AA

en-noun

AA (countable and uncountable, plural AAs)

annual allowance
annual allowance#English

(UK, pensions) Initialism of annual allowance.


annuity

From French annuité, from Medieval Latin annuitās, from Latin annuus (“annual”). Cf. annuality.

(insurance, pensions) A right to receive amounts of money regularly over a certain fixed period, in perpetuity, or, especially, over the remaining life or lives of one or more beneficiaries.


DC

DC (countable and uncountable, plural DCs)

defined contributions
defined contributions#English

(UK, pensions) Initialism of defined contributions.


commute

en-verb

commute (third-person singular simple present commutes, present participle commuting, simple past and past participle commuted)

commutes (present singular third-person)
commuting (participle present)
commuted (participle past)
commuted (past)

заменям

to put or substitute something else in place of

To exchange substantially; to abate but not abolish completely, a penalty, obligation, or payment in return for a great, single thing or an aggregate; to cash in; to lessen

(transitive, insurance, pensions) To pay out the lumpsum present value of an annuity, instead of paying in instalments; to cash in; to encash

maksaa kerralla

finance: to pay out the lump-sum present value


tranche

Unadapted borrowing from French tranche, form of trancher (“to cut, to slice”), from Old French trenchier (“cut, make a cut”), possibly from Vulgar Latin *trinicāre (“cut in three parts”). Doublet of traunch and trench.

der

(pensions) A pension scheme's or scheme member's benefits relating to distinct accrual periods with different rules.


FPS

(pensions) Initialism of final pensionable salary.


scheme

→ Irish: scéim

→ Malay: skim

Borrowed from Medieval Latin schēma (“figure, form”), from Ancient Greek σχῆμα (skhêma, “form, shape”), from ἔχω (ékhō, “I hold”). Doublet of schema. Compare sketch.

der

(UK, pensions) A portfolio of pension plans with related benefits comprising multiple independent members.


overlap

From over- + lap.
Cognate with Dutch overlap.

(insurance, pensions) The payment of a spouse's or other dependant's annuity benefits concurrently with the member's benefits, on death of the member during the guarantee period.


DB

defined benefits
defined benefits#English

(UK, pensions) Initialism of defined benefits.


GMP

en-noun

GMP (countable and uncountable, plural GMPs)

Guaranteed Minimum Pension
w:Guaranteed Minimum Pension

(countable, UK, pensions) Initialism of Guaranteed Minimum Pension.


RAP

retirement annuity plan
retirement annuity plan#English

(UK, pensions) Initialism of retirement annuity plan.


PPP

PPP (countable and uncountable, plural PPPs)

personal pension scheme
w:personal pension scheme

(UK, pensions) Initialism of personal pension scheme.


RAC

retirement annuity contract
retirement annuity contract#English

(UK, pensions) Initialism of retirement annuity contract.


revalue

en-verb

revalue (third-person singular simple present revalues, present participle revaluing, simple past and past participle revalued)

revalues (present singular third-person)
revaluing (participle present)
revalued (participle past)
revalued (past)

LL-Q1860 (eng)-Flame, not lame-revalue.wav

(UK, pensions) To apply revaluation to a pension benefit.


revaluation

en-noun

revaluation (countable and uncountable, plural revaluations)

(UK, pensions) The application of compound growth to the value of a pension benefit, specifically from the date of the member leaving the scheme (for example, moving to a different employer) to the date that the member starts receiving the benefit (typically retirement).


LTA

LTA (countable and uncountable, plural LTAs)

lifetime allowance
lifetime allowance#English

(UK, pensions) Initialism of lifetime allowance.


PPF

Pension Protection Fund
w:Pension Protection Fund

(UK, pensions) Initialism of Pension Protection Fund.


SIPP

SIPP (countable and uncountable, plural SIPPs)

self-invested personal pension
w:self-invested personal pension

(UK, pensions) Acronym of self-invested personal pension.


SPA

SPA (countable and uncountable, plural SPAs)

state pension
w:State Pension (United Kingdom)

(UK, pensions) Initialism of state pension age.


personal pension

personal pension (plural personal pensions)

(UK, pensions) A pension plan that is funded entirely by individual contributions rather than any employer contributions.


money purchase

(UK, pensions) Describing a pension scheme in which an employer agrees to provide a pension payment or lump sum on retirement that is based on the combination of the employer's and employee's contributions to the scheme over the employee's working life.


defined benefits

(UK, pensions) Describing a pension scheme in which an employer agrees to provide a pension payment or lump sum on retirement that is predetermined based on the employee's length of service, earnings history and age.


retirement annuity contract

retirement annuity contract (plural retirement annuity contracts)

(UK, pensions) A type of UK pension scheme with specific benefits, sold prior to July 1988, available to the self-employed or employees that were not offered a workplace pension.


Section 226

Refers to Section 226 of the Income and Corporation Taxes Act 1970.

retirement annuity contract
retirement annuity contract

(UK, pensions) A retirement annuity contract.


Section 620

Refers to Section 620 of the Income and Corporation Taxes Act 1988.


retirement annuity plan

retirement annuity plan (plural retirement annuity plans)


IFoA

Institute and Faculty of Actuaries
w:Institute and Faculty of Actuaries

(British, insurance, pensions) Abbreviation of Institute and Faculty of Actuaries.


PCLS

PCLS (countable and uncountable, plural PCLSs)

pension commencement lump sum
w:personal pension scheme

(UK, pensions) Initialism of pension commencement lump sum.