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Unapproved Scheme
Unfunded Scheme
Uniform Accrual
Unit Linked Investment
Uplifted 60ths/ 80ths
An occupational pension scheme not designed to be approved by the Revenue Commissioners. Such schemes are not controlled by the Pensions Act.
A scheme under which advance financial provision for the payment of benefits is not normally made. Instead the cost of pensions is met from the employer's current income in the same way as the salaries and wages of employees. The term may also be used to describe a scheme where funds are set aside to provide for benefit payments only at the time of a person's retirement.
A principle applied to calculate a member's accrued benefits, in cases where the potential service of the member differs from the period required to 'earn' maximum benefits under the scheme rules. Thus, if the scheme benefit was 30/45ths of salary and the member could serve 35 years, he/she would be deemed to have earned 1/35th of the maximum benefit in each year of service. This principle underlies preservation of benefits under the Pensions Act.
Arrangements whereby the contributions paid by the investor purchase units, the price of which fluctuates according to the value of the underlying investment portfolio. See also Pooled Funds.
Scales set out in Revenue Practice Notes expressed as more than 1/60th or 3/80th of final remuneration per year of service, for pension and cash respectively. See Strict 60ths/80ths.