Glossary and Definitions

Pay As You Earn. This is the collection of income tax by HM Revenue & Customs under schedule E regulations and applies to all UK payroll Fund pensioners. This will not apply to some Fund members who are paid through a non-UK payroll.

This has been set by the Trustee as the year ending 5 April, and is the period over which your pension accrual and additional voluntary contributions are tested against the Annual Allowance.

Established to pay compensation to members of eligible defined benefit pension schemes, whose sponsoring employers become insolvent. The PPF is funded by a levy on all eligible DB schemes. The PPF became operational on 6 April 2005.

Your basic salary plus any fluctuating pay that you’ve been notified is pensionable, and subject to the earnings cap, if applicable.

Your service as a contributing member of the Fund in years and days, plus any credits regarding which you’ve been notified.

The day-to-day running of the scheme, including the collection and allocation of contributions and the routine calculation of the benefits of individual members on retirement, in deferment, on death, or on ill health. It also includes the maintenance of accurate and up-to-date member records and the management of operational risks.

An independent organisation which gives free advice to the public about occupational or personal pension scheme. It does not give financial advice or advice on state scheme benefits. Formerly known as the Occupational Pensions Advisory Service (OPAS) when its remit was restricted to occupational pensions.

Regulates work-based pension schemes in the UK.

Benefits that arise upon an individual ceasing to be an active member of an occupational pension scheme, payable at a later date (eg to a member who leaves that employment before his or her retirement date).

Prospective pension. The pension you would expect to receive at NRA, based on your current pensionable salary and pensionable service up to NRA.