Arrow Financial Services

Jargon Buster

Jargon Buster



Results for letter: T


TERM

The length of time over which a mortgage is to be paid.

TERM ASSURANCE

A life assurance contract with a fixed term. The sum assured is paid out only if the life assured dies within the term specified.

TESSA (TAX EXEMPT SPECIAL SAVINGS ACCOUNT)

Replaced by ISA’s in 1999. You can no longer invest in a new TESSA but you can transfer your existing TESSA into an ISA.

TIED AGENT

A financial adviser who has an agreement with one particular company to recommend its products and only those products. Tied agents can range from self-employed individuals to banks and building societies; they can give advice on your financial circumstances but they cannot survey the whole market for you.

TOTAL RETURN

The combination of capital growth and reinvested income produced by an investment at the end of any given period.

TRANSFER VALUE

The amount of money available to be transferred from one pension arrangement to another.

TAX WRAPPER

A financial product, such as a Pension, ISA or bond, within which your Investments can be held and which usually has certain Tax Benefits.

TAX FREE LUMP SUM

An amount of cash that you can take at retirement out of your pension pot, free of tax - the maximum is typically 25%.

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