Pensions terminology

Published by the Pensions Management Institute paperback seventh edition price £15

Advisers who talk to clients about their pension options would be well advised to have a look at Pensions Terminology a glossary of pension schemes.

This seventh edition has been revised and updated since the last one (2002).

Compiled by the Pensions Management Institute and the Pensions Research Accountants Group and sponsored by Capita Hartshead it provides a brief explanation of terms used in the UK pensions industry including the many new terms introduced in the Pensions Act 2004.

Particularly useful are some of the investment terms which to the uninitiated are a complete mystery.

For example it describes 'churning' as 'excessive dealing in securities leading to abnormally high turnover of the portfolio.

This is considered undesirable for pension funds in that excessive commissions may be charged and the practice...