MSE’s Academy of Money
MSE’s Academy of Money

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MSE’s Academy of Money

Glossary

Active members
People who are currently contributing to a pension scheme – as opposed to pensioners who are drawing a pension from the scheme or non-pensioners who have stopped making contributions (for example, people who have stopped contributing to an occupational scheme on moving to a new job).
Annuity
A guaranteed income given by an insurance company in exchange for the value of your pension pot.
HR
Human Resources, abbreviated.
Inheritance Tax
A UK tax on inherited money, property and other assets.
ISA
Individual Savings Account. ISAs are tax-free accounts for savings and investments.
Longevity
Life expectancy (in demography) or just living to an old age.
Means-tested
Payments, such as state benefits, which are dependent on the assessment of an applicant’s income or other resources.
National Insurance Contributions (NICs)
A form of taxation of incomes payable by those aged up to the state pension age.
Private sector
The part of the economy not under state control.
Public sector
The part of the economy under state control.
State Earnings Related Pension Scheme (SERPS)
A supplementary state pension to the ‘old’ basic state pension.
Workplace pension scheme
A pension scheme provided by an employer to eligible employees (who are automatically enrolled onto the scheme unless they opt out).
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