Glossary and Definitions

Scheme Terms

All | # 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
There are currently 5 names in this directory beginning with the letter A.
Accrued benefits
The benefits for service already completed.
Administration
The day-to-day running of a pension scheme, eg collection of contributions, payment of benefits, record-keeping.
Administrator
The administrator for the Fund is Isio.
Annual allowance
An amount against which an annual increase in benefits is tested to determine whether a tax charge applies to the individual.
AVC
Additional voluntary contributions. Contributions over and above a member's normal contributions, if any, which the member elects to pay to an occupational pension scheme in order to secure additional benefits. A legal requirement until 2006, but still offered by many schemes.