A type of pension, no longer available, that was not secured as a pension for life. Such a pension was paid as income withdrawal from the scheme fund instead. As the scheme fund could vary, the level of unsecured pension was reviewed every five years.
The review looked at the level of the member‘s fund and the annuity that the fund would purchase, based on tables issued by the Government Actuary’s Department. The maximum payable was 120% of this annuity.