Retirement planning made easy
Retirement planning made easy

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Retirement planning made easy

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.
Workplace pension
A pension provided by an employer to eligible employees (who are automatically enrolled in the pension scheme unless they opt out).
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