The amount of remuneration which the PSO will allow to be used to calculate maximum benefits from a pension arrangement. Can be defined as: Basic salary for any twelve months out of the five years before the retirement date, plus the average of any fluctuating earnings over a period of at least 3 consecutive years ending on the same day as the Basic Salary. The average of total earnings over any period of 3 or more consecutive years, ending in the last 10 years before the relevant date. (This method must be used for Controlling Directors and members earning in excess of £100,000, in any year since 5 April 1987). In addition, the Finance Act 1989 introduced an earnings cap for all post-14th March 1989 members.
The maximum earnings that can be used for the purpose of calculating maximum approvable pension benefits. It may include the value ofbenefits-in-kind as well as salary.
The term used by the Revenue for the maximum amount of earnings which it will permit to be used for the purpose of calculating maximum approvable benefits .The permissible alternatives are set out fully in the practice notes issued by the Retirement Benefits District of the Revenue Commissioners .
Is your average salary - based on three key dates during your last two years of Gold State Super membership. (Only applicable to Gold State Super). For part-time employees, your Final Remuneration is based on your equivalent full-time salary.Your salary includes Higher Duties Allowance (HDA) or Temporary Special Allowance (TSA) if one of these is received for at least twelve months continuously within the last two years of employment, and is received on your ceasing date - and/or one or both selection dates. Please note, each member's situation may be different.
The maximum amount of earnings which the Inland Revenue will permit to be used for the purpose of calculating maximum approvable benefits. The permissible alternatives are set out fully in Practice Notes (IR12). See also earnings cap.
The pension benefit produced by a final salary/defined benefit scheme will be based on one or two definitions of final salary permitted by the Pension Schemes Office i.e. remuneration for any one year in the five years preceding retirement; the average of three consecutive years in the last 10.
This is a limit that affects how much of a member's earnings are taken into account when the Pension Schemes Office (PSO) works out the highest amount of benefit they can get from an approved scheme .
Final remuneration for the purposes of obtaining tax allowances under an occupational pension scheme is usually that paid in the twelve months preceding retirement. For a director/shareholder or employee on over ?100,000p.a the higher of ?100,000 or average of the last three years applies.
The maximum amount of earnings that can be used for the purpose of calculating the maximum retirement benefits that can be received from an Occupational Pension Scheme. The definition of Final Remuneration contained within most Occupational Pension Schemes is usually more restrictive than the definition provided by the Pension Schemes Office.