Glossary
Another name for the pension we pay you. It is called an annuity because it is provided by an insurance company rather than a pension scheme.
Someone, defined in your policy, who is entitled to the benefits from your pension when you die.
An insurance policy with us, bought by pension scheme trustees to secure the pension benefits of their members. This could be anything from a handful of members to tens of thousands.
A type of bulk annuity where the policy bought from us is an asset of the scheme and helps to manage future liabilities. The scheme remains in place (as do the Trustees) and the administration remains the trustee responsibility.
A bulk annuity where the trustees ‘buy-out’ the pension scheme liabilities with us. Scheme members become Blumont Annuity policyholders and the scheme usually winds up. All aspects of pension administration also transfer to Blumont Annuity.
Someone who has yet to take their pension benefits and is not receiving a pension
A company pension scheme, where the amount of pension you receive is known and based on your salary and length of service.
A company pension scheme where you and your employer pay into a pot, which grows with investment performance over time. The pension you receive will be based on the size of the pot when you retire.
ESG refers to a set of standards used to measure an organisation’s environmental and social impact. This is mainly focused on investments.
The FCA is the UK’s financial regulator, funded by the Financial Services industry and operating independently of the government. The FCA regulates all businesses providing applicable financial services in the UK.
The cost of paying all future pension payments insured under a bulk annuity.
In insurance terms, this is how long people are expected to live and if trends show this is increasing or decreasing.
A pension scheme member who is either:
- Part of a pension scheme insured by Blumont Annuity but has not been issued an individual policy; or
- Has been through the buyout process and is now a Blumont Annuity policyholder.
The PRA is part of the Bank of England and supervises around 1,500 financial institutions, including banks and insurance companies. Their role is to promote the safety and soundness of the firms they regulate and, for insurers, to ensure an appropriate level of protection for policyholders.
The company behind the pension scheme.
The process from signing the bulk annuity, through to pension scheme members becoming Blumont Annuity policyholders. This can take a while, but the process is complex, and we are here every step of the way to make things go as smoothly as possible.
Trustees are responsible for managing pension schemes and making key decisions. There are also professional trustees who provide services to pension schemes for a fee. They help to make sure best practice is followed - bringing experience of legislation, investment and challenges experienced by other trustee boards.
