Pension Terminology - A Glossary Of Key Terms
E to Q
| Eligible Employee | Further information concerning the eligibility of new employees can be found under Auto Enrolment |
| Employer Discretions | Discretions that the employer has under the regulations which generally relate to certain options surrounding administration or ways that an employer can enhance a member's pension. All employers must produce a discretions policy and send a copy to us |
| Expression of Wish Form | A form for a Scheme Member to state who they would like any Death Grant to be paid to should they die in service or shortly after when they retire. Members areencouraged to complete these |
| Funding Level | A employer's Funding level is amount of its notionally allocated pension assets / pension liabilities. It is expressed as a percentage and based on a number of actuarial assumptions |
| Gainful Employment | Paid employment for not less than 30 hours in each week for a period of not less than 12 months. This definition is used in ill health/capacity dismissals to determine which ill health tier would apply |
| Ill Health Liability Insurance | An insurance policy available to employers in the Wiltshire Pension Fund, to cover strain costs associated with tier 1 and 2 ill health retirements |
| IRMP - Independent Registered Medical Practitioner | Independent Registered Medical Practitioner who is registered with the General Medical Council and holds a diploma in occupational health medicine (D Occ Med) or an equivalent qualification issued by a competent authority in an EEA state; and for the purposes of this definition, "competent authority" have the meaning given by section 55(1) of the Medical Act 1983(10); or is an Associate, a Member or a Fellow of the Faculty of Occupational Medicine or an equivalent institution of an EEA state. LGPS - The Local Government Pension Scheme (referred to as "The Scheme" or "the Pension Scheme" throughout this guide) |
| Opting Out | When LGPS member decides to leave the Scheme whilst remaining employed. All members must complete an Opt Out form and send it to their payroll provider |
| Pensionable Pay | 'Pensionable Pay' is the elements of pay that should be using for pensionable purposes. There are two Pensionable Pay definitions
Up to date definitions of pensionable pay can be found in the Employer's Guide |
| Pension Remuneration | Pension Remuneration is normally the average FTE pay for a member over the last year of their employment (or the two previous years if higher). However, Pension Remuneration is calculated slightly differently for different scenarios. A full description is provided in the Employer's Guide |
| Primary Contribution Rate | The Primary Contribution Rate (previously known as Future Service Rate) is the amount of employer contributions required to fund the pension that an average employee will build up over the next year. It is calculated by the Fund actuary and reviewed periodically |
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