Glossary of Terms
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To report a breach of the law to the relevant authorities, for example, to make a compulsory report to The Pensions Board of a material misappropriation or a fraudulent conversion of the resources of a pension scheme or a voluntary report on the state and conduct of a scheme.
The process of terminating a pension scheme, usually by applying the assets to the purchase of immediate and deferred annuities or buyout bonds; by transferring annuities already purchased to the ownership of the payees; or by transferring the assets and liabilities to another pension scheme, PRSA or buy-out bond in accordance with scheme documentation. A scheme is not wound up until no further assets remain under the control of its trustees.
The naming by a member of a person or persons to whom he or she wishes any death benefit to be paid in the event of his/her death. Also referred to as „nomination‟ or „expression of wishes‟. Such a letter or expression of wishes cannot bind the trustees but they would normally try to give effect to the deceased member‟s wishes.
An insurance policy under which a share of surpluses disclosed by actuarial valuations of the insurance companies life and pensions business is payable as an addition to guaranteed benefits or as a reduction in future premiums.