Glossary
- Annuity
- A guaranteed income given by an insurance company in exchange for the value of your pension pot.
- Gross income
- Income before any deductions (of income tax, NICs etc.)
- Income Tax
- A UK tax on income from all sources (including pension income).
- Inheritance Tax
- A UK tax on inherited money, property and other assets.
- ISAs
- Individual Savings Accounts where the earnings, for example from interest, are tax-free.
- Legal & General
- Legal & General Group is a multinational financial services company with its headquarters in London, UK.
- National Insurance Contributions (NICs)
- A form of taxation of incomes payable by those aged up to the state pension age.
- Pension Credit
- A government benefit paid to those over state pension age and on a low income. Pension Credit brings incomes up to the minimum level set each year by the government.
- Workplace pension
- A pension provided by an employer to eligible employees (who are automatically enrolled in the pension scheme unless they opt out).
OpenLearn - Retirement planning made easy
Except for third party materials and otherwise, this content is made available under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 Licence, full copyright detail can be found in the acknowledgements section. Please see full copyright statement for details.