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Target Benefit Scheme
Temporary Annuity
Term Assurance Policy
Time Weighted Return
Top Hat Scheme
Top-up Scheme
Transfer Payment
Transfer Value
Trivial Pension
Trust
Trust Deed
Trust Law
Trustee
Twenty Per Cent Director
A form of defined contribution scheme which aims for, but does not guarantee, a particular level of benefit. Commonly, contributions paid to such schemes are reviewed at regular intervals and adjusted to take account of factors such as pay increases and investment returns in the period between reviews.
An annuity payable for a fixed term or until earlier death. Also called a Term Annuity.
Term Assurance Policy
A policy which provides a lump sum on death before a fixed future date. Such policies are frequently used for the provision of lump sum benefits payable on death in service.
A relative measure of the rate of return earned by assets, independent of the timing of cash flows in and out of the fund. See Money Weighted Return.
A scheme designed to provide benefits in excess of those provided by an employer's main pension scheme. Membership of such schemes is usually confined to senior executives or directors.
See Supplementary Scheme.
A payment made from one pension scheme to another, or to an insurance company to purchase a buy-out policy, in lieu of the benefits which have accrued to the member under the scheme. In this form, it specifically refers to transfers made under the preservation requirements of the Pensions Act. Other payments from one scheme to another are usually called transfer values.
See Transfer Payment.
A pension which is so small that it can be subject to full commutation without prejudicing the approval of the scheme by the Revenue Commissioners. The present triviality limit is € 330 per annum.
A legal concept under which property is held by one or more persons (the trustees) for the benefit of other persons (the beneficiaries) for the purposes specified by the person setting up the trust. The trustees may be beneficiaries.
A legal document, executed in the form of a Deed, which establishes, regulates or amends a trust. See Definitive Trust Deed.
Law which consists of principles of equity which have evolved over the centuries in cases decided in the courts and supplemented in later years by a number of statutory provisions, the first important one of these being the Trustee Act, 1893.
An individual or a company which, alone or jointly, becomes the legal owner of property to be administered for the benefit of someone else (the beneficiaries), in accordance with provisions of the document creating the trust and the provisions of trust law generally and, in the case of pension scheme trusts, the Pensions Act. Certain schemes, mainly in the public sector, are not set up under trust. In these cases, the Pensions Act includes the administrators of the schemes in its definition of Trustees.
A proprietary director who, with other specified connected persons, owns or controls more than 20% of the voting shares of the employer or its parent. The benefits that can be provided to 20% directors are somewhat restricted by the Revenue Commissioners.