Glossary

annuity

An annual pension income for the whole of your remaining life. The size of the annuity depends on the size of your pension pot when you retire. However, the annuity provider (usually the fund management company used to build up the pension pot during working life) will take a slice of the pension pot in charges before what remains is turned into income.

growing longevity

An increase in the average lifespan of a population.

pension

An income for later life and when in retirement.

‘pension pot’

A colloquial term for a pension fund or pension savings.

Stamp Duty Land Tax (SDLT)

A tax on the purchase of property or land. In Scotland the equivalent is Land and Buildings Transaction Tax.