National Pensions Board

A Board established by the Minister for Social Welfare in 1986 to advise the Minister on pension matters.

National Pensions Policy Initiative (NPPI)

In 1995 the Pensions Authority and the Department of Social Protection commissioned the ESRI to undertake a survey of occupational and personal pensions. This survey showed that approximately 50% of the workforce in Ireland has supplementary pension cover in addition to social welfare pension cover. The NPPI was launched in October 1996 to facilitate debate on how to achieve a fully developed national pension system and to formulate a strategy and make recommendations for actions needed to achieve this system.

Net pensionable pay

Pensionable remuneration, less twice the annual rate of the maximum contributory old age pension payable under the social welfare system to a person with no dependants, calculated on the last day of service. See also "co-ordination".

Net relevant earnings

These are broadly defined as earnings from a trade or professional employment, less certain allowable expenses.

New code

A term now practically in disuse to refer to the code of practice relating to the approval of pension schemes by Revenue under the 1972 Finance Act.

Nomination

The naming by a member of a person or persons to whom he or she wishes any death benefit to be paid in the event of his/her death. Also called a "wishes letter‟ or "expression of wishes‟. Such a letter or expression of wishes cannot bind the trustees but they would normally try to give effect to the deceased member‟s wishes.

Non-contributory scheme

A pension scheme which does not require contributions from active members, i.e. the employer is liable for all contributions needed to support the scheme.

Non-member spouse

In the context of a pensions adjustment order given under the Family Law Acts, the spouse who is not a member of the scheme in which an order is being sought.

Non-pensionable employment

Employment in which an individual has no right to benefits from an occupational pension scheme other than lump sums and dependants benefits payable on death in service.

Non-standard PRSA

A PRSA that has no limit on charges and you can invest in a wide range of funds.

Normal pensionable age/normal retirement age

This is the age at which retirement benefits become payable. This will be set out in the governing documents of an occupational benefit scheme. 

Notional service

Members of civil or public sector pension schemes who are likely to have less than 40 years' service by their minimum retirement age, can top up their benefits through notional service purchase (NSP). This means buying back missing years of service by lump sum or a regular payment which would be a percentage of their salary.