- F
- Financial Conduct Authority (FCA)
- This is the independent body which regulates all pension providers and providers of financial services in the United Kingdom.
- Financial Services Compensation Scheme (FSCS)
- This is the UK’s statutory compensation scheme for customers of UK authorised financial services firms. This means it steps in when a firm fails and pays up to a maximum of £85,000 per firm.
- Fixed rate deposit or bond
- A fixed rate deposit or bond is a type of savings account. It pays you a fixed amount of interest after your money has been investment for a set period. You usually can’t access your money until the end of the term.
- Flexi-access drawdown (FAD)
- This is a type of income drawdown and the only type available to people selecting drawdown since April 2015. It allows you to take regular or ad-hoc income payments from your pension after you have taken your tax-free cash sum, as much or as little as you require. This is very flexible but does mean you need to continue to manage your pension savings through retirement to make sure you don’t run out of money.
- Fund
- A collection of investments, including shares and bonds, often managed by a professional fund manager. A fund is usually less risky than shares, as the risk is spread across different companies and assets rather than just one.
- Fund Manager
- This is the person, or organisation managing the assets held in an investment in line with the investment objective.
Is there jargon we use that you don’t fully understand? Please email us at info@ifglpensions.com and we will add the word to our Jargon Buster.