Struggling with Pensions Jargon? We don't blame you...
But a little self-learning could make all the difference, allowing you to understand your pension, bust through the jargon and ensure your retirement is on the right tracks...
Understanding and explaining your pension – A jargon buster glossary
Understanding and having the ability to explain your pension is one of the greatest tools you can have for keeping your long-term finances on track, allowing you to better identify scams, ensure the likelihood that you take suitable advice, and help you uncover a mis-sold pension if you have one.
One of the biggest problems that faces the UK pension industry and it’s users is that not only is it complex, but it’s also stuffed with jargon that makes it difficult to understand.
This complexity makes it both easy for negligent financial advice to occur as client's don't understand what they're being sol, and then harder for it to be undone with compensation as pension savers struggle to understand their own pensions, how they were sold and how they work.
In an increasingly complex financial services industry, a little self-education can go a long way, so here’s a little jargon buster, helping you understand your pension better.
About the author
Get Claims Advice is an experienced CMC based in Manchester
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This information is intended for use as a introductory insight into the pensions industry, and is provided by a CMC with knowledge and experience within that industry – not a financial adviser and is not to be constituted as financial advice. Always seek independent financial advice.
> Terms of Business
Types of UK Pension
More on Defined Benefit Pensions
Defined Benefits pensions tend to keep pace with inflation and are paid in proportion to your career salary.
Defined Benefit pensions are generally regarded as some of the best.
They are usually held by:
- Doctors and NHS staff
- Government employees
- Other high-earning professionals backed by the government
Pensions businesses, organisations and official bodies
Yes, more acronyms than you can shake a stick at... bare with us...
You've learned about the different types of pension, and who does what. Now comes the complicated bit...
There we go! You've now learned the basic jargon needed to at least get by in the world of pensions, and can hopefully recognise your own pension situation using your new knowledge.
If you now have an inkling that any of your pension investments may have been mis-sold to you, then get in touch for FREE using the form, or follow our blog for even more pensions news!
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