Glossary
Glossary of terms
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Annual Contributor
- this refers to tax-deductible and tax-deferred contributions to an approved retirement savings plan during the months of January to December.
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Annual report
- An insurer's published statement to its policy owners giving pertinent financial information and reviewing the year's activities and results.- The Insurance Dictionary 3rd Edition
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Annual return
- An IRS (in Jamaica - an Income Tax form) form required yearly of every employer who maintains a pension annuity or profit-sharing plan including a Keogh that contains information with respect to the qualification financial conditions and operations of the plan.- The Insurance Dictionary 3rd Edition
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Annuitant
- One to whom an annuity is payable or a person who receives an annuity for life or for a specified period.- The Insurance Dictionary 3rd Edition
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Annuity
- a contract which is sold by life insurance companies that guarantee a fixed or variable payment to an Annuitant (individual) at some time in the future - usually for disability old age and upon death a lifetime income to your heirs. An annuity is sometimes referred to as 'an individual receiving a pension'. For example Miss Jones or Mr. Smith is receiving a pension is the same as if you had said they were receiving an annuity payment. When an annuity is being purchased the annuitant has the option to purchase a contract which provides for Immediate or Deferred income payments. All approved retirement savings Plans such as Superannuation Funds Retirement Schemes Retirement Benefits Scheme Public Sector Pension Plans and National Insurance Scheme (NIS) must pay the benefits for disability old age and upon death to the beneficiaries in the form of an annuity. There are 3 main classes of annuities. These are Straight Variable Instalment Refund Flexible and Indexed. For each type there are options to choose from such as joint and survivor last survivor etc. Before you purchase an annuity you should review your own monthly expenses needs and select the OPTION that best meets YOUR needs.
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Annuity consideration
- The payment or one of the regular periodic payments an annuitant makes for an annuity.- www.ifebp.org Glossary
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Annuity contract
- A contract in which an insurance company unconditionally undertakes a legal obligation to provide specified pension benefits to specific individuals in return for a fixed consideration or premium. An annuity contract is irrevocable and involves the transfer of significant risk from the employer to the insurance company. Annuity contracts are also called allocated contracts. - www.ifebp.org Glossary
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Annuity Fixed
- An annuity that provides fixed payments during the annuity period.- The Insurance Dictionary 3rd Edition
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Annuity Joint and Survivor
- A pension plan provision in which based on the age of a designated survivor (usually one’s spouse) a reduced pension is paid as long as one of the two parties is living.- www.ifebp.org Glossary
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Annuity starting date
- The first day of the first period for which an amount is received as an annuity.- www.ifebp.org Glossary
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Annuity Straight
- Also known as an annuity life. An annuity contract that agrees to pay a guaranteed income for life but makes no provision for the return of the unused portion after death. Note: This type of annuity is based on a payment to the annuitant ONLY and therefore no beneficiary data is required at the time of completing an application. - The Insurance Dictionary 3rd edition
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Appeal Tribunal
- means the Appeal Tribunal established under the Financial Services Commission Act- The Pensions (Superannuation Funds and Retirement Schemes) Act 2004 s2
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Appointed day
- means the day Appointed under section1- The Pensions (Superannuation Funds and Retirement Schemes) Act 2004 s2
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Approved fund
- means a fund constituted in a manner approved by the Minister for purposes so approved and declared by the Minister to be an approved fund:Provided that no sum in respect of which no income tax is payable by reason of its being part of an approved fund shall be used for any purposes other than purposes approved by the Minister.- The Income Tax Act 1955 s2
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Approved Retirement Scheme
- means a Scheme, not being a specified pension scheme- (a) to which persons who are self-employed or who are not active members of an approved Superannuation Fund- (i) make contributions toward a pension; (ii) transfer their pension benefit
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Approved Retirement Scheme
- means a Scheme not being a specified pension scheme-(a) to which persons who are self-employed or who are not active members of an approved Superannuation Fund- (i) make contributions toward a pension; (ii) transfer their pension benefit
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Approved Superannuation Fund
- means a fund, not being a specified pension fund - (a) whereby contributions toward pensions are made by employers on behalf of employees; and (b) which is approved and registered by the Commission;
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Approved Superannuation Fund
- means a fund not being a specified pension fund - (a) whereby contributions toward pensions are made by employers on behalf of employees; and (b) which is approved and registered by the Commission;
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Auditor
- means a person who -(a) is a registered public accountant as defined in section 2 of the Public Accountancy Act; and (b) satisfies such other requirements as may be prescribed and includes a firm of such persons- The Pensions (Superannuation Funds and Retirement Schemes) Act 2004 s2
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