Managing My Money Glossary
Glossary of terms used in Managing My Money.
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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.