Arrow Financial Services

Jargon Buster

Jargon Buster



Results for letter: P


PAID UP PENSION (PUP)

A pension is paid up when no further contributions are expected.

PAYE (PAY AS YOU EARN)

The system by which Income Tax and National Insurance Contributions are collected from your salary by your employer before it is paid to you, and passed to the Inland Revenue.

PENSION FORECAST

A service provided by the Department of Work and Pensions which tells you what your pension is worth.

PENSIONS OMBUDSMAN

An independent arbitrator for pension disputes with statutory powers to enforce his/her decisions.

PEP (PERSONAL EQUITY PLAN)

A tax efficient savings plan replaced by ISA’s in 1999. You can no longer invest in a new PEP but you can still transfer your existing PEP into an ISA.

PERMANENT HEALTH INSURANCE

Insurance which replaces the income you might lose through long-term illness or injury. The amount you receive is related to your salary.

PERSONAL PENSION SCHEME

A pension scheme for those who are self-employed or, if employed, are not members of an occupational scheme.

PHASED RETIREMENT

The facility to use small segments of your pension to buy annuities as and when you need more income, rather than buying a single annuity using your entire pension fund.

PLC (PUBLIC LIMITED COMPANY)

A company in which anyone can buy shares and whose shares are available to buy and sell in a stock market. A PLC is owned by its shareholders.

PMI (PRIVATE MEDICAL INSURANCE)

Insurance to cover the cost of private medical treatment should you suffer one of the medical conditions specified in the policy.

PRICE/EARNINGS RATIO

Calculated by dividing the market price of a company’s ordinary shares by its earnings-per-share figure. It provides an indicator of the company’s performance potential.

PLATFORMS & FUND SUPERMARKETS

Fund platforms fall into two groups: fund wraps and fund supermarkets. They are both services that enable investors to buy investments online, usually at a marked down (discounted) rate. In most cases the investments purchased can then be held on the platform in a variety of tax efficient wrappers.

PREMIUM BONDS

Bond whose selling price exceeds its par: the value imprinted on a security, such as a stock certificate or bond, used to calculate a payment, such as a dividend or interest; face value.

PENSIONS CREDIT

Anyone earning below set levels when all their retirement income is taken into consideration can have it topped up to this level.

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