Preserved Benefits definition

Preserved Benefits means the benefits which must be payable to or in respect of a former member in order that the scheme shall comply with the preservation requirements.
Preserved Benefits means benefits arising on an individual ceasing to be an active member of a pension scheme, payable at a later date;
Preserved Benefits means benefits to which a person

Examples of Preserved Benefits in a sentence

  • If former employees were in the 1956 Scheme and left service, and did not re-enter the Sector (thereby becoming a member of the 1977 or 1998 Schemes) there is no provision for Preserved Benefits and no entitlements available.

  • The site has a comprehensive range of Scheme information, which includes:All About Your Pension Scheme: A new employees’ guide to the SchemeAll About Your Preserved Benefits: A guide to benefits provided if you leave before retirement ageAll About Your Retirement Benefits: A guide to retirement benefits Increasing Your Benefits: How to purchase additional periods of membershipA “FAQ” section: Frequently asked questions.

  • Preserved Benefits – In general preserved benefits must be retained in a superannuation fund until the member has satisfied a condition of release as specified in the Superannuation Industry (Supervision) Act 1993.

  • The amount of their Member Account, including any Preserved Benefits, shall be paid to the Member if the Trustee is satisfied that the Member is leaving Australia to reside permanently overseas.

  • Members with Preserved Benefits At the time your benefits became preserved (for example, when you left service with your employer) you will have received a statement confirming the value of your benefits at the time.

  • Where a member has pension benefits which have been ‘preserved’ (because they have changed employment or their pensionable pay has reduced) a Preserved Benefits Statement will be issued.

  • Retirements / Preserved Benefits into payment - communicate with member, obtain all necessary forms / documents, revise pension records, generate payment for lump sum and instruct Payroll to commence pension payments – within 10 days of receipt of all documentation.

  • As a result of these changes the Companies incurred restructuring charges of $0.7 million during the thirteen weeks ended March 31, 2012 for employee related severance costs.

  • Preserved Benefits may only be transferred to an Approved Superannuation Arrangement if the Governing Rules of the Approved Superannuation Arrangement require the Preserved Benefits to be preserved under the Superannuation Law.

  • Preserved Benefits - increase calculated and member record revised.


More Definitions of Preserved Benefits

Preserved Benefits means benefits to which a person becomes entitled under regulation 33, or the corresponding provisions of the former regulations and which have not had an election made in respect of them under regulation 34(1) nor have yet become payable;
Preserved Benefits means preserved benefits of which at least part are attributable to a period of membership after that date.
Preserved Benefits means superannuation or retirement benefits that, under a superannuation scheme, are payable at a future date.

Related to Preserved Benefits

  • Covered benefits or “benefits” means those health care services to which a covered person is entitled under the terms of a health benefit plan.

  • Excepted benefits means benefits under one or more (or any combination thereof) of the following:

  • Accrued Benefits shall include the following amounts, payable as described herein: (i) all base salary for the time period ending with the Termination Date; (ii) reimbursement for any and all monies advanced in connection with the Executive’s employment for reasonable and necessary expenses incurred by the Executive on behalf of the Employer for the time period ending with the Termination Date; (iii) any and all other cash earned through the Termination Date and deferred at the election of the Executive or pursuant to any deferred compensation plan then in effect; (iv) notwithstanding any provision of any bonus or incentive compensation plan applicable to the Executive, but subject to any deferral election then in effect, a lump sum amount, in cash, equal to the sum of (A) any bonus or incentive compensation that has been allocated or awarded to the Executive for a fiscal year or other measuring period under the plan that ends prior to the Termination Date but has not yet been paid (pursuant to Section 5(f) or otherwise) and (B) a pro rata portion to the Termination Date of the aggregate value of all contingent bonus or incentive compensation awards to the Executive for all uncompleted periods under the plan calculated as to each such award as if the Goals with respect to such bonus or incentive compensation award had been attained at the target level (reduced, but not below zero, by amounts paid under all such contingent bonus or incentive compensation awards upon the Change in Control of the Company to the extent such amounts relate to the same period of time); and (v) all other payments and benefits to which the Executive (or in the event of the Executive’s death, the Executive’s surviving spouse or other beneficiary) may be entitled on the Termination Date as compensatory fringe benefits or under the terms of any benefit plan of the Employer, excluding severance payments under any Employer severance policy, practice or agreement in effect on the Termination Date. Payment of Accrued Benefits shall be made promptly in accordance with the Company’s prevailing practice with respect to clauses (i) and (ii) or, with respect to clauses (iii), (iv) and (v), pursuant to the terms of the benefit plan or practice establishing such benefits; provided that payments pursuant to clause (iv)(B) shall be paid on the first day of the seventh month following the month in which the Executive’s Separation from Service occurs, unless the Executive’s Separation from Service is due to death, in which event such payment shall be made within 90 days of the date of Executive’s death.

  • Extended benefits means benefits, including benefits payable to federal civilian employees and to ex-servicemen under 5 U.S.C. Chapter 85, payable to an individual under the provisions of this section for weeks of unemployment in his eligibility period.

  • Employment benefits means all benefits provided or made

  • Severance Benefits means the payment of severance compensation as provided in Section 3.3 herein.

  • Essential Health Benefits means, under section 1302(b) of the Patient Protection and Affordable Care Act, those health benefits to include at least the following general categories and the items and services covered within the categories: ambulatory patient services; Emergency Services; hospitalization; maternity and newborn care; mental health and substance abuse disorder services, including behavioral health treatment; prescription drugs; rehabilitative and habilitative services and devices; laboratory services; preventive and wellness services and chronic disease management; and pediatric services, including oral and vision care.

  • Designated Beneficiary means the beneficiary or beneficiaries the Participant designates, in a manner the Administrator determines, to receive amounts due or exercise the Participant’s rights if the Participant dies or becomes incapacitated. Without a Participant’s effective designation, “Designated Beneficiary” will mean the Participant’s estate.

  • Gap medical benefits means the benefits (if any) payable in respect of medical expenses that are less than, greater than or equal to the schedule fee, provided always that the medical expenses relate to a professional service that:

  • Health Benefits means health maintenance organization, insured or self-funded medical, dental, vision, prescription drug and behavioral health benefits.

  • Medical Benefits Schedule means the Medicare Schedule of Benefits produced by the Department of Health to which all fees and benefits relate for inpatient hospital services.

  • Net Benefits Test means a calculation to determine whether the benefits of a reduction in price resulting from the dispatch of Economic Load Response exceeds the cost to other loads resulting from the billing unit effects of the load reduction, as specified in Operating Agreement, Schedule 1, section 3.3A.4 and the parallel provisions of Tariff, Attachment K-Appendix, section 3.3A.4.

  • Covered Compensation means any Incentive-Based Compensation granted, vested or paid to a person who served as an Executive Officer at any time during the performance period for the Incentive-Based Compensation and that was Received (i) on or after October 2, 2023 (the effective date of the Nasdaq listing standards), (ii) after the person became an Executive Officer, and (iii) at a time that the Company had a class of securities listed on a national securities exchange or a national securities association such as Nasdaq.

  • Qualified beneficiary means a beneficiary who, on the date the beneficiary's qualification is determined:

  • Dependant child means a dependant person who is aged 0–17 years of age.

  • Final compensation of a member means: