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Abbreviations used in Guide for Pensions Trustees

The most common abbreviations and acronyms used in the Guide for Pension Trustees are detailed below:


ABI Association of British Insurers
ACT Advance Corporation Tax
AMNT Association of Member-Nominated Trustees
APL Association of Pension Lawyers
APP Appropriate Personal Pension
ASB Accounting Standards Board
AVC Additional Voluntary Contribution
   
BCE Benefit Crystallisation Event
   
CARE Career Average Revalued Earnings (Scheme)
CEP Contributions Equivalent Premium
CETV Cash Equivalent Transfer Value
CGT Capital Gains Tax
CJEU Court of Justice of the European Union (formerly ECJ: European Court of Justice)
COMP Contracted-Out Money Purchase
COSRS Contracted-Out Salary Related Scheme
CPI Consumer Prices Index
   
DB Defined Benefit
DC Defined Contribution
DPA Data Protection Act
DWP Department for Work and Pensions
   
ECJ European Court of Justice (now CJEU)
ECON Employer’s Contracted-Out Number
ECWG Employer Covenant Working Group
ET Earnings Threshold
   
FAS Financial Assistance Scheme
FCA Financial Conduct Authority (formerly FSA: Financial Services Authority)
FIA/FFA Fellow of the Institute of Actuaries/Fellow of the Faculty of Actuaries
FOS Financial Ombudsman Service
FRC Financial Reporting Council
FRS Financial Reporting Standard
FSAVC Free-Standing Additional Voluntary Contribution
FSCS Financial Services Compensation Scheme
FSMA 00 Financial Services and Markets Act 2000
   
GAD Government Actuary’s Department
GMP Guaranteed Minimum Pension
GPPS Group Personal Pension Scheme
   
HMRC Her Majesty's Revenue & Customs
   
IAS International Accounting Standard
ICAEW Institute of Chartered Accountants in England and Wales
ICTA 88 Income and Corporation Taxes Act 1988
IDRP Internal Disputes Resolution Procedure
IR SPSS IR Savings Pensions Share Schemes
   
LEL Lower Earnings Level
LPI Limited Price Indexation
   
MFR Minimum Funding Requirement
MND Member-Nominated Director
MNT Member-Nominated Trustee
MWR Money-Weighted rate of Return
   
NAO National Audit Office
NEST National Employment Savings Trust
NIC National Insurance Contribution
NISPI National Insurance Services to the Pensions Industry
NPD Normal Pension Date
NRA Normal Retirement/Retiring Age
NRD Normal Retirement/Retiring Date
   
PASA Pensions Administration Standards Association
PAYE Pay As You Earn
PAYG Pay As You Go
PLSA Pension and Lifetime Savings Association (previousformerly NAPF: National Association of Pension Funds)
PMI Pensions Management Institute
PP Personal Pension
PPF Pension Protection Fund
PR Protected Rights
PRAG Pensions Research Accountants Group
PTM (HMRC) Pensions Tax Manual
   
RAC
Retirement Annuity Contracts 
(offered to (mainly) the self-employed before April 1988)
RPB Recognised Professional Body
RPI Retail Prices Index
   
S2P State Second Pension Scheme
SCON Scheme Contracted-Out Number
SHP Stakeholder Pension
SI Statutory Instrument
SIP Statement of Investment Principles
SMPI Statutory Money Purchase Illustration
SORP Statement of Recommended Practice
SPP Society of Pension Professionals (formerly SPC: Society of Pension Consultants)
SRI Socially Responsible Investment
SSA 86 Social Security Act 1986
SSAP Statement of Standard Accounting Practice
SSAS Small Self-Administered Scheme
SSPA 75 Social Security Pensions Act 1975
   
TKU Trustees’ Knowledge and Understanding
TPAS Office of The Pensions Advisory Service
TPO The Pensions Ombudsman
TPR The Pensions Regulator
TUPE Transfer of Undertakings (Protection of Employment) Regulations 1981, as updated
TWR Time-Weighted rate of Return
   
UAP Upper Accrual Point
UEL Upper Earnings Level






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