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Jargon Buster



Glossary (DC)

Annuity – a way of converting your Pension Account into an annual income. This is usually set up through an insurance company.

Lifestyle – An investment option that makes automatic changes to your funds at certain times in your life without you having to do anything. Details of how the Lifestyle Option works are given on a Factsheet which can be found by logging on to Hartlink Online.

Self-select – an investment option which allows you to choose exactly where your Pension Account is invested. Alternatively, you could use our Lifestyle strategy.

Target Retirement Age – This is the age at which you plan to retire. It can be any age between 55 and 75. You will need your Employer’s consent if you would like to work after age 65.

Uncrystallised Fund Lump Sum Payment - If you are aged between 55 and 75 you can take cash directly from your Pension Account without having to buy an annuity. This option is known as an Uncrystallised Funds Pension Lump Sum (UFPLS).



Glossary (DB)

Accrual Rate – this is the rate at which your pension builds-up, e.g. 1/80th or 1/60th for each year of Pensionable Service.

Pensionable salary – this is the figure your contributions are based on and is part of the calculation of your retirement benefits.

Pensionable service – this is your service as a member of the Pension Scheme and is part of the calculation of your retirement benefits.

RPI – This stands for the Retail Price Index and is a measure of inflation.

CPI – This stands for the Consumer Price Index and is a measure of inflation.

Scheme Actuary – An individual appointed by the trustees to provide independent advice on financial questions regarding the scheme.

Trustees – these are the people legally responsible for the administration and management of the scheme in accordance with the trust deed and rules.

NRD – this stands for Normal Retirement Date.

WPS – this stands for Water Pension Section and is now closed to new members.

MIS – this stands for Mirror Image Section and is now closed to new members.

Section – this is the section of the Pension Scheme you are in and is shown on your Annual Benefit Statement.

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