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Deferred Pension: The benefit awarded to a defined benefit scheme member who has left service early.

Defined Benefit (DB) Scheme: An occupational pension scheme that provides benefits based on accrual rate, pensionable service and pensionable salary.

Defined Contribution (DC) Scheme: A scheme that provides retirement benefits based on the build up of a 'pot' of money, accumulated through the investment of contributions paid by both the employee and the employer.

Enhanced Protection: If a member is worried his pension rights exceed, or may exceed, the lifetime allowance, he can safeguard them against a tax charge.

Final Salary Scheme: See defined benefit scheme.

Financial Services Authority (FSA): This is the government body that regulates all aspects of the financial services industry in the UK.

FTSE 100 index: The FTSE 100 is a benchmark index tracking the performance of the London Stock Exchange. The full name is Financial Times Stock Exchange 100, but it's commonly called the Footsie. The FTSE 100 comprises the 100 largest companies traded on the exchange.

Fund manager: The professional who runs an investment fund and decides what shares, bonds or gilts the fund should buy or sell.

While others try and confuse you with complex and fancy language we like to keep it real and simple.

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