A legal document confirming the official ownership of a property.
Defined Benefit Schemes (DBs) are commonly known as final salary or career average schemes, in which you as a member are entitled to annual income. The amount of income that you are entitled to however, depends on your previous earnings and length of service. The investment risk hereby lies with the pension fund, so if the fund fluctuates, the benefits to which you are entitled to, won’t change.
In a Defined Contribution Scheme (DC) you build up savings and the amount of retirement income that you receive is based on the monetary value of the fund at your retirement and what you then choose to do with it. The investment risk here sits with you, the individual – if the size of the fund varies as a result of investment performance, this directly affects the money available to you to secure an income in retirement.
The opposite of inflation, deflation is when prices generally begin to lower. This lack of demand makes the economy suffer and unemployment levels rise.
A person who is reliant upon another person, mainly a family member, for financial support.
The income you have left after taxes and National Insurance contributions are deducted from your salary, and you have deducted important costs like living costs, bills and necessary expenses.
A risk-management strategy that incorporates a wide variety of investment asset classes within one portfolio in an attempt to mitigate the risk of suffering substantial financial loss.
A method of withdrawing benefits from a UK Registered Pension Scheme, in the form of either income or a lump sum. There are two types of drawdown available through the new pension reforms:
Knight Knox Limited is a company registered in England and Wales. Registered number: 5236745.
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