Managing My Money Glossary
Glossary of terms used in Managing My Money.
Saturday, 14 December 2024, 7:34 PM
Site: Open Learning
Course: Managing my money (MMM_1)
Glossary: Managing My Money Glossary
O
Other things being equalA term used by economists and others to indicate that while changing one factor, other factors remain unchanged. |
P
Pay-as-you-go (PAYG) schemePension scheme where pensions and other benefits paid out today are paid for out of tax revenues collected today. |
PlatformsA website-based arrangement that enables investors or their advisers to select and buy investments and hold them in a portfolio (which might be in the form of, for example, an ISA or pension scheme) administered by the platform provider. |
Principal sum (or capital sum)The original amount of debt taken out. |
Private pensionUsed collectively to refer to occupational pensions and personal pensions rather than to state pensions. |
Progressive taxationA tax whereby the proportion of a person's income that is paid as tax increases as their income increases. |
R
Redistribution of incomeThe process of re-allocating income to achieve social objectives, usually the creation of a 'fairer society' through a more equal distribution. |
Registered civil partnerA same-sex partner treated in the same way for tax, benefit and most legal purposes as a husband or wife. Two people of the same sex can form a civil partnership by signing a registration document. |
Repayment mortgageA mortgage where the periodic repayments made to the lender are the sum of the interest due and an amount of the original capital (or 'principal') sum borrowed. |
Risk-aversionPreferring a lower but more certain financial return rather than a higher but less certain return. |