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occupational pension scheme

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buy-out

Overview page. Subjects: Financial Institutions and Services.

The act of taking a company private. The current shareholders are made an offer, i.e. they are bought out by the new owners or management. See leveraged buy-out; management buy-out.

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non-contributory pension

Overview page. Subjects: Economics.

A pension in which the full premium is paid by an employer or the state and the pensioner makes no contribution. Compare contributory pension.

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pension

Overview page. Subjects: Financial Institutions and Services.

A specified sum paid regularly to a person who has reached a certain age or retired from employment. It is normally paid from the date of reaching the specified age or the retirement date...

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pension scheme

Overview page. Subjects: Financial Institutions and Services — Accounting.

Any arrangement the main purpose of which is to provide a defined class of individuals (called members of the scheme) with pensions. A pension scheme may include benefits other than a...

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Social Security Act 1986

Overview page. Subjects: Financial Institutions and Services.

UK legislation that laid the foundations for freeing the pensions industry by allowing employees to opt out of occupational pension schemes run by their employers and create their own...

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State Earnings-Related Pension Scheme

Overview page. Subjects: Financial Institutions and Services.

(SERPS)

A UK government scheme to provide earnings-related pensions in addition to the basic flat-rate pension. Workers were required to belong to this unless they opted for a...

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superannuation

Overview page. Subjects: Financial Institutions and Services.

An occupational pension scheme. Contributions are deducted from an employee's salary by the employer and passed to an insurance company or the trustees of a pension fund. After retirement,...

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