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Glossary of Pensions Terminolgy

The purpose of this glossary is to explain as simply as possible a number of technical terms used in relation to Occupational Pension Schemes. It is not possible to cover all the terms used and you should ask your pension scheme trustees or administrators to explain anything that you do not understand. A separate glossary of terminology which tends to be particular to schemes in the St ate sector appears in Section B. Throughout, any explanation which includes a term or phrase defined elsewhere in the glossaries appears in bold type. A NOTE FROM PAUL KENNY This Glossary originally appeared in Understanding Pensions – the Friendly Guide to Pension Schemes, published in 1994. The current version is a very much expanded edition of the original Glossary and is supplemented by a list of common abbreviations found in connection with pensions. In spite of the effort that is made to deal with pensions as far as possible in simple language, I find it useful to explain a lot of the technical terms used in the pensions industry. There are actually two glossaries. The first covers general terms applicable to occupational schemes. The second contains those particularly used in connection with schemes in the Public Sector, which are not often employed elsewhere. As far as possible, I have defined terms using wording that sticks closely to that used in the PRAG / PMI glossary, PENSIONS TERMINOLOGY*, recognizing the desire of both bodies involved in its preparation to standardize pensions terminology as far as possible. I thank the Pensions Management Institute for permission to use copyright material from that book. Where terms are defined in Ireland by the Pensions Acts 1990 - 2002, the Family Law Acts or appropriate Regulations, these definitions are used instead, as this book is intended for use mainly in Ireland. Where there is no acceptable published definition of a term as it is used in Ireland, I have used my own. *Pensions Terminology – A Glossary for Pension Schemes; Sixth Edition. London, 2002, The Pensions Management Institute. One can download the glossary of terms below.
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