pension — pen·sion n: money paid under given conditions to a person following retirement or to surviving dependents see also defined benefit plan, defined contribution plan Merriam Webster’s Dictionary of Law. Merriam Webster. 1996 … Law dictionary
Pension Benefit Guaranty Corporation — (PBGC) A federal insurance fund that pays pension benefits to retirees whose pension plans have ended, generally because the plans cannot meet their financial obligations. The PBGC is funded by insurance premiums paid by employers that sponsor… … Law dictionary
pension scheme — Under the Pension Schemes Act 1993, an employer can contract out of the SERPs element of the state pension scheme (hence qualifying for contracted out rebate on National Insurance Contributions) by means of an occupational pension scheme. There… … Law dictionary
pension credit — Introduced by the Welfare Reform and Pensions Act 1999, a pension credit is the amount used for the benefit of the ex spouse of a member of an occupational pension scheme or a personal pension scheme under a pension sharing order. The scheme may… … Law dictionary
pension-sharing order — Introduced by the Welfare Reform and Pensions Act 1999, pension sharing orders apply to occupational pension schemes and personal pension schemes. The member s pension rights are valued as a cash equivalent, and part of their value is used for… … Law dictionary
pension debit — Introduced by the Welfare Reform and Pensions Act 1999, a pension debit applies to a member of an occupational pension scheme or a personal pension scheme who is subject to a pension sharing order on divorcing their ex spouse. The pension debit… … Law dictionary
pension commencement lump sum — Introduced by the Finance Act 2004, a member of a registered pension scheme may commute part of his pension benefits for a pension commencement lump sum. This may comprise up to 25% of the capital value of the member s pension entitlement, and is … Law dictionary
Pension Protection Fund — (PPF) A statutory fund, established with effect from 6 April 2005 by the Pensions Act 2004. The PPF pays compensation at a prescribed level to members of defined benefit schemes that are eligible for entry. A scheme may be eligible if its… … Law dictionary
Pension Protection Fund Ombudsman levy — (PPFO levy) One of the levies that the Pension Protection Fund (PPF) may raise from defined benefit schemes that may be eligible to receive compensation if they meet certain entry conditions. Section 209 of the Pensions Act 2004 permits the PPF… … Law dictionary
pension credit member — A member of an occupational pension scheme or a personal pension scheme who is an ex spouse or former civil partner of an existing member, and who has received a pension credit. Related links pension credit … Law dictionary
