Managing My Money Glossary
Glossary of terms used in Managing My Money.
Browse the glossary using this index
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Other things being equalA term used by economists and others to indicate that while changing one factor, other factors remain unchanged. | |
P |
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Pay-as-you-go (PAYG) schemePension scheme where pensions and other benefits paid out today are paid for out of tax revenues collected today. | |
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 |
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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. | |