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Group Personal Pension Plan (GPP): A collection of personal pension plans provided by an employer to its staff.

Guaranteed Minimum Pension (GMP): The benefit built up in a defined benefit scheme as a result of being contracted out of the state additional pension.

HMRC - Her Majesty's Revenue and Customs: The government department responsible for the setting of the laws is respect of the taxes in the United Kingdom as well as the collection of those taxes. 

Income: Money received from wages (earned) or from investments (unearned).

Inflation: Put simply, inflation is the general increase of prices and therefore reduction in value of what your money can buy. The cycle of price inflation starts when production costs increase for the same level of production which results in an increase in the product price. This leads to reduced buying power which in turn, leads to higher wage demands, and therefore, higher production costs.

Insurance: A contract in which the recipient of agreed payments agrees to compensate the payer in the event of certain events i.e. loss, damage, injury, death, etc.

ISA (Individual savings account): Tax efficient environment in which to hold savings. Introduced by the UK Government on 6 April 1999 to replace PEP and TESSA products. They enable savings to be held in the form of stocks and shares, cash or life assurance, or any combination of these three asset types.

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

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