Jargon Buster

The world of financial services and pensions is often filled with complex jargon and “business-speak”. This tool provides plain-English explanations of jargon to make technical language clear and accessible to every audience.

For IFGL Pensions Customers only

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N
Net Asset Value (NAV)
A fund that invests in other funds rather than directly in individual shares, bonds or other investments. Sometimes known as a fund of funds.
Nil rate band (NRB)
An allowance set by the Government of the value of a person’s estate which is not subject to inheritance tax. This is currently £325,000 (correct in 2025/26 tax year). This figure will become important when discretionary pensions fall within the remit of inheritance tax for the first time, in April 2027.
Non-contributory scheme
A type of company pension scheme which does not require a contribution to be made by its active members.
Normal Minimum Pension Age (NMPA)
The earliest age at which someone can receive their pension benefits in the UK other than through ill health. Currently this is age 55, but it is set to rise to age 57 in April 2028.


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.