|
Salary |
|
see Pensionable Salary and Final Pensionable Salary. |
|
|
|
Schedule of Contributions |
|
An agreement between the Company and the Trustee regarding how much should be contributed to the Final Salary Section, and when it should be paid. The Schedule is certified by the Scheme Actuary. |
|
|
|
Scheme Actuary |
|
The individual appointed by the Trustee to carry out valuations and to advise on the Scheme’s ability to meet it’s long and short-term liabilities. |
|
|
|
Scheme Auditor |
|
The firm appointed by the Trustee to audit the financial statements of the Scheme and the payment of contributions. |
|
|
|
Simplification |
|
see A-day |
|
|
|
Spouse |
|
Your legal wife or husband. |
|
|
|
State Earnings Related Pension Scheme (SERPS) |
|
See State Second Pension. |
|
|
|
State Pension Age (SPA) |
|
The age when you are eligible to start receiving the state Pension.
For men:
For women:-
age 60, if born before 6 April 1950
-
age 65, if born after 5 April 1955
-
between age 60-65, if born between 6 April 1950 and 5 April 1955
|
|
|
|
State Pension Forecast |
|
This tells you how much money you are likely to get when you claim a State Pension. |
|
|
|
State Second Pension (S2P) |
|
A salary linked pension that is paid in addition to the state pension, unless you are contracted-out. |
|
|
|
Statement of Funding Principles |
|
The Trustee’s policy for meeting the statutory funding objective of a final salary scheme. |
|
|
|
Statement of Investment Principles |
|
A statement prepared by the Trustee, outlining the principles governing decisions about investment. |
|
|
|
Statutory Funding Objective |
|
The requirement that a final salary scheme must have sufficient and appropriate assets to cover its liabilities. |
|
|
