A person who has been admitted to membership of apension scheme and is entitled to benefit under that scheme.
Sometimes narrowly used to refer only to an active member.
Sunday, 18 November 2012
memorandum of association
A document setting out the details that a company must send to the Registrar of Companies, with the articles of association, when the company is formed. These details include the name of the company, its registered address and its objectives.
Trustee boards set up as a corporate entity equally require a 'mem & arts'.
Trustee boards set up as a corporate entity equally require a 'mem & arts'.
Minimum funding requirement.(MTR)
A requirement under earlierlegislation that the actuarial value of the assets of a defined benefit scheme should not be less than the actuarial value of its liabilities, given a prescribed set of actuarial assumptions. This requirement has been superseded by the requirement for scheme specific calculations.
Member-nominated director.(MND)
A director of a corporate trustee of an occupational pension scheme, appointed or elected by the members in line with MNT requirements.
In the case of very small schemes, where the sponsor is a private company, the corporate trustee may, in effect, be the board of directors of the company, subject to the requirements for member-nominated trustees.
Usually referred to as a member-nominated trustee (MNT).
In the case of very small schemes, where the sponsor is a private company, the corporate trustee may, in effect, be the board of directors of the company, subject to the requirements for member-nominated trustees.
Usually referred to as a member-nominated trustee (MNT).
Member-nominated trustee. (MNT)
A trustee of an occupational pension scheme appointed or elected by the members in line with MNT requirements.
National Association of Pension Funds.
body providing representation and other services for those involved indesigning, operating, advising and investing in all aspects of pensions and other retirement provision.
National Insurance Services to Pensions Industry.
A team within the National Insurance Contributions Office (NICO), dealing with occupational pension schemes and appropriate personal pension schemes which are contracted out of the state additional pension scheme (SERPS, State Earnings Related Pension Scheme or S2P, the State Second Pension).
non-professional clients
Generally defined as having limited investment expertise.Pension scheme trustees tend to fall into this categoryand they may have other factors to consider apart frominvestment returns, eg the employer covenant, their attitude to risk etc.
Advisers and fund managersare required to give trustees the opportunity to designatethemselves as non professional and therefore inneed of extra protection, which is likely to result in higher costs for advice and management.
Advisers and fund managersare required to give trustees the opportunity to designatethemselves as non professional and therefore inneed of extra protection, which is likely to result in higher costs for advice and management.
notice (of wind up)
The formal written notification between the employer and the trustee that wind up has been started. The notice must be formally acknowledged in writing. The format will vary from scheme to scheme and should be discussed with the scheme lawyer.
Subscribe to:
Posts (Atom)