Pensions dictionary

The UK-based Pensions Management Institute has launched the fifth edition of its glossary 'Pensions Terminology', the standard reference text for UK pensions.

The edition contains more than 650 terms of which 177 are new since the last edition published in 1992. The majority of terms have been introduced as a result of the UK Pensions Act 1995 and its associated regulations.

The new terms include Disqualification Order and new classes of trustee such as Member Nominated Director reflecting the increase in regulation since the last edition.

Launching the new edition, John Hayes, chairman of the Occupational Pensions Regulatory Authority (OPRA) itself a new entry in the glossary, said: OPRA shares the PMI's objective of de-mystifying the world of company pensions. Too often, people who ought to be interested in their pensions are put off by impenetrable language.""

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