Paid Up Benefit
Paid Up Pension
Paid Up Scheme
Participating Employer
Passive Investment Management
Past Service
Past Service Benefit
Past Service Reserve
Pension Fund
Pension Scheme
Pension Plan
Pensionable Earnings/Pensionable Salary
Pensionable Service
Pensioneer Trustee
Pensioner
Pensions Act
Pensions Adjustment Order
Pensions (Amendment) Act, 1996
Pensions (Amendment) Act, 2002
Pensions Board
Pensions Ombudsman
Permanent Health Insurance
Perpetuities, Rule Against
Personal Pension Scheme
Personal Retirement Bond
Personal Retirement Savings Account
Pooled Fund
Practice Notes*
Preliminary Poll
Preservation
Preserved Benefits
Principal Employer
Priority Liabilities
Privately Invested Scheme
Prolonged Disability
Proprietary Director
Prospective Member
PRSA
PRSA Actuary
PRSA AVC
Public Authority Pension Scheme
Public Sector Pension Scheme
Purchased Life Annuity
A benefit secured for an individual member under a contract of insurance whose premiums have ceased to be payable in respect of that member . One form of deferred benefit.
See Paid Up Benefit.
A scheme where no further contributions are being paid, but whose assets continue to be held by the trustees and applied under its rules.
An employer whose employees have a right to be members of a scheme. Used where schemes cater for more than one employer.
A style of portfolio management that links the investments to a particular index or indices, so that their value tracks changes in that index or those indices.
Service before a given date; frequently used to indicate service before the member's entry into the pension scheme.
A benefit granted in respect of past service.
Past Service Reserve
A term describing the present value of all benefits accrued to the date of the calculation, by reference to projected earnings.
Strictly speaking, this is the assets of a pension scheme but the term is very often used for the scheme itself.
An arrangement, other than accident insurance, to provide pension and/or other benefits for members on leaving service or retirement and for the members dependants in the event of death. In the Family Law Acts, the term is given a very broad definition, so that it includes, not only occupational pension schemes as defined in the Pensions Act, but also retirement annuities, buyout policies, PRSAs and unfunded schemes.
Another term for pension scheme.
The earnings on which benefits and/or contributions are calculated.
The period of service which is taken into account in calculating a pension benefit.
An individual with pensions experience approved by Revenue to act as trustee of a small self-administered scheme. Cannot be outvoted by other trustees on matters concerning the winding-up of the scheme.
A member who is currently receiving payment of a pension from a pension scheme.
An Act of 1990 for the regulation of pension schemes, which provides for preservation of benefits, a funding standard in the case of defined benefit schemes, disclosure of information, equal treatment of men and women, the duties and responsibilities of trustees and a Pensions Board to supervise the operation of the Act. In the United Kingdom jurisdiction, the term refers to an Act of 1995 which contains many provisions similar, but not identical, to those of the Pensions Act 1990.
Pensions Adjustment Order
An order made to the trustees of a pension scheme by a Court in the course of a judicial separation or divorce action, or at any time after the making of a separation order or divorce decree, whereby the trustees must pay part of a member spouse's benefit, called a designated benefit , to the non-member spouse.
An Act which introduced extensive amendments to the Pensions Act 1990, extended the powers of the Pensions Board and introduced 'whistle blowing'.
An Act which extended the Pensions Act , increased preservation rights, introduced PRSAs and established the office of the Pensions Ombudsman.
The statutory body set up under the Pensions Act to monitor and supervise the operation of the Pensions Act and pension developments generally, and to approve, jointly with the Revenue Commissioners , PRSA products submitted to it.
An officer appointed under the Pensions Act, to investigate and determine complaints or disputes involving occupational pension schemes and PRSAs, to award financial redress where appropriate, and to decide disputes of fact or law.
One of the terms for prolonged disability insurance .
A rule of trust law setting a maximum period within which the benefits in a trust must vest absolutely. Designed to prevent perpetual trusts. Removed as a condition for pension scheme trusts by the Pensions (Amendment) Act 1996.
An alternative method of individual pension provision available in the United Kingdom, but not in Ireland.The term is often used in Ireland to describe a retirement annuity contract.
A single-premium insurance contract incorporating Revenue requirements as they apply to pension schemes, purchased to buy out a member's preserved benefit , either on leaving service or subsequently, or (most commonly) when a scheme is wound up. PRBs are also used to transfer from a pension scheme the benefit allocated to a non-member spouse by a pensions adjustment order.
Familiarly known as a PRSA, this is a vehicle designed to be used for long-term retirement provision. It is a contract between an individual and a PRSA provider in the form of an account that holds units in investment funds managed by approved 'PRSA providers'. The PRSA contributor is the owner of the PRSA assets, unlike an occupational pension scheme where a trustee holds the assets on behalf of the member.
A fund in which several investors hold units, whose assets are not held directly for each client, but as part of a 'pool'. Unit Trusts and managed funds are pooled funds.
Practice Notes
Guidance Notes issued by the Revenue Commissioners describing their practice in approving pension schemes under the discretionary powers conferred by the Finance Act 1972 , and the tax consequences of approval.
A poll held under the member trustee regulations to determine whether members wish to appoint member trustees by means of the standard arrangement or accept an alternative arrangement offered by the employer.
Describes the obligation which trustees have under the Pensions Act to retain benefits for scheme members who leave the employment and who satisfy certain conditions.
This term is often used to describe any benefit emerging on termination of employment or of membership of a pension scheme, which is payable at a later date. Under the Pensions Act it has the specific meaning of that part of the benefits which must be preserved as a result of the operation of the Act.
Commonly used in scheme documentation for the particular participating employer which is given special powers or duties in areas such as the appointment of trustees , rule amendments and winding up. Usually the employer that started the scheme or, in a scheme catering for many unrelated employers, one chosen as a proxy for all.
Liabilities which are given precedence by the scheme rules in a winding up. Scheme rules are, however, overridden by the statutory priorities in Part IV of the Pensions Act.
A description often applied to a self-administered scheme.
An insurance contract taken out by an employer and/or by an employee, designed to pay an income in the event of an employee becoming disabled long term. Benefits under these policies are usually paid after a minimum period of absence from work through illness or injury.
Proprietary Director
A person who, within 3 years of retirement, death or leaving service, held more than 5% of the voting shares in the employer or its parent company. Shares held by a spouse and minor children are counted, as are share held by a trust to which the director concerned had transferred shares. Proprietary Directors qualify to invest in ARFs on retirement.
An employee in employment to which a scheme applies who will join or be entitled to join the scheme if he/she remains in the employment and there is no change either to his/her contract of employment or to the rules of the scheme.
See Personal Retirement Savings Account.
see Actuary.
A PRSA designed to be used for additional voluntary contributions by members of occupational pension schemes.
A statutory scheme to which S. 776 of the Taxes Consolidation Act, 1997, applies or a scheme where benefits are paid for in whole or in part from Central funds or moneys voted by the Oireachtas, and which provide for an appeal to a Minister for the resolution of disputes prior to referral to the Pensions Ombudsman.
An occupational pension scheme for employees of central or Local Government, statutory and other semistate bodies. Many of these schemes are not funded.
An annuity purchased privately by an individual is different from the type of annuity purchased by pension scheme trustees , which are often described as 'compulsory' annuities. A Purchased Life Annuity is purchased from personal assets rather than from the proceeds of a pension scheme.Therefore, the legislation* provides that part of the instalment payments of a purchased life annuity are exempt from income tax, being treated as a return of those personal assets.
* Part 30, chapter 3, Taxes Consolidation Act, 1997