Managing My Money Glossary
Glossary of terms used in Managing My Money.
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Other things being equal
A term used by economists and others to indicate that while changing one factor, other factors remain unchanged.
Pay-as-you-go (PAYG) scheme
Pension scheme where pensions and other benefits paid out today are paid for out of tax revenues collected today.
A 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.
Used collectively to refer to occupational pensions and personal pensions rather than to state pensions.
A tax whereby the proportion of a person's income that is paid as tax increases as their income increases.
Redistribution of income
The process of re-allocating income to achieve social objectives, usually the creation of a 'fairer society' through a more equal distribution.
Registered civil partner
A 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.
A 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.
Preferring a lower but more certain financial return rather than a higher but less certain return.