Financial Glossary
Key terms explained in plain English, no jargon, no complexity. We appreciate our industry uses a lot of financial ‘jargon’, which can make it difficult to decipher information and correspondence. In order to try to assist with this, we have created a glossary of many of the terms you may come across. If you would like further clarification on any of the definitions, or cannot find a particular term, we would be happy to assist further.
SIPP (Self-Invested Personal Pension)
A type of personal pension that gives the holder a wider choice of investments than a standard personal pension, including direct shares, funds and, in some cases, commercial property.
Small Gifts Allowance
An annual inheritance tax (IHT) allowance, enabling a donor to give up to £250 per year to any number of separate individuals (donees).
State Pension Age
The State Pension Age is the date when you are eligible to receive a State Pension. You can check your State Pension Age here.
Sum Assured
Sum Assured
The guaranteed amount paid on death under a life assurance policy. Depending on the policy held, this sum might be increased through the addition of bonuses.