Managed fund

Funds managed for you by others namely, investment professionals such as fund managers. Managed funds can invest in a variety of assets including shares, property and fixed interest or a combination of these.

Management committee or committee of management

These terms tend to be used in a variety of senses. A management committee may provide a local forum for members to discuss pension issues. Similarly, some employers will negotiate with trade unions and employee representatives on pensions. This may be through the usual channels or through special pension negotiation committees and the term management committee might be used in this context. Sometimes the term management committee is reserved for a separate committee set up by the main trustee body who may oversee specific duties or the day-to-day administration.

Marital status ground

Discrimination by reference to marital status is discrimination on the marital status ground. Marital status means whether a person is single, married, separated, divorced, or widowed.

Marriage gratuity

A gratuity formerly paid to a woman who was obliged to leave service as a result of marriage. Now generally in disuse.

Mature scheme

A defined benefit scheme in which the proportion of pensioners to active members is high, so that contributions may be less than the outflow of benefit payments.

Maximum approvable benefits

The maximum benefit which Revenue will permit to be paid under an approved scheme to an individual, taking account of factors such as remuneration and service completed.

Means test

An earnings limit imposed by Government to determine eligibility for the State Pension (Non-contributory) and other social assistance payments including widowers pensions and dependent relative allowances.

Member

A person who has been admitted to membership of a pension scheme and who is entitled to benefits under the scheme. This will include active members, pensioners and deferred pensioners.

Member spouse

In the context of a pensions adjustment order given under the Family Law Acts, the spouse who is the member of the pension scheme in question.

Member trustees

Trustees who are appointed by members or whose appointment by the employer has been approved by the scheme members in accordance with the regulations made under the Pensions Act.

Minimum retirement age

The earliest age at which the pension scheme allows a member to retire with an immediate pension other than on the grounds of incapacity or ill-health.

Money purchase scheme

Another name for a defined contribution scheme.

Money purchase underpin

An arrangement in a defined benefit scheme whereby a certain minimum benefit accrues on a defined contribution basis. Usually of benefit to early leavers.

Money weighted return (also known as "time weighted return")

An absolute measure of the rate of return achieved on assets, which is affected by the timing of cash flows into and out of the fund.

Multinational pooling

An arrangement which links the insured benefit plans of a multinational company in different locations worldwide, to obtain cost savings, improved service, possibly better non-medical limits and better financial information. May be arranged with a single insurer or a group of participating insurers in different countries.