Glossary

 

Annuity

A fixed sum of money paid to an individual each year for the rest of their life. It may include annual increases and also Dependants’ benefits payable on death

 

AVCs

Additional Voluntary Contributions (AVCs) refer to contributions made by ex-final salary members (pre 28 February 2013), which were in addition to their normal contributions. If you have (final salary) AVCs these will be held separately to any DC contributions you are now making into the Plan and can be taken as part of your final salary benefits when you retire. Please contact the Plan Administrator for further information..

 

Children

Your offspring, adopted children, stepchildren and, in certain circumstances, children for whom you are acting in the position of a parent

 

Company

Telefónica Europe Plc, Telefónica UK Ltd, or one of the participating employers

 

Company Contribution

The amount the Company contributes into your Retirement Account

 

Contributing member

A member who is paying contributions to the Plan

 

Dependant

Anyone who the Trustee agrees is dependent on you financially or by reason of disability. This can be an adult of either sex, and includes any child who is dependent on you and is either under the age of 17, in full-time education and under age 23, or is physically or mentally incapable of self-support

 

Earnings Cap

The maximum earnings that may be taken into account for pension purposes under the Plan Rules (£160,800 for 2018/19 tax year)

 

High Earner

A person classed for the purposes of assessing pension tax relief if they have taxable income of over £100,000 per year

 

Normal Pension Age

This applies to ex-final salary members and is age 60 but you have the right to work beyond this.

 

Plan Salary

Your basic salary excluding overtime payments, up to the Earnings Cap

 

Retirement Account

The individual account set up to receive the monthly contributions contributed by you and the Company. This is maintained on your behalf by the Trustee of the Plan

 

Retail Prices Index

The index of Retail Prices compiled by the Government's Office of National Statistics

 

Rules

The Trust Deed and Rules governing the Telefónica UK Pension Plan. The Rules are used to determine benefits and override any other communication, including this website

 

State Pension Age

This is the age you start receiving your pension from the Government. Click here to calculate when this might be.