An employee who is a member of the Scheme and accruing benefits and/or paying contributions under the Scheme.

The total pension savings that you can build-up from all sources in any one Pension Input Period without incurring a tax charge. (Excludes State pension benefits).

A pension bought from an insurance company using your DC Account fund at retirement. It is a financial product which guarantees to provide you with an income at retirement.

The flat rate pension provided by the State, where the amount currently depends on your National Insurance contribution record.

If you’ve got a cautious attitude to risk, it’s likely that, when investing your money, you look for the security that your investment’s value won’t go up and down a lot.

The value of units purchased with both your own and the contributions paid by your Employer on your behalf.

Contributions paid by you and your Employer are invested using a fixed investment pattern in a range of pre-selected investment funds. Sometimes referred to as a Lifestyle Fund.

A pension scheme, like the ITB DC Section, where the pension  benefits are based on the value of the contributions paid in by a member and their Employer.

The Employer with whom you have a contract of employment relevant to the DC Section.

The ability to take all or some benefits from the scheme while remaining in the same employment.

If you’re prepared to take high risk, it’s likely that you’re an experienced and knowledgeable investor, whose primary aim is to achieve the highest possible returns on your money, while accepting that this means taking substantial risks.

An investment fund featuring an asset mix determined by the level of risk and return that is appropriate for your age.

The total pension savings that you can build-up from all sources during your lifetime, without incurring an extra tax charge (the lifetime allowance charge).

If you’re only prepared to take minimal risk it’s likely that your main concern is the security of your money.

The option to apply the proceeds of your DC Account to buy an annuity/pension at a current market rate from another insurance company.

A preserved pension benefit which may be secured with a provider either by you on your behalf when you cease paying contributions

The period over which the Annual Allowance is calculated. The Pension Input Period for the ITB Pension Funds is from 1 April to the following 31 March each year.

An order made by the Courts which makes provision for a member’s pension rights to be split on divorce.

Your annual basic salary excluding any overtime, bonuses or other fluctuating payments and is the salary basis for contributions and life assurance cover under the Scheme.

Service you complete whilst an Active Member.

An insurance company appointed by the Trustees to provide investments or Annuities in relation to the Scheme.

The period of service completed during which contributions were made into the pension by you and your Employer.

An agreement between you and your Employer whereby you forgo part of your future earnings.  In return you are relieved from the obligation to pay contributions to the Scheme – instead your Employer pays a corresponding contribution on your behalf.

The DC Section of the ITB Pension Funds

The financial year of the Scheme. The ITB Pension Funds’ Scheme Year is 1 April to 31 March.

The S2P provides an additonal pension from State Pension Age.  You will normally accrue S2P pension whilst a member of the Scheme.  Although S2P may be deferred beyond State Pension Age, it may not be paid early.

The value which you may require to be paid as part of a Pension Sharing Order, or as part of a transfer of benefits to another pension scheme.

The ITB Pension Funds’ Trust Deed and Rules as amended from time to time.  The Trust Deed and Rules include provisions about the powers and duties of the Trustees and Employers, and the basis on which contributions must be paid and benefits are provided.

Those responsible for the management and administration of the Scheme in accordance with the formal documents that govern the Scheme and relevant UK legislation. They are also responsible for the safekeeping of the money and investments belonging to the Scheme.

A period of service specified in the DC Section rules which you must serve before being entitled to join the Scheme.