OPEN - ESDS

TRADE UNION PENSION -
TFQoE UNION SICK PAY -
TRAINING OPPORTUNITIES
SCHEME (TOPS) -
TRUSTEE SAVINGS BANK -
TRUSTS -
TURNOVER -
UNENPLDYMENT BENEFIT -
UNIFIED HOUSING
BENEFIT -
UNIT TRUSTS -
A Proportion Of some Trade Union contributions are p“t
into a pension fund, which is paid on retirement. This is
not a pension resulting from being an employee of a Trade
Union.
Some Trade Union subscriptions include an element which is
put into a sick fund. Members of the union who are sick
can claim benefit from this fund, provided they meet the
necessary requirements.
People ovsr 19 who have bsen away from full time education
for a total of at least two years after age 16 can apply
through Jobcentres for a TOPS course to learn a new skill.
The lengths of TOPS courses vary according to the skil 1
being learnt. While on the course people are paid a basic
weekly rate. w earnings related supplement may also be
paid depending on the person’s NI contributions record and
earnings in the relevant tax year.
Until recently the TSB was similar to the National Savings
Bank and was closely controlled by the government. It was
also organised on a local basis. Today it is organised in
much the same way as a normal high street bank, eg
Barclays, Midland.
A trust can be set up with an amount of money, to benefit
a certain person or a group of persons. A trust has to
have an object or clearly defined aim. A trust is managed
by trustees for the benefit of those for whom it was set
UP t ie the beneficiaries of the trust. Trustees are
legally required to invsst in suitably safe investments.
There are two basic types of trusts; fixed trusts, where
a particular person or organisation has the right to
income from the trust, and discretionary trusts, where it
is left to the trustees to decide which of the possible
beneficiaries should be paid income.
A company’s turnover is the value of total sales (ie total
gross takings ) during a specified accounting period,
normally a year.
People out of work axe entitled to claim Unemployment
Benefit if they have worked for an employer and paid full
NI class 1 contributions. Self-employed people and
married women who pay reduced NI contributions cannot
claim. To rnsintain receipt of the bsnefit, the person
must register for work at the employment exchange. The
maximum length of time bsnefit can b+ received is one
year. Payment is by giro.
See Housing Benefit.
Unit trusts are trusts that are set up for the purpose of
investing money in a wide range of undertakings, to get a
good return for the people who have invested ( ie bought
units) in the trust. These trusts .ary in the types of
investment made and the method of providing return for
investers. Often a proportion of money paid is used as a
premium for a life insurance.
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