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Tax Relief: Incentive given to those contributing to pension schemes. The government pays 22% (non-earners and basic rate tax payers) or 40% (higher rate tax payers) of a members gross contribution.

Triviality (trivial scheme): Allows an occupational pension scheme member to withdraw all pension benefits as a lump sum. Member must be at least 60 and have total pension rights valued at less than 1% of the lifetime allowance.

Unsecured pension: Also known as income drawdown or income withdrawal. Allows a pension scheme member to continue to invest his fund whilst drawing a limited income. Available to under 75s only.

Yield: The income from an investment, expressed as a percentage of its current market price.

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