Glossary

Retirement Account

Is the individual account set up to receive the monthly contributions contributed by you and Telefónica. This is maintained on your behalf by the Trustees of the Plan.

Plan Salary

Is your basic salary excluding overtime payments.

Annuity

A fixed sum of money paid to an individual each year for the rest of their life. It may include annual increases and also dependants benefits payable on death.

Company

Is Telefónica Europe Plc, Telefónica UK Ltd, or one of the participating employers.

Contributing member

Is a member who is paying contributions to Section 1 of the Plan.

Retail Prices Index

The index of Retail Prices compiled by the Government's office of National Statistics.

Rules

The Trust Deed and Rules governing the Telefónica UK Pension Plan. The Rules will be used to determine benefits and override any other communication, including this website.

Company Contribution

This is the amount the Company contributes into your Retirement Account.

Normal Pension Age

Under the Plan is age 60 to 1 October 2006 and 65 from this date.

Earnings Cap

Is the maximum earnings that may be taken into account for pension purposes in a tax approved Plan (£102,000 for 2004/5 tax year).

Dependant

Are anyone who the Trustees agree is dependent on you financially or by reason of disability. This can be an adult of either sex, and includes any child who is dependant on you and is either under the age of 17, in full time education and under age 23, or is physically or mentally incapable of self support.

Children

Include your offspring, adopted children, stepchildren and, in certain circumstances, children for whom you are acting in the position of a parent.

State Pension Age

Is currently age 65 for men and 60 for women, but it is to be equalised to age 65 for all, over the period 2010 to 2020.

Enrolment windows

A period when you can join the plan/scheme.

Enrolment window

A period when you can join the plan/scheme.