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Pensions glossary

  • Annuity

    An annuity is a contract between an investor and an insurance company.More...

  • Final Salary Pension (defined benefit)

    A final salary pension, also known as defined benefit pension, is a retirement plan designed to provide an employee with a set income for life.More...

  • Lifetime contribution (pension)

    Lifetime pension contributions are the total amount of money people pay into their pension plans over their working life.More...

  • Means Testing

    Means testing is the process the government uses to decide the level of benefits someone receives.More...

  • Occupational pensions

    Occupational pensions are a way of saving money for your retirement that is linked to a job.More...

  • Pensions Tax

    Pensions are currently subject to tax breaks from the government, but they are not entirely tax free.More...

  • Personal pensions

    Personal pensions are a way of saving for your retirement that takes advantage of government tax breaks and are linked to an individual rather than a job.More...

  • Second State Pension

    The second state pension is available to employees (excluding the self-employed) in the UK on top of the standard state pension.More...

  • Self-invested personal pensions (Sipps)

    Self-invested personal pensions (Sipps) are a way of saving for retirement that puts you in control of your investments.More...

  • Stakeholder Pension

    A stakeholder pension is a low-cost pension, designed for people that cannot join company pension schemes.More...

  • State Pension

    The state pension is a government-run pension based on the number of ‘qualifying years’ someone has chalked up.More...

  • Superannuation

    Superannuation is a way of putting money aside for your retirement.More...

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