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Glossary

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Q-T

Qualifying Service: The time that you work for the NHS that counts towards the benefits you can have. 

 

Reckonable Pay: The average of the best three consecutive years pensionable pay in the last 10 years of membership. Some members may have been restricted by a maximum amount set by Revenue and Customs (the earnings cap) for service between 1st June 1989 and 31st March 2008 when the limit was removed. 

Additionally, dentists may have been affected by a restriction called the Maximum Allowable Remuneration but this also has been removed from 31st March 2008. Affected members will receive pensions based on capped earnings before the change and uncapped earnings after the 31st March 2008.

Retail Prices Index (RPI): It is a measure of inflation and like the Consumer Prices Index (CPI) it tracks the changing cost of a fixed basket of goods and services over time. However, unlike the CPI it takes into account items such as housing costs. It also has a different population base for the indices from the CPI and a different way in which the index is calculated.

Retirement Lump Sum: A cash payment made at the time of retirement. Normally this is three times your pension amount but you can choose to take a bigger lump sum and have a smaller annual pension. There are some members whose lump sum may be less than 3 x pension if they were male and started service before 25th March 1972 or if they have elected to buy benefits for a spouse or partner by having a deduction from their lump sum. 

Revaluation Factor: A way of increasing the recorded value of each year’s Pensionable Earnings to maintain their buying power by reference to current earnings values. Historically these have been linked to the relevant earnings of each group. These have also been called Indexation Factors and Dynamising Factors.

Regulations: The legal framework that sets out the rules of the Scheme, The National Health Service Superannuation Scheme (Scotland) Regulations 1995, as amended.

 

Scheme: The Scheme refers to the NHS Superannuation Scheme Scotland.

SERPS: State Earnings Related Pension Scheme.

SPPA: Scottish Public Pensions Agency.

Scottish Teachers’ Superannuation Scheme (STSS): A contributory scheme administered by SPPA on behalf of the Scottish Ministers. It is a defined benefit ‘final salary' scheme available to teachers. The STSS not only provides a lump sum and regular income after retirement but also provides family or other dependants with financial protection after death.

State Pension: A pension paid when you reach State Pension Age based on your National Insurance payments or credits.

State Second Pension (S2P): A separate part of the State pension based on the amount of your earnings since 6th April 1978 on which you have paid National Insurance contributions. The Scheme ending being contracted out of the State Second Pension on 5 April 2016.

 

TIB: Total Incapacity Benefits.

Total Uprated Superannuable Earnings: The final value of Pensionable Earnings after adding all year’s earnings and applying revaluation factors.

Transfer: Moving your pension benefits into or out of a pension scheme.

TUPE: Transfer of Undertakings (Protection of Employment) Regulations 2006. 

 

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