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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Guide for Respondents

You have been named as a respondent to a complaint or dispute referred to the Pensions Ombudsman. Copies of the relevant documents have been, or will be, forwarded to you. These instructions tell you what you should do in responding to the complaint or dispute, and what the procedure is for an investigation by the Pensions Ombudsman.
The Pensions Ombudsman has statutory powers permitting him to investigate and determine any matter that falls within his terms of reference. In some respects he has the same powers as a court of law (these powers are explained in more detail below). As a respondent, there are certain steps that you are required by law to take. You should therefore take the complaint or dispute and these instructions seriously, reading the instructions fully before responding.
If you do not respond, the Pensions Ombudsman may determine the matter which is the subject of the complaint or dispute without further notice to you. You will be bound by any order made by the Pensions Ombudsman. Such an order can be enforced by the Circuit Court, though you may appeal it to the High Court within 21 days of the making of an order.

 

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Guide to Disputes Resolution Procedures

The Pension Ombudsman Regulations, 2003 (SI 397 of 2003) require that all occupational pension scheme trustees and PRSA providers put in place procedures for dealing with complaints and disputes that come under the jurisdiction of the Pensions Ombudsman. These regulations took effect on 2 September 2003.
The regulations do not prescribe in detail the requirements for such a procedure. It is therefore left to pension scheme trustees and PRSA providers to determine the details of their own internal disputes resolution (IDR) procedure. However, PRSA providers are required to submit the details of their procedures for dealing with complaints and disputes, as part of the approval process, when they are submitting their products to the Pensions Board and to the Revenue Commissioners.
The purpose of this booklet is to give some guidance to the trustees and administrators of Occupational Pension Schemes on the requirements of the regulations and on appropriate structures for the internal resolution of complaints or disputes.

One can download a full copy of the guide below.

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Notice to Employees in the Construction Industry

NOTICE TO EMPLOYEES IN THE CONSTRUCTION INDUSTRY
 

• Are you registered as a member of the Construction Workers Pension Scheme (CWPS)?
• Is your employer deducting PENSION contributions from your wages?
• Do you get confirmation that those contributions are being paid over to CWPS?
• Are you happy that your employer is paying its own contributions to CWPS on your behalf?

If the answer to any of these questions is “NO”, you stand to lose out on your sick pay entitlement if you are sick or injured.  Your pension is likely to be less than it should be when you come to retire.  Worst of all, if you die before reaching retirement age, benefits that should be there for your dependants may not be paid.

HELP is available.

In the first place, you can check things out with CWPS itself, at:

Construction Workers Pension Scheme
Canal House, Canal Road, Dublin 6.
Tel: (01) 406 0960
email: info@cwps.ie

If you are not happy that you are properly included in the scheme and that your contributions are up to date, you should get in touch with CIMA – the Construction Industry Monitoring Agency, at:

Unit 29 Northwood Court,
Northwood Business Campus,
Santry,
Dublin 9

Website: www.monagency.ie
Tel: (01) 852 4100
email: info@monagency.ie

CIMA will help to get your employer to sort matters out.  You may be asked to send a complaint to CWPS, and CIMA may send your complaint to the Pensions Ombudsman. The Pensions Ombudsman can order employers to do what they are supposed to, under the rules of the pension scheme. He also deals with complaints from dependants of workers who have died without being entitled to benefit under the scheme.

For information, contact:
The Pensions Ombudsman
36 Upper Mount Street, Dublin 2.
Tel: (01) 647 1650
email: info@pensionsombudsman.ie

ISSUED BY THE OFFICE OF THE PENSIONS OMBUDSMAN

 

Understanding Pensions The Friendly Guide to Pensions

With people now enjoying a longer life expectancy than in the past,we need to plan for a retirement period of perhaps twenty years or more – that could be more than half as long as our total working careers. It is essential, therefore, that everyone should be encouraged to make adequate provision during their time at work to ensure financial protection through what may be a lengthy period in retirement.
Through the State social insurance (Social Welfare) system most employees and selfemployed people will build up entitlement to a basic pension. However, in very many cases there will be need for additional pension cover to maintain into retirement the standard of living they enjoyed while at work.
This additional cover is provided – for employees – through occupational pension schemes and, in more recent times, through Personal Retirement Savings Accounts (PRSAs).These schemes enable employees and their employers to set aside, in a taxefficient manner, a proportion of earnings in each working year to provide benefits in the form of retirement pensions. In addition, they provide financial protection for spouses and other dependants on a scheme member’s death.

One can downlad the full paper below - Reproduced with the kind permission of the Retirement Planning Council of Ireland and the Irish Association of Pension Funds - A Revised Edition of Understanding Pensions is currently in production

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What can the Pensions Ombudsman do for you? (Updated 2009)

The Pensions Ombudsman investigates and decides complaints and disputes concerning occupational pension schemes, Personal Retirement Savings Accounts (PRSAs) and Trust RACs. He is completely independent and acts as an impartial adjudicator. His appointment and powers come from the Pensions Act, 1990, as amended by the Pensions (Amendment) Act, 2002.
Paul Kenny was appointed as the Pensions Ombudsman on 28 April 2003 and was Re-Appointed in April 2009. He had previously spent 34 years in pensions consultancy. The Pensions Ombudsman is assisted by experienced and well qualified staff who have authority to act on his behalf, though the final decision on any complaint must be made by the Pensions Ombudsman himself.
There is no charge for bringing a complaint or dispute to him.

The updated (2009) version of the booklet "What can the Pensions Ombudsman do for you?" can be downloaded from the attachment link below.

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