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A-day |
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6 April 2006. This is when HMRC introduced pensions simplification - a single tax regime for all UK pension schemes. |
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Accrual Rate |
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The rate at which your pension in the Final Salary Section builds up for each year of pensionable service in the Scheme. |
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Active Member |
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A member of either section of the Kingfisher Pension Scheme that is still employed by the Company and is paying contributions. |
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Actuarial Valuation |
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An investigation by the Scheme Actuary into the ability of the Final Salary Section to meet its liabilities (generally, pension benefits). |
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Actuary |
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see Scheme Actuary |
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Additional Core Contributions |
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Extra contributions you can pay to the Money Purchase Section of the Scheme. If you have worked for the Company for more than 5 years, these may attract additional company contributions (up to a certain level). |
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Additional Voluntary Contributions (AVCs) |
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AVCs are extra contributions that you can pay to boost your savings for retirement. |
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Annual Allowance |
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The maximum amount that you are allowed to contribute to your pension schemes with tax relief.-
2007/08 : £225,000
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2008/09 : £235,000
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2009/10 : £245,000
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2010/11 : £255,000
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Annuity |
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A policy that you buy from an insurance company or pension provider. You use your retirement account or AVCs to purchase an annuity and receive a pension in return. |
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Auditor |
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see Scheme Auditor |
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