Glossary of pension 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 Authority of a material misappropriation or a fraudulent conversion of the resources of a pension scheme or a personal retirement savings account (PRSA) or a voluntary report on the state and conduct of a pension scheme or a PRSA.

Winding Up

The process of terminating a pension scheme, usually by applying the assets to the purchase of immediate and deferred annuities or buy-out bonds; by transferring annuities already purchased to the ownership of the payees; or by transferring the assets and liabilities to another pension scheme, personal retirement savings account or buy-out bond in accordance with pension scheme documentation. A pension scheme is not wound up until no further assets remain under the control of its trustees.

Wishes letter

The naming by a member of a person or persons to whom they wish any death benefit to be paid in the event of their 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.