scheme.htm

terms

Terms used in this guide

Actuary
Actuary means the person who carries out actuarial valuations of the Scheme and advises the Trustees on the cost of the benefit promises made by the Scheme and how much money is needed to meet that cost.

Auditor
The Auditor is the nominated partner of a recognised firm of auditors appointed by the Trustees to provide audit services to the Scheme.

Civil Partner
Couples of the same sex in a long-term relationship may form a civil partnership, giving them equal rights with same-sex couples in a number of areas, including pension benefits. A civil partner is the person with whom you have registered a civil partnership.

Commutation Factor
Figure used in converting pension to tax-free lump sum.

Company
A company within the Kingfisher group that is a participating employer in the Scheme.

Dependant
Under the Scheme Rules a dependant is defined as a member’s widow, widower, civil partner or child or someone other than the above who is a the date of the member’s death:

  • financially dependant on the member

  • in a financial relationship of mutual dependence with the member, or

  • dependant on the member because of physical or mental impairment.

Dependant Child
A child of yours (either natural, step or adopted), under the age of 18 or under age 23 and in full time education.

Final Pensionable Salary
Your Final Pensionable Salary is your highest average annual salary over any three consecutive years within the last ten years before you leave or retire from the Scheme. If higher we use your Annual Salary over any period of twelve consecutive months in the last five years before you leave or retire from the Scheme.

Pensionable service
Pensionable Service is the time that you have contributed to [or been a non contributory member of] the Scheme (plus back service credits). Used to calculate your benefits.

Scheme
The Kingfisher Pension Scheme

Scheme Pension Age
Age 65

Spouse
Spouse means your legal wife or husband.

Trustee
An individual or company appointed or elected to administer the Scheme. You can contact the Trustees here.