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Pension Jargon Buster

Dependant: Someone who is partly or wholly dependent on you. This usually covers children under the age of 18, spouses and civil partners.

Normal Retirement Date (NRD): The date from which you can take your pension without reduction for early retirement.

Preserved benefits: Benefits are built up in a scheme up to the date when someone stops being an active member (or the scheme closes) before their NRD.

Scheme rules: A legally binding document detailing the pension benefits which must be provided to members of a pension scheme.

Transfer value: This is the cash amount a scheme will pay if you leave the scheme and transfer the value of the benefits to your new employer's pension scheme, or a personal pension arrangement. The new arrangement must be a recognised scheme under HMRC requirements.

Tax Free Cash: You are able to take up to 25% of the value of your benefits as a lump sum which does not incur any tac charge. This lump sum is also sometimes called a Pension Commencement Lump Sum.

Normal Retirement Age: The Scheme’s Normal Retirement Age (NRA) is 65.