employer debt — In the context of pensions, the statutory debt arising under section 75 of the Pensions Act 1995. Also known as a section 75 debt, an employer that participates in a defined benefit scheme may owe an employer debt to the scheme s trustees if the… … Law dictionary
scheme-based levy — One of the levies that the Pension Protection Fund (PPF) may raise in order to fund its operations. The scheme based levy is one element of the pension protection levy. It reflects the number of members in an eligible defined benefit scheme and… … Law dictionary
occupational pension scheme — Under the Pension Schemes Act 1993, an employer can contract out of the SERPs element of the state pension scheme (hence qualifying for contracted out rebate on National Insurance Contributions) by means of an occupational pension scheme. There… … Law dictionary
principal employer — occupational pension schemes must identify one of the participating employers as the principal employer. It is usually the employer establishing the scheme or the parent company in a multi employer scheme. The scheme s principal employer will… … Law dictionary
contracted-out money purchase scheme — (COMP scheme) A money purchase scheme that has contracted out of the state second pension (S2P). To qualify as a COMP scheme, the scheme must satisfy certain criteria set out in the Pension Schemes Act 1993. In particular, the empl … Law dictionary
COMP scheme — contracted out money purchase scheme (COMP scheme) A money purchase scheme that has contracted out of the state second pension (S2P). To qualify as a COMP scheme, the scheme must satisfy certain criteria set out in the Pension Schemes Act 1993.… … Law dictionary
participating employer — An employer that participates in an occupational pension scheme. Unless a scheme is winding up, participating employers must pay contributions to the scheme, as required by the scheme s governing trust deed. See also principal employer. Related… … Law dictionary
defined benefit scheme — (DB scheme): An occupational pension scheme or other retirement benefit scheme which promises the member a defined level of benefit on death or retirement. Employer s contributions have then to be determined from time to time so as to cover the… … Law dictionary
defined-benefit scheme — (DB scheme): An occupational pension scheme or other retirement benefit scheme which promises the member a defined level of benefit on death or retirement. Employer s contributions have then to be determined from time to time so as to cover the… … Law dictionary
DB scheme — defined benefit scheme (DB scheme): An occupational pension scheme or other retirement benefit scheme which promises the member a defined level of benefit on death or retirement. Employer s contributions have then to be determined from time to… … Law dictionary
