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Occupational Pension Scheme
Offset
Option
Overlap
Overriding Legislation
This is formally defined in the Pensions Act as a scheme which is approved under the 1972 Finance Act, or the 1967 Income Tax Act, or whose approval has been applied for to the Revenue Commissioners .The term Occupational Pension Scheme is generally used to distinguish job related pension schemes from state Social Welfare schemes. A buyout bond is not an occupational pension scheme under the Pensions Act . Neither is a PRSA, even if the employer contributes to it.
An amount of salary which is disregarded under the rules of a scheme, to take account of a Social Welfare pension. Can also be applied to a deduction from the member's pension to take account of a Social Welfare pension. See Integration.
A derivative financial instrument under which payment of a sum of money gives the right, but not the obligation, to buy or sell something at an agreed price on or before a specified date.
An arrangement under which a dependant's pension comes into immediate payment on the death of a pensioner, while a minimum guaranteed period of payment of the main pension is still running.
The application of statutory requirements to pension schemes by means of provisions which expressly override the scheme rules. All the provisions of the Pensions Act and its Regulations are overriding legislation.