Glossary

RetireEasy has an extensive glossary of definitions of phrases
used within the tool with simple explanations to help you.





A B C D E F G H I J K L M N O P R S T U V W X Y Z
A
Accrued interest
AER (Annual Equivalent Rate)
Age allowance
Annuity
APR (Annual Percentage Rate)
Asset
Asset allocation
Asset classes
Attendance Allowance
AVCs – Additional Voluntary Contributions
B
Balance of Your Mortgage
Base rate
Basic State Pension
Bond funds
Bonds
Budget
Business Investment
Buy-to-let
Buy-to-let mortgage
C
Capital
Capital growth
Capital take
Care home
Cash ISA
Commutation
Compound interest
Consumer Price Index (CPI)
Contracting out
Corporate bond
Corporate bond funds
Critical illness insurance
Current account
D
Dashboard
Deferred pension
Defined benefit pension scheme
Defined contribution pension scheme
Deflation
Department for Work and Pensions (DWP)
Depreciation
Desired Annual Income
Discounted mortgage
Diversification
Dividend
Downsize
Drawdown facility (income withdrawal) - pensions
Drawdown facility (mortgages)
E
Endowment
Equities
Equity release
Estate
Exchange Traded Funds (ETFs)
Executor
F
Final salary pension
Financial Ombudsman
Financial Ombudsman Service
Financial Services Authority (FSA)
Fixed rate
Fixed-repayment lifetime mortgage
Friendly Society
FSAVCs (Free-Standing Additional Voluntary Contributions)
FTSE 100
Future Downsize
G
General Estimate for Capital Gains Tax (CGT)
Gilts
Government Actuaries Department (GAD)
Gross
Gross interest
Group Personal Pension
Guaranteed Annuity Rate
H
High income plan
High-yield bond funds
Hire purchase
Home
Home reversion plan
I
ICVC (Investment Company with Variable Capital)
Immediate care long-term-care insurance
Impaired life annuity
Income drawdown
Income tax
Independent financial adviser
Individual Savings Account
Inheritance tax
Initial public offering (IPO)
Institutional investor
Interest rate
Interest-free period
Interest-only lifetime mortgage
Interest-only mortgage
Investment trusts
Investment/insurance bonds
ISA (Individual Savings Account)
J
Joint ownership
L
Leverage
LIBOR
Life insurance
Lifeplan
Lifeplan Start Date
Lifetime allowance
Lifetime allowance Tax Charge
Lifetime annuity
Lifetime mortgage
Loan
Loan-to-value
Long-term care
Lump sum (pensions)
M
Market Level Adjustment, Market Value Adjustment and Market Value Reduction
Money purchase pension plan
Mortgage
N
National Insurance contributions (NICs)
National savings and investments
Negative equity
Net asset value (NAV)
Net interest
Nursing care home
O
Occupational pension scheme
OEIC (Open-ended investment company)
Overdraft
P
Partner
Payment protection insurance (PPI)
Payslip
Pension Credit
Pension sharing/ splitting
PEP (Personal Equity Plan)
Personal Pension Plan
Personal Possessions
Private medical insurance (PMI)
Private Pension Plan
Protected rights pension
R
Rate of growth / Rate of return
Rate of inflation
Redemption date
Remortgaging
Repayment mortgage
Repayments
Residential care home
Retail Price Index (RPI)
Retire / retired
Roll-up mortgage
S
Second home / Third home etc
Secured
Self-invested personal pension (SIPP)
Shares
Small self-administered scheme (SSAS)
Stakeholder pension
Stamp duty
State Pension age
State Pension forecast
State Second Pension
Stocks
T
Tax year or Fiscal Year
Tax-free lump sum
Term insurance (or term assurance)
Today’s terms
Tracker mortgage
U
Unit trusts
V
Variable interest rate
W
Winding up
With-profits fund
Y
Yield

 

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RetireEasy is the UK’s only independent retirement planning tool. LifePlan gives you an overview of all of your assets – including investments, pensions, savings, business assets and properties – and the income you will receive after liabilities such as debts, mortgages and income tax. It is not just a snapshot, but shows you how your finances will evolve throughout your retirement.

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RetireEasy was established in 2011 and has helped thousands of users to understand their finances throughout retirement and adjust their plans to ensure that their money will last.

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