Most searched terms

WITH PROFITS POLICY

A life insurance or pension policy which has annual bonuses added to the sum insured.

BASIC STATE PENSION

The sum paid to all pensions with sufficient National Insurance contributions. This pension is being replaced in April 2016 (see Single-tier pension).

SHAREHOLDER PROTECTION

Shareholders normally arrange share protection cover in a business, to provide funds in case one was to die or suffer a critical illness.

CONTRACTING IN/OUT

Used to be a widely used process by which you could elect to stay in or opt out of the State Second Pension [S2P], formerly known as the State Earnings Related Pension Scheme [SERPS].

NATIONAL INSURANCE REBATE

The amount by which employers and employees’ National Insurance Contributions are reduced for employees who are contracted-out of SERPS (now replaced by S2P) and who join an occupational pension scheme. Alternatively, it is the payment made by the Department of Work and Pensions as minimum contributions to a personal pension scheme.

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