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Pension Glossary

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Pension Glossary

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With Profits

This is a type of fund designed to smooth out the ups and downs of the stock market, by holding back some of the profit in the good years to ‘supplement’ the bad years. A with profits fund can have assts in a variety of investments, from shares to property, cash and gilts. Holders of

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Winding Up (Wound Up)

This is the term used when an occupational pension scheme is closed, and is usually achieved by transferring the scheme member’s pension benefits to an individual pension arrangement. This can be done by buying an annuity for each member or a deferred annuity if they are still working. Another way pension schemes are wound up

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Unsecured Pension

This is another name for Income Drawdown and is an alternative to buying an annuity when you stop work. It will enable the holder to draw income from their investment fund and leave the remainder invested. An unsecured pension can also refer to Employer Funded Retirement Benefit Schemes (or EFRBS) or the older Funded Unapproved

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Unit Linked

With this type of arrangement, the investment will fall or rise depending on what happens to the unitised fund in which it is invested. A unit-linked pension fund is linked to the unitised investment fund offered by the pension provider. With unit-linked investments each contribution is linked to individual units within the fund. Each fund

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Transfer Value

This is the amount of cash accumulated in a deferred pension that can be transferred from the ex-employer’s scheme to a new pension arrangement, be it a personal pension plan, your new employer’s pension scheme or a Section 32 buyout. For a defined benefit scheme (such as a final salary scheme) the transfer value will

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The Pension Regulator

This is the Government body that was created in 2005 to regulate the administration of occupational pension schemes. Its main aim is to protect the interest of scheme members and to advance good administration of workplace pension schemes. The Pension Regulator has investigative powers, as well as enforcement powers and can take action to correct

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Tax Relief

To help encourage individuals to save for their retirement the Government gives them tax relief on their contributions to either a personal or an occupation pension scheme. This tax relief can be used to boost their pension contributions. Currently, for a basic rate taxpayer contributions receive tax relief at 20%, with the tax rebate for

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State Second Pension (S2P)

This is the name given to the current additional State pension, and it replaced SERPs. The State Second Pension is paid in addition to the basic State Pension and is based on the person’s actual or deemed earnings. The S2P is designed to give low and moderate earners (as well as carers and people with

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State Pensionable Age

This is the age at which people can start to receive the basic State Pension and State Second Pension or other additions State pension, such as SERPs. The currently State pensionable age is 60 women and 65 for men. By 2020 the State pensionable age for both men and women will be 65. Due to

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Basic State Pension

There are two parts to the State pension: the basic State pension and the additional State pension. The basic State Pension is a flat-rate pension paid to anyone who has made enough National Insurance Contributions (or has enough credits) when they reach the State pensionable age. To get the full basic State pension you should

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