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Accrual rate

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defines the rate at which pension benefits build up with service in a defined benefit retirement benefits scheme. For example, if the accrual rate is […]

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Accrued benefits

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means the total benefits of a member of a retirement benefits scheme as determined by the Rules of the scheme and other parameters.

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Active Member

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means a member of a retirement benefits scheme who is contributing to that scheme.

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Actuarial assumptions

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means the set of assumptions made by the actuary as to rates of return, inflation, increase in earnings, mortality, etc, which form the basis of […]

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Actuarial valuation

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means an analysis made by an actuary of the assets and liabilities of a retirement benefits scheme based on actuarial assumptions.

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Actuary

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means a professional trained to determine the solvency of a retirement benefits scheme through an actuarial valuation.

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Administrator

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means a person licensed by URBRA, and appointed by trustees to administer a retirement benefits scheme.

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Annuity

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means a schedule of fixed or variable payments for the life of a person or for a specified period of time.