R
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
Rate of Return
Real Rate of Return
Reckonable Service
Recommended Contribution Rate
Relevant Employment
Relevant Percentage
Relevant Period
Relevant Person
Reporting, Compulsory
Reporting, Voluntary
Retained Benefits
Retirement Annuity
Retirement Benefits District
Revaluation
Revenue Commissioners
Revenue Limits
Revenue Pensions Manual
Revenue Practice
Risk
Risk Benefits
Risk Premium
Rules
The percentage change in the value of an investment over a period, taking into account the income from it and the change in its market value - often expressed as an equivalent annual rate. See Time weighted, Money weighted and Real returns.
The difference between the rate of return and a selected measure of inflation (often taken as CPI) over a period.
The whole period of a member's service (whether fulltime or part-time) in relevant employment while a member of the scheme, but excluding service when the member was covered for death benefit only, or when the member has been notified by the trustees that a period of service does not entitle him to a retirement benefit. Service added or credited to the member, but not actually served, does not count.This term does not necessarily include all of pensionable service , which can take into account service completed before the member joins the scheme.
The contribution rate recommended by the actuary as being necessary to support the benefit promises made under a defined benefit scheme.
Employment to which a scheme applies.
Relevant Percentage
The proportion of the member spouse's retirement benefits earned during the relevant period, as the court orders to be paid to a dependent spouse or children under a pensions adjustment order. [Family Law]
The period to be taken into account, as specified by the court, during which the member spouse's retirement benefits were earned, for the purpose of calculating the designated benefit. [Family Law]
1. In relation to any scheme, for the purposes of the rules on whistle blowing, relevant persons are the trustees, actuary, auditor, administrator, insurer, investment manager and anyone employed by such persons. Legal advisers are excluded.
2. For the purposes of the Pensions Ombudsman regulations, the relevant person in relation to a scheme is the trustee/s of the scheme; or the Minister, in a Public Authority Scheme; and, in relation to a PRSA, the PRSA Provider.
The Pensions Act requires that certain relevant persons providing services to a scheme should report to the Pensions Board any material misappropriation or fraudulent conversion of the assets of a scheme.There are penalties for failure to report as required.This process is also known as 'whistle blowing'.
The facility open to anyone to report to the Pensions Board on any matter concerning 'the state and conduct' of a scheme. Anyone who does so in good faith is protected by the Pensions Act against legal action for defamation.
A term used by the Revenue Commissioners to denote retirement or death benefits in respect of the earlier service of an employee with a former employer or an earlier period of self-employment. These may have to be taken into account in computing maximum approvable benefits.
A contract effected with an insurance company under Sections 235 / 235A of the Income Tax Act 1967*. Applicable to the self-employed and to persons in nonpensionable employment. Sometimes called a personal pension.
* See part 30, Chapter 2, Taxes consolidation Act, 1997
The branch of the Revenue Commissioners which supervises the benefit and contribution structure of pension schemes granted approval under the 1972 Finance Act.* This has now been renamed and is part of the Large Cases division of the Commissioners
* See part 30, Chapter 1 - 3, Taxes consolidation Act, 1997
The application to preserved benefits of compulsory increases in their value prior to the date of payment. Revaluation applies only to defined benefit schemes under the Pensions Act. This term is often used also to describe any similar non-compulsory increases.
The organisation charged by Government with the collection of tax revenue and which, through the Retirement Benefits District, monitors the operation of pension schemes which are granted tax approval.
Revenue Limits
Limits which must be included in the rules of a scheme submitted to the Revenue Commissioners for approval under Chapter II Part 1 Finance Act, 1972. These specify the maximum approvable benefits and contributions for members.
* Part 30, Chapters 1-3,Taxes Consolidation Act, 1997 - ibid, Chapter 1
The current version of the Practice Notes.
See Practice Notes.
Any threat to the accumulation of benefits or the solvency of a pension fund. Can often arise from the variability of investment returns. Investments with a greater degree of risk built in must offer higher returns to attract investors.
Benefits payable in the event of death or disability, which are not pre-funded.These risks are often insured.
The extra yield of an investment over the 'risk-free' rate, demanded by investors to compensate them for taking the higher risk.
The detailed provisions of a pension scheme, usually set out in a formal way and given authority by the trust deed. They normally accompany the definitive deed.