Salary Sacrifice
Scheme Year
Section 50 Order
Segregated Fund
Self-Administered Scheme
Self-Investment
Small Scheme
Small Self-Administered
Socially Responsible
Special Contribution
Sponsoring Employer
Standard Arrangement
Standard PRSA
State Pension Age
Stock Lending
Stock Selection
Strict 60ths/80ths
Substitution Option
Superannuation Scheme
Supplementary Scheme
Surplus
Surrender Value
See Forgoing.
A period selected by the trustees of a scheme for purposes of the annual report and accounts. It may be any year beginning on (a) a date specified in the scheme documents; (b) 1 January; (c) such other date as may be agreed between the trustees and the Pensions Board. It can be more than a year in certain circumstances, but can never exceed 23 months.
An instruction given to the trustees of a scheme by the Pensions Board, pursuant to Section 50 of the Pensions Act, to reduce the promised benefits under the scheme so that the funding standard can be met.
Scheme assets invested by an external investment manager, independently of other funds under its control. Often used to indicate an individual portfolio of stocks and shares in contrast to a pooled fund.
A pension scheme where the assets are invested, (other than wholly by payment of insurance premiums by the trustees ), through an in-house manager or an external investment manager .The term is not used to indicate the method by which benefits and contributions are administered, but is now almost exclusively used to refer to the way in which the investments are managed.
The investment of a scheme's assets in the business of the employer or that of an associated company, or loans made to such bodies out of the pension scheme's assets. Regulated under both disclosure and minimum funding standards provisions of the Pensions Act.
In the context of the Pensions Act, a defined benefits scheme with fewer than 50 active members.
Investment strategies or restrictions that take account of Investment the social, environmental or other impacts that a company's activities can have on individuals and on the environment.
Any employer or employee contribution not regarded by Revenue as an ordinary annual contribution.
See Principal Employer.
One of the available methods of choosing member trustees under the Pensions Act regulations. It involves an election under the proportional representation system. See also Alternative Arrangement .
A PRSA approved as a Standard PRSA by the Pensions Board, which means that it complies with certain investment requirements and that the charges it makes to contributors are capped at levels prescribed by law.
The age from which pensions are normally payable by the Social Welfare Scheme, currently 65 (Retirement Pension) or 66 (Old Age Pension) for both men and women.
A process by which stock is released to a third party for a fixed or an open period, in return for collateral and a fee for doing so. Normally a short-term transaction.
The continuous process of selecting which stocks are to be included in a portfolio.
Benefit scales of 1/60 and 3/80 of final remuneration per year of service for pension and cash respectively. Can usually be provided under Revenue rules without reference to retained benefits.
A facility offered by an insurance company that insures the death benefits under a scheme, whereby a member leaving the scheme can effect a life policy without evidence of health.Whereas a continuation option would allow the member to continue the type of insurance used in the scheme, the substitution option requires him to take out a different type of policy (say, endowment or whole-of-life, instead of term assurance). Such options are now becoming less common.
A term used in the Public Service and also frequently in British Commonwealth countries to describe an occupational pension scheme.
A scheme to provide benefits over and above the benefits given under another scheme. Also called a topup scheme or top hat scheme. In the UK, may often refer to an unapproved scheme.
In a defined benefit scheme, any excess of the value of a scheme's assets over its liabilities as calculated by the actuary to the scheme. Sometimes referred to as an 'actuarial surplus'.
In an insurance contract, the available value of the benefits being funded, when the contract is terminated before its projected maturity date.