Pension Performance Account for company pensions - Irish Life
Pension Performance Account for company pensions - Irish Life
Pension Performance Account for company pensions - Irish Life
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Section 1<br />
Definitions<br />
This section defines some of the words and phrases we use in the terms and<br />
conditions.<br />
Certain words and phrases used in these terms and conditions have specific meanings,<br />
which might be different from the meaning they would have in general use. These<br />
words are shown in bold and listed below together with an explanation of their<br />
meanings in relation to this policy.<br />
Accumulated fund - the policy’s value at a point in time. We work this out as:<br />
the number of units allocated to the policy<br />
multiplied by<br />
the bid price of the units of the funds.<br />
We may use a market value adjuster with any part of the accumulated fund that is<br />
invested in the Secured <strong>Per<strong>for</strong>mance</strong> Fund or the Exempt Guaranteed Fund (see<br />
paragraphs 4.5 and 4.6).<br />
Annuity - a guaranteed payment made every month, <strong>for</strong> the month, until death.<br />
Application <strong>for</strong>m - the application <strong>for</strong>m <strong>for</strong> this policy. It includes any extra<br />
in<strong>for</strong>mation given to us about the policy or any other relevant in<strong>for</strong>mation.<br />
Approval - approval from the Revenue Commissioners.<br />
Approved Minimum Retirement Fund – a fund which is managed by a Qualifying<br />
Fund Manager and which complies with the conditions of Chapter 2 of Part 30 of the<br />
TCA <strong>for</strong> this type of fund.<br />
Approved Retirement Fund – a fund managed by a Qualifying Fund Manager and<br />
which complies with the conditions of Chapter 2 of Part 30 of the TCA <strong>for</strong> this type<br />
of fund.<br />
Bid price – the price of a unit of a fund, which we use to work out the value of the<br />
policy <strong>for</strong> each fund. This is the price we use when cancelling units from the policy.<br />
Consumer Price Index - the Consumer Price Index published by the <strong>Irish</strong><br />
government to measure inflation. (If this is not available, we will use an appropriate<br />
alternative.)<br />
Contribution cover - an optional policy benefit. If this benefit is chosen, premiums<br />
may be stopped <strong>for</strong> a period if you are disabled. We will place units into the unit<br />
account as though the regular premium was being paid. (See paragraphs 3.21 to 3.29)<br />
Navigator <strong>for</strong> Personal <strong>Pension</strong>s
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