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Glossary

See also the abbreviations and acronyms.

“active member”, in relation to a pension plan, means a member of the plan who-

has not terminated his employment under the plan;

has not exercised his entitlement under section 29 of the National Pensions Law; and

has not been deemed under section 63(1) of the National Pensions Law to have terminated his employment under the plan;

“actuarial present value”, in relation to a pension or benefit

the value of the pension or benefit calculated in the prescribed manner and as of a fixed date;

“actuary” means a person who-

has qualified as an actuary by examination of the Institute of Actuaries in England, the Faculty of Actuaries in Scotland or the Societies of Actuaries in the United States or Canada and who is a current member in good standing of one of those professional associations; or

holds some other actuarial qualification and who is, in the opinion of the Governor, suitable for recognition as an actuary for the purposes of the National Pensions Law;

“additional voluntary contribution”

a contribution to a pension fund by a member in excess of the amount the member is required by a pension plan or the National Pensions Law to contribute;

“administrator”

a person who manages a pension plan;

“ancillary benefit”

any of the benefits described in section 32 of the National Pensions Law;

“approved provider”

an insurance company or other company licensed to undertake pension plans in the Islands;

“assets”, in relation to an employer,

assets that in the ordinary course of business would be entered in the employer’s books of accounts;

“benefit”

a pension benefit or an ancillary benefit;

“certified copy”

a copy certified by an attorney-at-law to be a true copy;

“claimant”, in relation to a pension plan,

a person other than a member or former member who, as a result of another person’s membership at any time in a plan, is or may be entitled to a right or benefit under such plan;

“commuted value”, for the purpose of determining the lump sum amount that is equivalent to a pension or benefit,

the value of the pension or benefit calculated in the prescribed manner and as of a fixed date;

“conjugal period” means a period beginning with the marriage of a man and a woman and ending on either the death of one of them or on the date set out in-

a decree of dissolution of the marriage;

a decree of nullity of the marriage;

a decree of presumption of death of a spouse; or

a decree of judicial separation.

“continuous”, in relation to employment, membership or service,

continuous notwithstanding regard to periods of temporary suspension of employment, membership or service of less than six months, and notwithstanding periods of lay-off from employment;

“contributory benefit”

a pension benefit or part of a pension benefit in respect of which a member is required to make contributions under the terms of the pension plan;

“deferred benefit”, in relation to a member of a pension plan,

a benefit other than an immediate benefit;

“deferred pension”

a deferred benefit that is in payment;

“defined benefit”

a benefit determined in advance with reference to various factors including level of earnings and length of employment and a “defined benefit pension plan” means a plan providing such a benefit;

“defined contribution benefit”

a benefit that is determined solely with reference to and is provided by, contributions made by or for the credit of a member together with the investment yield of such accumulated contributions and that is determined on an individual account basis; and “defined contribution pension plan” means a pension plan providing a defined contribution benefit;

“disabled”, in relation to a member,

unable because of a physical or mental condition to perform most or all of the tasks related to that member’s employment;

“earnings” means-

in the case of an employee, any wages, salary, leave pay, fee, commission, bonus (to the extent that the bonus is equivalent to more than twenty per cent of the employee’s basic salary or wage for the period in question) or gratuity, expressed in monetary terms, paid or payable by an employer (directly or indirectly) to that employee in consideration of employment, but does not include severance payments, retirement or long service recognition payments or health insurance premiums; and

in the case of a self-employed person, income of that person prescribed and calculated in accordance with the regulations;

“employee”

has the meaning assigned to it by section 2 of the Labour Law (2000 Revision);

“employer”

has the meaning assigned to it by section 2 of the Labour Law (2000 Revision);

“former member”

means a person who was a member of a pension plan and who has terminated employment or membership in a pension plan, and is-

entitled to a deferred benefit payable from the pension fund;

in receipt of a pension payable from the pension fund;

entitled to commence receiving payment of a pension benefit from the pension fund after termination of employment or membership; or

entitled to receive any other payment from the pension fund;

“fully funded”, in relation to a pension plan,

to have at a given time, sufficient assets in a pension plan to provide for all pensions and other benefits as they become payable;

“immediate benefit”

a benefit under the pension plan where payment of the pension in respect of the benefit is to commence not later than the first day of the month following the termination of the employment or membership of the member;

“inactive member”, in relation to a pension plan,

a member of the plan other than an active member;

“joint and survivor pension”

a pension payable during the joint lives of the person entitled to the pension and his spouse and thereafter during the life of the survivor of them;

“member”, in relation to a pension plan,

a person who is or may be entitled to a benefit or refund of the person’s contributions under the pension plan as a result of the person’s employment or self-employment;

“multi-employer pension plan”

a pension plan established and maintained for self-employed persons or employees of two or more employers who contribute or on whose behalf contributions are made to a pension fund, but does not include a pension plan where all the employers are affiliated;

“partial winding up”

the termination of part of a pension plan and the distribution of the assets of the pension fund related to that part of that pension plan;

“pension”

a benefit which is being paid at regular intervals;

“pension benefit”, in relation to a member or former member of a pension plan,

the entitlement of the member or former member or of another person upon the death of the member or former member to the periodic amounts provided under the pension plan for the lifetime of the member or former member, but does not include an ancillary benefit;

“pension committee”

a committee that is the administrator of a pension plan;

“pension fund”

a fund maintained to provide benefits payable under a pension plan;

“pension plan” includes a defined benefit pension plan or a defined contribution pension plan constituted and administered to provide pension benefits for employees but does not include-

an employee’s profit sharing plan or a deferred profit sharing plan;

a plan to provide cash withdrawals from the fund or lump sum payments;

a plan under which all pension benefits are provided by contributions made by members who are not self-employed;

a fund or plan supplementary to a registered pension plan; or

any other prescribed type of plan;

“pensionable earnings”

the average annual rate of earnings received by a member in that consecutive sixty month period during which his earnings were the highest, or if membership is less than sixty months, the average annual rate of earnings over the period of his membership subject, in either case, to a prescribed maximum;

“prescribed”

prescribed by regulations made under the National Pensions Law;

“reciprocal transfer agreement”

an agreement respecting two or more pension plans that provides for the transfer of money, credits for employment or such other matter in respect of individual members who are transferring to and from registered pension plans whether in or outside the Islands;

“registration”

registration under the National Pensions Law;

“regulations”

all regulations made by the Governor under the powers contained in the National Pensions Law;

“self-employed person”

a person over school leaving age whose earnings (otherwise than in the capacity of an employee) derive from his production (in all or part) of goods or services in the Islands, or his trade in goods or services in or from the Islands;

“spouse” means a man or a woman who-

in the case of a man, is married to a woman; or

in the case of a woman, is married to a man;

“surplus”

the excess of the value of the assets of a pension fund related to a defined benefit pension plan over the value of the liabilities under the pension fund, both calculated in the prescribed manner;

“termination”-

in relation to employment, includes retirement and death; and

in relation to a winding up in whole or in part of a pension plan, means the cessation of the accrual of benefits under the plan by members of the plan;

“winding up”, in relation to a pension plan,

the distribution of the assets of the pension plan after the plan is terminated;

“year’s maximum pensionable earnings”

earnings totalling in any year sixty thousand dollars or such other amount as may be prescribed.

Last Updated: 2005-11-29