The name for the former Pension Service. An agency of the Department for Work and Pensions. It delivers the state pension, the additional state pension, the over-80 pension, the pension credit, winter fuel payments, Christmas bonus payments, pension forecasts and pension traces. It employs around 16,500 people.

The earnings on which benefits and/or contributions are calculated under the scheme rules of a defined benefits scheme.

Period of employment during which the individual is or was a member of a pension scheme.

The period of service in a defined benefit scheme that is used to calculate pension benefits or other benefits.

A professional trustee that, prior to A-day, had to be appointed to carry out defined administrative functions for small self-administered schemes. Until A-day it was an HMRC approval condition that trustees of a small self-administered scheme appoint a pensioneer trustee, whose main function was to ensure that the scheme was not wound up except in accordance with normal pension scheme practice. Since A-day, the appointment of a pensioneer trustee is no longer necessary.

Person who is currently receiving a pension from a scheme.

A member of a pension scheme who is entitled to the payment of benefits from the scheme and who is not an active member. A pension scheme member who has drawn their pension.

Pensions analysis: The Court of Appeal unanimously held that members of two Qualifying Recognised Overseas Pension Schemes (‘QROPS’), who had transferred pensions into the schemes allegedly on the advice of unregulated third party introducers, are able to pursue their claims for investment losses against the schemes’ trustee and administrator, Castle Trust & Management Services Ltd (‘Castle’), a regulated trustee company registered and domiciled in Gibraltar: the court ruled that the members had a good arguable case that their claims fell within Article 13(3) of the 1968 Brussels Convention (‘the Brussels Convention’) and so could be litigated in the UK. The case serves as a reminder that offshore pension providers are not immune from the current wave of domestic claims seeking to fix regulated firms with liability for alleged pension ‘scams’. Written by Henry Day, barrister at Radcliffe Chambers.

Law360: Lane Clark & Peacock LLP (LCP) has stated that the ruling Conservative Party's pledge to add a tax break to the anti-inflation ‘triple lock’ on pensions would still mean that 2.5 million UK pensioners will be taxed.

An independent body established in 1986 offering a variety of services to pension fund investors including monitoring compliance by companies with corporate governance guidelines and voting advice.

An organisation assisting pension fund investors assess the governance'>corporate governance of listed companies and offering other proxy research services. It issues UK Shareowner Voting Guidelines. Also known as PIRC.

Legislation making sweeping changes to the UK pension landscape.