An annuity in advance is a series of equal or nearly equal payments made at the beginning of each period. These payments can be for various financial obligations including rent, leases, or annuity payments.
Bancassurance (also known as Allfinanz) refers to the combination of traditional banking products with insurance products, such as life assurance and pensions. This practice allows banks to offer a comprehensive range of financial products and services to their customers under one roof.
A Cost-of-Living Adjustment (COLA) is an increase in income that keeps up with the cost of living. It is typically used in wage contracts, pensions, social security benefits, and other financial agreements to counteract inflation.
Double-dipping refers to the practice where individuals receive multiple forms of financial benefits or salaries simultaneously from two different sources, typically in contexts related to pensions and employment.
Early retirement refers to the act of leaving one's job before reaching the normal retirement age, and meeting certain minimum requirements related to age and years of service. This often results in a reduction of the monthly retirement benefit received.
Conditions required to be covered by employee benefit plans such as pensions, under which minimum requirements, such as a certain number of years of service, must be met by an employee to qualify for benefits.
Ex Gratia Pensions are discretionary payments made by an employer to a retiree, without any formal obligation to do so.
Fixed-income refers to a type of investment or income stream where payments are received on a regular schedule and are typically not adjusted for inflation. Common examples include most bonds, certain annuities, and some pension funds.
An independent financial adviser (IFA) is a person or firm licensed under the Financial Services Act to provide unbiased advice on a range of financial products, including pensions, investments, and life assurance. They are distinguished by their lack of commitment to any particular financial institution, ensuring they offer 'best advice' from the entire market.
Legacy costs are the expenses an employer incurs for providing retiree pensions, health insurance, and other benefits even after an employee has retired. These are ongoing employment-related expenses.
Financial planning for individuals, which involves analyzing their current financial position, predicting their short-term and long-term needs, and recommending a financial strategy. This may involve advice on pensions, the provision of independent school fees, mortgages, life assurance, and investments.
Retirement is the act of leaving active employment permanently, with income for the remaining years of life typically coming from sources such as Social Security, pensions, and personal savings.
Retirement income refers to the various sources of funds that a retired individual receives, which can include Social Security benefits, pensions, annuities, and investment income. This income is critical for maintaining an individual's lifestyle once they are no longer earning a regular paycheck.
An abbreviation that can refer to either Statutory Sick Pay or State Second Pension, SSP is a term often encountered within UK employment and benefits legislation.
