A plain English guide to pensions jargon: part one

Are you coming across unfamiliar words and phrases when looking through pension contracts? Particularly those from years or decades ago? Our self-invested pensions technical specialist James Jones-Tinsley recently appeared in a video alongside Richard Allum of Paraplanners Assembly to shed some light on this jargon.

These terms may not pop-up frequently but it is important to know what they mean. Plenty of older pension schemes are still in existence, and not knowing the terminology may mean important specifics are missed or misinterpreted. 

Old pensions jargon discussed includes:

• AVC
• FSAVC
• EPP
• GMP
• GAR
• With-profits annuities
• Individual buy-out bonds (or “Section 32” policies)

The video is bookmarked, so you can skip to any section you want clarification on.