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Glossary

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U-Z

Unfunded Pension Schemes: Pension schemes, which are not backed by a pension fund. Instead current contributions are used to pay current pensions along with other funds provided by the employer.

 

Vesting Event: Where payment from pension fund is made in either pension or lump sum.

Voluntary Early Retirement: Choosing to take your pension earlier than the Normal Pension Age.

Winding Down (Teacher Final Salary Schemes): A phased retirement option which offers those members approaching their retirement age, the opportunity to continue in employment on a part-time but accruing full-time service for a period not exceeding four years.

 

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