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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.

 

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Link to Scottish Government Website