service period

in relation to fund membership, it is the period of time which begins when a person is first employed by a particular employer and ends when employment with that employer finishes. There are a number of variations on the theme:

credited service — period of service not completed by the member, but counted as part of service or membership for benefit purposes (also called notional service);

future service — possible period of service from the date of calculation to normal retirement date (NRD);

past service — period from the beginning of employment to the calculation date;

pre-scheme service — period of service before joining the plan, which is recognised as period of membership;

prospective service — possible total period of service from start of employment to normal retirement date. (Sometimes confused with future service.)

See also eligible termination payment