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 Non-vested Member

means a person designated as such-(a) in the case of an approved superannuation iI) fhd in the Trust Deed and Plan Rules;(b) in the case of an approved retirement scheme in the Master Trust Deed and who is not entitled to receive a pension at retirement.- The Pensions (Superannuation Funds and Retirement Schemes) Act 2006

 Normal Retirement Age (NRA)

means the age specified as such in the Trust Deed and Plan Rules of an approved superannuation fund or the Master Trust Deed of an approved retirement scheme.- The Pensions (Superannuation Funds and Retirement Schemes) Act 2006

 Pension

means a periodic payment payable to a member on retirement at least annually for the lifetime of that member.- The Pensions (Superannuation Funds and Retirement Schemes) Act 2006

 Pension benefit

means in relation to a member of a pension plan the entitlement of a member or of another person upon the death of the member to the periodic amounts provided under the pension plan.- The Pensions (Superannuation Funds and Retirement Schemes) Act 2006

 Pension plan

means an arrangement by which pensionsor pension benefits are provided to persons who are members or to the beneficiaries of such members.- The Pensions (Superannuation Funds and Retirement Schemes) Act 2006

 Relative

as respects any person means his or her husband or wife or brother sister uncle aunt nephew niece or lineal ancestor or descendant (the Sch. stepchild or adopted child of any person being taken into account as a relative or to trace a relationship in the same way as that person’s child);- The Income Tax Act 1955

 Specified pension fund or specified pension scheme

means- (a) a superannuation fund or retirement scheme that is established by law;(b) such other superannuation fund or retirement scheme as may be prescribed;- The Pensions (Superannuation Funds and Retirement Schemes) Act 2006

 Sponsor

means-(a) in relation to a superannuation fund an employer who-(i) establishes the superannuation fund or causes it to be established;(ii) participates in the superannuation fund; or(iii) accepts the obligations of the former sponsor of the superannuation fund;(b) in relation to a retirement scheme a person who satisfies the prescribed requirements for being a sponsor of a retirement scheme and-(i) establishes the retirement scheme or causes it to be established; or(ii) accepts the obligations of the former sponsor of the retirement scheme;- The Pensions (Superannuation Funds and Retirement Schemes) Act 2006

 Spouse

includes-(a) a single woman who has lived and cohabited with a single man as if she were in law his wife for a period of not less than five years immediately preceding the date of his death;and (b) a single man who has lived and cohabited with a single woman as if he were in law her husband for a period of not less than five years immediately preceding the date of her death- The Pensions (Superannuation Funds and Retirement Schemes) Act 2006

 Statutory income

(i) in relation to any income tax year means the statutory income computed pursuant to the Income Tax Act as Wig the statutory income for that year whether or not such computation is by reference to income received in that year or in any other year and other expressions have the same meaning as in the Act.- National Insurance (Self-Employed Persons' Wage-Related Contributions) Regulations 1973.(ii) “statutory income” means subject to section 6 the 4/1986aggregate amount of income of any person from all ’.sources remaining after allowing the appropriate deductions and exemptions under this Act;- The Income Tax Act 1955

 Substantial investment

means-(a) one per cent of the fair value of assets of the approved superannuation hnd or approved retirement scheme; or(b) one million dollars or such greater amount as may be prescribed whichever is the greater but does not include such categories of investments as may be prescribed.- The Pensions (Superannuation Funds and Retirement Schemes) Act 2006

 Surplus

means an excess of the value of the assets of a pension hnd over the value of its liabilities as determined-(a) by an actuary in accordance with generally accepted actuarial principles; or(b) in the prescribed manner.- The Pensions (Superannuation Funds and Retirement Schemes) Act 2006

 Trustee

means a person who is registered as a trustee of an approved superannuation find or approved retirement scheme pursuant to section 9 (1) (a);- The Pensions (Superannuation Funds and Retirement Schemes) Act 2006

 Vested member

means a member who is entitled to receive a pension at retirement;- The Pensions (Superannuation Funds and Retirement Schemes) Act 2006

 Voluntary contributions

means contributions which an active member elects to make in order to supplement the benefits payable under an approved superannuation fund or approved retirement scheme.- The Pensions (Superannuation Funds and Retirement Schemes) Act 2006

 Working Capital

Found by subtracting current liabilities from current assets.- www.ifebp.org

 Workstation

An electronic computing device, for example, a laptop or desktop computer, or any other device that performs similar functions and has electronic media stored in its immediate environment.

 World Trade Organization (WTO) (International Benefits)

An international organization that supervises all agreements and arrangements concluded under the auspices of the Uruguay Round of multilateral trade negotiations. The WTO agreement was signed by nearly 100 nations in 1995 and is the successor to GATT. See also General Agreement on Tariffs and Trade (GATT) and Uruguay Round Agreements Act of 1994.- www.ifebp.org

 World Wide Web

A full-color, multimedia database of information on the Internet. The World Wide Web is a universal mass of Web pages connected through links. Users access the Web by means of Web browsers.

 Yield to call

The rate of return on an investment that accounts for the cash difference between a bond’s acquisition cost and its proceeds calculated to the earliest date that the bonds can be called in by the issuing corporation.- www.ifebp.org

 Yield to Maturity

The yield or return provided by a bond to its maturity date; determined by a mathematical process usually requiring the use of a “basis book.” For example a 5% bond pays $5 a year interest on each $100 par value. To figure its current yield divide $5 by $95--the market price of the bond--and you get 5.26%. Assume that the same bond is due to mature in five years. On the maturity date the issuer is pledged to pay $100 for the bond that can be bought now for $95. In other words the bond is selling at a discount of 5% below par value. To figure yield to maturity a simple and approximate method is to divide 5% by the five years to maturity which equals 1% pro rata yearly. Add that 1% to the 5.26% current yield and the yield to maturity is roughly 6.26%.- www.ifebp.org