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



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..



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



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



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



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.