Pension Glossary

Pension Glossary

2% Incentive

This is a payment the DSS made to certain personal pension schemes or contracted out occupational pension schemes. It was 2% of the member's upper band earnings. These payments were stopped on 5th April 1993.

87-89 Member

This is another name for a class B member. This is when an occupational pension scheme was set up before 14th March 1989, and the member joined it between 17th March 1987 and 31st May 1989.