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 4 names in this directory beginning with the letter T.
Tax-free lump sum
A sum of money available to pension scheme members at retirement in exchange for a reduction in pension payments. It is currently tax-free upon payment.
Transfer value
The amount of money that a scheme will pay to another pension arrangement in lieu of benefits that have accrued to a member. Sometimes referred to as a CETV (cash equivalent transfer value).
Trivial commutation
The conversion into a cash sum (commutation) of a pension that is below a prescribed level.
Trust deed
A legal document, executed in the form of a deed, that establishes, regulates or amends a (pension scheme) trust.