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Late Retirement
Letters of Exchange
Liabilities
Life Assurance Scheme
Lifestyle Investments
Long Service Benefit
The retirement of a member with immediate payment of benefits, after normal pension date.
See Exchange of Letters.
The obligations of a scheme to pay amounts of money either immediately or in the future. Liabilities whose payment is dependent on unpredictable future events (such as the death of a member) are called 'contingent liabilities'.
A scheme which provides only a benefit payable on the death of a member.
An asset allocation strategy used mainly in defined contribution schemes, in which a member's investments are adjusted depending on age and term to retirement. Typically, assets are invested in equities for younger members and systematically switched to bonds and cash as retirement approaches.
A term used under the Pensions Act to describe the benefit payable at or after normal pension age, assuming that the member remains in relevant employment until then.The term includes personal benefits in lump sum or pension form and any benefit payable to surviving dependants on death after retirement.