Annuity: A fixed sum money paid each year
Benefits: Profits from your pension scheme
Board of trustees: People who supervise the pension trust fund
Contributions: Payments made into pension scheme
Defined Contribution: A workplace pension plan where you and employer agree on a specific level of contribution
Dependant: A person who relies on another financially
Drawdown: An amount of money taken from your pension investment
Employer-sponsored: A pension offered for the benefit of their employees
Interest: Money paid at a particular rate
Investment return: A measure of your pension funds (total profits made)
Pensionable earnings: The income used to calculate your pension benefits
Tax relief: Remission of income tax
Trust-based: Pension held by a private organization
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