MyCompanyPension.co.uk - Helping members of occupational pension schemes to better understand their benefits.

14th December 2017
:: Scheme Member | Glossary | Glossary T-Z

Glossary T - Z
 
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  T
  
Tax relief
Subject to limits set by HMRC, you do not have to pay tax on contributions you make to a registered pension scheme. In company pension schemes your employer will usually take contributions from your salary before any tax is deducted. Where you make contributions to other schemes, your pension scheme will claim back from HMRC any basic rate tax you have already paid.
 
 
Terminal illness
Someone having a life expectancy of less than one year.
 
 
The Pension Regulator
Is the regulator of all work-based pension schemes in the UK.
 
 
Transfer club
Is an arrangement made between different employers or pension schemes enabling members to enjoy special terms if they transfer their pension benefit when moving between the participating employers.
 
 
Transfer value
This is the amount your scheme would pay to another pension arrangement if you decided to transfer your pension from that scheme.
 
 
Trivial Pension
A pension that is so small it qualifies under the Finance Act 2004 to be paid as a lump sum instead of a pension.
 
 
Trust
A legal arrangement where person(s) or companies are appointed (as Trustees) to hold property, investments, or money for the benefit of others (the beneficiaries or members).
 
 
Trust based scheme
A trust is set up by the employer to administer the scheme, and look after the investments and provide benefits for the members. The members’ contract is with the Trustees, who will be their first point of contact in relation to all issues related to the scheme.
 
 
Trustee
A company or an individual appointed to administer the Trust. A pension scheme trustee is responsible for ensuring the scheme operates according to all the scheme rules and current law.
 
  U
 
Uncrystalised arrangement
An ‘uncrystallised arrangement’ means a pension arrangement from which you have not drawn any benefits.
 
 
Unsecured Income
As an alternative to buying an annuity at retirement, a member can choose income withdrawal (or pension drawdown) to draw money directly from the pension fund (in money purchase arrangements). It is only available to persons under age 75, at which time a lifetime annuity or Alternatively Secured Pension must be purchased.
 
 
  V
 
 
  W
Winding up
The process of terminating an occupational pension scheme by purchasing annuities for members or by transferring the assets and liabilities to another scheme.
 
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  Y
 
 
  Z
 
 
 
 
 
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