30
30
Pensions Glossary Active/Current Member A member of an occupational pension scheme who is building pensionable service through their existing employment.
Deferred Member A member who leaves the scheme but whose benefits stay in the scheme and are not transferred anywhere else before payment.
Actuary An actuary is a professionally qualified independent person who the administering authority contracts with to value the fund and ensure that there is enough money to guarantee the payment of your pension and the pension of any eligible dependant’s you have.
Pensionable Service The period of time you pay into the Scheme, whilst working in a non teaching capacity within Local Government.
Administering Authority This is Shropshire Council. The Council is responsible for collecting contributions, investment of the fund and paying your pension. Beneficiary A person who will receive some form of benefit from the scheme once certain events come to pass e.g. a spouse’s pension payable on the death of an existing scheme member. Contributions A percentage of your salary which is paid into the pension fund in order to guarantee you a pension on retirement.
Retail Price Index This shows the changes in the cost of living. It reflects the movement of prices covering a range of goods and services over time. The amount by which pensions are increased annually each April is based on movement in the Retail Price Index during the 12 months to September.