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Useful Terms
Annual Allowance (AA)
The AA is the cap on the amount of pension savings from all sources that can be built up tax efficiently each year. The Annual Allowance is £50,000. Any pensions savings in excess of this amount will be taxed at your highest rate of marginal income tax.
A party to a registered Civil Partnership as defined in the Civil Partnership Act 2004
Contracted Out
Contracted-out of the State Second Pension - S2P (formerly the State Earnings Related Pension Scheme - SERPS).
Data Protection
The Scheme is registered under The Data Protection Act 1998 and the Trustee of BSPS holds personal data about you to administer the Scheme membership and benefits.
Your dependants can be any of the following:
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your widow/widower/civil partner;
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your children or grandchildren;
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your grandparents and the grandparents of your widow/widower/civil partner, and the grandparents of any previous ore deceased wife or husband of yours;
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your parents, uncles, aunts and cousins, and the parents, uncles, aunts and cousins of your widow/widower/civil partner, and the parents, uncles, aunts and cousins of any previous or deceased wife or husband of yours, and the spouses of any such uncles, aunts and cousins;
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any person (whether they are 18 or not) to whom you have at any time put yourself in the role of a parent or their children, and any person who held you in role of a parent of their children.
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Any person who the Trustee consider was wholly or partly dependent on or financially inter-dependent with your earnings at the time of your death – such as a ‘common law’ partner, fiancé or fiancée, living at the same address – may also qualify in these circumstances. Bu t please note that no spouse’s pension would be payable
Generally, your gross earnings (i.e. before tax and any other deductions) for any scheme year. Abnormally wide variations in non-basic pay elements such as bonus and overtime will be averaged over 3 years. One-off payments (such as outstanding holiday pay) are generally excluded.
Employer
The “Principal Company”, Tata Steel UK Limited, and every Participating Company in the Scheme
Final Pensionable Earnings
Generally your highest Pensionable Earnings for any one scheme year during your last five years of Scheme Membership.
Guaranteed Minimum Pension (GMP)
This is the minimum level of benefit the Scheme must provide for members of the Scheme who were contracted out of the State Earnings Related Pension Scheme If you were an employee member of the BSPS between 6 April 1978 and 5 April 1997 part of your Scheme pension is Guaranteed Minimum Pension (GMP). GMP broadly mirrors the pension you would have received from the State had the BSPS not been contracted-out.
This means that a Member of former Member is unable o carry out any gainful employment due to physical or mental Incapacity and is likely to remain permanently unable to do so.
The value of all benefits coming into payment is tested against the LTA. Further details on the LTA are available here.
Age 65 for men and women
Generally, your gross earnings in any Scheme Year less an offset (equal to £3,630 for 2011/12 Scheme year)
The number of years, months and days that you have been a member of the Scheme
Retail Prices Index (RPI)
RPI is a measure of inflation which measures the change in the costs of a fixed basket of retail goods (including the cost of mortgages and council tax)
State Pension Age
State Pension Age (SPA) is the earliest age you can receive your State Pension.
The surviving legal spouse.