
Funding Method
Funding Plan
Funding Proposal
Funding Rate
Funding Standard
The Family Law Act of 1995, which, among other things, enables the Courts to allocate part of a member's pension entitlement under a scheme to the spouse who is not a member of the scheme in the course of judicial separation. In force from 1st August 1996 and applies to foreign divorces as well as judicial separation.
The Family Law (Divorce) Act, 1996. As well as facilitating the redistribution of property, including pensions, between parties to a divorce action, this act contains the primary mechanism for the granting of decrees of divorce. In force from 27th February 1997.
FAS 87 and 88
FAS 87 and 88 US Financial Accounting Standards, dealing with the treatment of pension costs in employers' accounts. FAS 88 applies when schemes are wound up or when benefits are settled on termination of employment.
Final Pensionable Earnings
/ Final Pensionable Salary
The pensionable earnings , at or near retirement or leaving service, on which the pension is calculated.This may be fixed at a particular date or may be based on the average of a number of years.
The term used by the Revenue for the maximum amount of earnings which it will permit to be used for the purpose of calculating maximum approvable benefits .The permissible alternatives are set out fully in the practice notes issued by the Retirement Benefits District of the Revenue Commissioners .
A Defined Benefit Scheme whose benefits are calculated by reference to salary at, or close to, retirement.
A system of benefit provision in which employees are given a choice on the makeup of their total benefit package from an employer.Typically, under such a system, employees may choose how much of the money made available by the employer would be used for the provision of pensions, death benefits, disability health insurance, holidays, etc. Minimum limits may be laid down for certain benefits, either because they are specified by the scheme design or are made necessary by employment law or by Revenue Practice . Often called, simply, 'Flex'.
Employee earnings not paid on a fixed basis, but additional to basic wage or salary. Includes bonuses, commissions, benefits in kind, share option gains.
Termination or suspension of all or part of the benefits under an occupational pension scheme . Forbidden in relation to preserved benefits by the Pensions Act, it can still happen in public sector schemes which are exempted from Part III of the Act.
An agreement in writing whereby the employee forgoes part of his/her future earnings in return for a corresponding payment by the employer into a pension scheme.
The maximum amount of death benefit which an insurance company covering a group of members for death benefits is prepared to insure for each individual, without production of evidence of health.
A deferred benefit, strictly one which is not subject to revaluation.
A scheme which provides benefits only for members whose service has terminated; or a scheme where continuing service in employment does not entitle members to accrue new pension benefits, and to which no new members are admitted.
A scheme whose benefit promises are backed by a fund of assets set aside and invested for the purpose of meeting the scheme's liability for benefit payments as they arise. Only funded schemes may receive transfer payments relating to preserved benefits under the Pensions Act without trustee consent.
The provision in advance for future benefit liabilities by setting aside money in a trust or other arrangement, which is separate from the employer's business, to finance the payment of retirement and death benefits.
A certificate issued by the actuary under the funding standard provisions of the Pensions Act .
Funding Level
The relationship, usually expressed as a percentage, between the actuarial value of a scheme's assets and its actuarial liability.
The approach used by an actuary in an actuarial valuation. A variety of methods can be used, but whatever method is employed should be adequately described in the valuation report.
The agreed timing of contributions with the aim of meeting the cost of a given set of benefits in a defined benefit scheme.
A proposal for restoring the solvency of a defined benefit scheme which fails to meet the funding standard. The proposal must be signed by the trustees and employer(s) and must be submitted to the Pensions Board for approval.
The rate at which contributions are payable to support the liability for benefits. Often used as shorthand for recommended contribution rate .
Provisions under the Pensions Act, by which defined benefit schemes are subject to periodic actuarial valuation and completion of a funding certificate , to ensure that their scheme complies with what is termed the funding standard .This is designed to ensure that, at a minimum, the scheme has sufficient funds to secure specified pension rights which members have built up, if the scheme should have to be wound up at any stage. Schemes are usually wound up when the employer company goes out of business.