Pensions 2008 - Glossary
An independent pensions expert.
An in-depth examination of the Plan's finances.
The amount of money invested and held by the Plan.
The Actuary has to make various assumptions about the future, including:
- economic assumptions such as future rates of inflation, salary increases and investment returns, and also
- demographic assumptions, for example, the likelihood of members dying at a particular age before or after they retire and whether they’re likely to be married before they die.
The amount expected to be needed to provide benefits earned by members.
Also known as a deficit; where the Plan's liabilities (what it has to pay out) are greater than its assets.
An independent trustee board that ensures that the Plan is well-managed in the interests of all members.
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