Final Pensionable Pay definition

Final Pensionable Pay means a Member’s highest Pensionable Pay for any Calculation Year during the last three years of Reckonable Service before he leaves Reckonable Service, retires or dies, whichever occurs first. …” SCHEME BACKGROUNDThe National Ill-Health Retirement Agreement (NIRA) is a joint agreement between the Post Office, the Communications Workers Union and the Communications Managers Association, which was put in place in March 2000. The Agreement sets out a process for a decision on ill-health retirement to be made by management following referral of the employee to Employee Health Services (EHS). It also sets out a two stage process for an appeal against any decision made. The employee must inform his manager within five working days of the written notification of the decision of his intention to appeal. The appeal must be supported by appropriate medical evidence and be made before the day on which notice to terminate the employee’s contract is due to expire, or within 12 weeks from the date on which notice of termination of contract was given, whichever is the later. The appeal will be referred to EHS for consideration of the medical evidence. EHS may, at their discretion, seek a second opinion or refer the appeal to an independent medical board at this stage. They would then give advice on the outcome of the appeal to management.If an appeal is unsuccessful the employee can request that the case be referred to an independent medical board, which will comprise one specialist in occupational health and one specialist in the particular health condition of the appellant, from outside of the Post Office. The employee will normally attend this board in person. The board will then give advice on the outcome of the appeal to management. The Agreement sets out the procedures adopted regarding ill-health retirement for all Post Office employees, with the exception of casual or temporary contract staff. Part 4 of the NIRA sets out the definitions of Ill-Health Retirement.
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Final Pensionable Pay means a Member's Pensionable Pay immediately preceding 1 January 2013; Provided that, if on the account of Ill-health, the Member's Pensionable Pay had, in the opinion of the Principal Company, been reduced at any time in the 10 years prior to Normal Pension Date, his Final Pensionable Pay is such amount as the Principal Company decides but not exceeding what would have been the amount of his Final Pensionable Pay if it had not been reduced on account of Ill-health. The confirmation of the Company as to the amount of Final Pensionable Pay shall be final and conclusive.
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Final Pensionable Pay means the higher of:
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Examples of Final Pensionable Pay in a sentence

  • The Fund provides defined benefits, based on members’ Final Pensionable Pay.

  • Your employer will tell the PSPA that you’re retiring and will also give us details of your Final Pensionable Pay and Pensionable Service worked in your final year.

  • When calculating Final Pensionable Pay using pensionable pay figures from a Member’s former pension scheme under Rule 12.4 the total amount of a Member’s pensionable pay received in any complete tax year shall be deemed to be his Pensionable Pay for that tax year.

  • If a Member has been in Pensionable Service for less than 1 year, his or her Final Pensionable Pay is the Pensionable Pay that the Member would have received in 1 year, calculated by multiplying the aggregate of his or her actual earnings during the Member’s period of Pensionable Service by 365 and then dividing the figure arrived at by the number of days the Member had actually been in Pensionable Service.

  • If a Member has been in Pensionable Service for less than 3 years, his or her Final Pensionable Pay is the annual average of the Member’s Pensionable Pay over the entire period of the Member’s Pensionable Service, revalued in accordance with Rule 12.2, if appropriate.

  • In calculating the "Final Pensionable Pay" in respect of a CARE Member, the Member’s Pensionable Pay for any period of Pensionable Service during which the CARE Member was in Part-Time Service is to be calculated using the CARE Member's actual Pensionable Pay received for that period and his or her Pensionable Service is not to be calculated on a pro rata basis.

  • For the purposes of the calculation the Deferred Member’s Final Pensionable Pay is to be revalued in line with the Index from the date on which his or her Active Membership ceased to the date of the Member’s retirement under Rule 38.1.

  • If the Public Sector Pensions Authority reasonably considers that a Member’s Pensionable Pay cannot be determined for the whole of the 13 years immediately preceding the Member’s retirement, termination of Pensionable Service or death, the Member’s Final Pensionable Pay is the average set out in Rule 12.1 using the Member’s Pensionable Pay over such lower number of years as the Public Sector Pensions Authority considers appropriate.

  • In this Rule, “ Retirement Age”, in relation to a Member, means the Member’s age in complete years at the date of his or her retirement and ”Percentage” means the percentage of the Member’s Final Pensionable Pay.

  • All pensions in the Unified Scheme, before any lump sum is taken, are subject to a maximum overall limit of 75% of Final Pensionable Pay.


More Definitions of Final Pensionable Pay

Final Pensionable Pay means (a) in relation to a Member who retires on or after Normal Pension Date before 1st April 1994, the greatest annual average of the Member's Pensionable Pay over a period of three consecutive Tax Years in the ten consecutive Tax Years up to and including the Tax Year in which the later of his Normal Pension Date and his date of retirement falls, and
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Final Pensionable Pay has the same meaning as in the Main Scheme.
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Final Pensionable Pay means the highest amount of Pensionable Pay received in any consecutive 12-month period in the last ten years before the Member leaves Service or dies, whichever occurs first.If the Member was not in Service for 12 months, Final Pensionable Pay means the yearly equivalent of the Pensionable Pay actually received by the Member.
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Related to Final Pensionable Pay

  • occupational pension means any pension or other periodical payment under an occupational pension scheme but does not include any discretionary payment out of a fund established for relieving hardship in particular cases;

  • Final Average Pay means the participant’s average monthly compensation in the highest three calendar years of compensation out of five consecutive calendar years of employment during a period of eligibility service by the Company or an Affiliate. Years separated by a period of one or more calendar years when the participant has no such eligible employment shall be treated as consecutive. Additional compensation paid at retirement or other Separation from Service, such as for periods of unused vacation or sick leave, shall be attributed to calendar years by assuming that employment continued during the period based on which the compensation is measured. Severance pay shall be disregarded, except severance pay in lieu of service.

  • Final Average Compensation means the aggregate amount of a member's compensation earned within the averaging period in which the aggregate amount of compensation was highest divided by the member's number of years, including any fraction of a year, of credited service during the averaging period. The averaging period shall be 36 consecutive calendar months if the member contributes to the member investment plan except for a member who contributes to the member investment plan and first became a member on or after July 1, 2010; otherwise, the averaging period shall be 60 consecutive calendar months. A member who contributes to the member investment plan and first became a member on or after July 1, 2010 shall also have an averaging period of 60 consecutive calendar months. If the member has less than 1 year of credited service in the averaging period, the number of consecutive calendar months in the averaging period shall be increased to the lowest number of consecutive calendar months that contains 1 year of credited service.

  • pensionable service means service which may be taken into account in computing pension under these Regulations;

  • Net Benefit means the present value of the Covered Payments net of all federal, state, local, foreign income, employment and excise taxes.

  • Final Average Earnings means (a) divided by (b) as follows:

  • Monthly Earnings means your gross monthly income from your Employer, not including shift differential, in effect just prior to your date of disability. It includes your total income before taxes. It is prior to any deductions made for pre-tax contributions to a qualified deferred compensation plan, Section 125 plan or flexible spending account. It does not include income received from commissions, bonuses, overtime pay or any other extra compensation or income received from sources other than your Employer.

  • personal pension scheme means a personal pension scheme which--

  • Final average salary means whichever of the following is greater:

  • Catch-Up Contributions means Salary Reduction Contributions made to the Plan that are in excess of an otherwise applicable Plan limit and that are made by Participants who are Age 50 or over by the end of their taxable years. An “otherwise applicable Plan limit” is a limit in the Plan that applies to Salary Reduction Contributions without regard to Catch-up Contributions, such as the limits on Annual Additions, the dollar limitation on Salary Reduction Contributions under Code Section 402(g) (not counting Catch-up Contributions) and the limit imposed by the Actual Deferral Percentage (ADP) test under Code Section 401(k)(3). Catch-up Contributions for a Participant for a taxable year may not exceed the dollar limit on Catch-up Contributions under Code Section 414(v)(2)(B)(i) for the taxable year. The dollar limit on Catch-up Contributions under Code Section 414(v)(2)(B)(i) is $1,000 for taxable years beginning in 2002, increasing by $1,000 for each year thereafter up to $5,000 for taxable years beginning in 2006 and later years. After 2006, the $5,000 limit will be adjusted by the Secretary of the Treasury for cost-of-living increases under Code Section 414(v)(2)(C). Any such adjustments will be in multiples of $500.

  • Annual Earnings means your gross annual income from your Employer, not including shift differential, in effect just prior to the date of loss. It includes your total income before taxes. It is prior to any deductions made for pre-tax contributions to a qualified deferred compensation plan, Section 125 plan or flexible spending account. It does not include income received from commissions, bonuses, overtime pay or any other extra compensation or income received from sources other than your Employer.

  • Termination Year means the calendar year in which the Employment Period is terminated.

  • Accrued Benefit means the amount standing in a Participant's Account(s) as of any date derived from both Employer contributions and Employee contributions, if any.

  • Average Compensation means the average of your W-2 wages from the Company for the five (5) calendar years completed immediately prior to the calendar year in which the Change in Control is effected. Any W-2 wages for a partial year of employment will be annualized, in accordance with the frequency which such wages are paid during such partial year, before inclusion in Average Compensation.

  • Final Pay means the Executive’s highest annualized Base Salary for the five (5) years prior to Separation from Service or Change in Control, including the year such Separation from Service or Change in Control occurs.

  • Benefit Distribution Date means the date upon which all or an objectively determinable portion of a Participant’s vested benefits will become eligible for distribution. Except as otherwise provided in the Plan, a Participant’s Benefit Distribution Date shall be determined based on the earliest to occur of an event or scheduled date set forth in Articles 4 through 9, as applicable.

  • Contribution Percentage Amounts means the sum of the Employee Contributions, Matching Contributions, and Qualified Matching Contributions (to the extent not taken into account for purposes of the ADP test) made under the Plan on behalf of the participant for the Plan Year. Such Contribution Percentage Amounts shall not include Matching Contributions that are forfeited either to correct Excess Aggregate Contributions or because the contributions to which they relate are Excess Deferrals, Excess Contributions, or Excess Aggregate Contributions. If so elected in the adoption agreement the Employer may include Qualified Nonelective Contributions in the Contribution Percentage Amounts. The Employer also may elect to use Elective Deferrals in the Contribution Percentage Amounts so long as the ADP test is met before the Elective Deferrals are used in the ACP test and continues to be met following the exclusion of those Elective Deferrals that are used to meet the ACP test.

  • Retirement Benefit means the benefit set forth in Article 5.

  • Disability Support Pension means the Commonwealth pension scheme to provide income security for persons with a disability as provided under the Social Security Act 1991, as amended from time to time, or any successor to that scheme.

  • Earnable compensation means the full rate of the

  • Company Pension Plan means each: (a) Company Employee Plan that is an “employee pension benefit plan,” within the meaning of Section 3(2) of ERISA; or (b) other occupational pension plan, including any final salary or money purchase plan.

  • Termination Benefit means the benefit set forth in Article 7.

  • war pension means a war disablement pension, a war widow’s pension or a war widower’s pension;

  • Excess Contributions means, with respect to any Plan Year, the excess of:

  • Actual Contribution Percentage means, with respect to a Plan Year, the ratio (expressed as a percentage) of the sum of the amount of (a) Matching Contributions, (b) After-Tax Contributions, (c) Qualified Nonelective ESOP Contributions, and (d) Tax Deferred Contributions recharacterized as After-Tax Contributions, made on behalf of the Participant for the Plan Year to the Participant’s Testing Compensation for the Plan Year.

  • Excess Elective Deferrals means the amount of Elective Deferrals (as defined below) for a calendar year that the Participant designates to the Plan pursuant to the following procedure. The Participant’s designation: shall be submitted to the Administrator in writing no later than March 1; shall specify the Participant’s Excess Elective Deferrals for the preceding calendar year; and shall be accompanied by the Participant’s written statement that if the Excess Elective Deferrals is not distributed, it will, when added to amounts deferred under other plans or arrangements described in Section 401(k), 408(k) or 403(b) of the Code, exceed the limit imposed on the Participant by Section 402(g) of the Code for the year in which the deferral occurred. Excess Elective Deferrals shall mean those Elective Deferrals that are includible in a Participant's gross income under Section 402(g) of the Code to the extent such Participant's Elective Deferrals for a taxable year exceed the dollar limitation under such Code section.