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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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