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Pension pot
The amount of money built up in your defined contribution pension plan.

 

 

 

 

 

 

Lifetime annuity
A policy that uses your pension pot to provide a regular income for the rest of your life (and possibly also a dependant).

 

 

 

 

 

 

Defined contribution
A pension plan that builds up a pot based on how much is paid in and how the chosen investments perform.

 

 

 

 

 

 

With profits
An investment where you get a share of the fund’s surplus.

 

 

 

 

 

 

Market value adjuster
A reduction to your pension pot that could apply in certain market conditions if you cash-in, transfer or take benefits from your with-profits policy before or after your selected retirement date.

 

 

 

 

 

 

Guaranteed annuity rate
A guaranteed income offered by some older pension plans that’s usually higher than the market rate.

 

 

 

 

 

 

Selected retirement date
The date chosen by you or your employer for taking benefits.  Although benefits can be taken at any time from age 55 and you do not need to retire at this date if you do not want to.

 

 

 

 

 

 

Impaired life annuity
An annuity that pays a higher regular income if you have a reduced life expectancy.

 

 

 

 

 

 

Enhanced annuity
An annuity that pays a higher regular income if you have certain medical conditions.

 

 

 

 

 

 

Open market option
The option to shop around for the best annuity deal.

 

 

 

 

 

 

Retail price index
One of the two measures of consumer inflation in the UK.

 

 

 

 

 

 

Consumer price index
One of the two measures of consumer inflation in the UK.

Frequently asked...

Where can I find out more?

If you need more information, please contact us. A pension specialist from our team will be happy to help with whatever pensions-related question you have. Our help is always free.

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