The National Employment Savings Trust (NEST) has revealed the list of terminology it will use in its scheme information to make pensions simpler to understand.
The NEST phrasebook contains a list of common phrases and words which will be replaced. Below is the list of the words being replaced with different words or phrases: Accessing retirement savings becomes "Opening your retirement pot" Accumulation becomes "Adding to your retirement pot" Annuity = Retirement income Annuity panel = A panel of companies from which you can buy a retirement income Asset classes = Different types of investment Benefit age = The age you open your retirement pot Benefit statement = Annual statement Contribution rate = - The amount/percenta...
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