Glossary of Terms

AVC Additional Voluntary Contributions – A way to top up your pension benefits.
CETV Cash Equivalent Transfer Value – How much your pension trustees value your pension fund should you choose to transfer out.
CPI CPI Consumer Price Index
ETV Enhanced Transfer Value – An amount of money your pension scheme may offer you to leave the scheme.
FCA FCA Financial Conduct Authority
FSP FSP Final salary pension
FTSE FTSE Financial Times and Stock Exchange – The FTSE 100 is a share index of the 100 companies listed on the London Stock Exchange with the highest capitalisation.
IFA IFA Independent Financial Adviser
NHS NHS National Health Service
PPF Pension Protection Fund – The organisation that may take over your company scheme if the company goes into administration.
TVAS TVAS Transfer Value Analysis System – A computer program used by pension companies and financial advisers. A TVAS report provides information about the rate of return that needs to be achieved by any new pension arrangement in order to provide better benefits than those promised by the existing scheme. (An adviser will also take into account matters such as the existing schemes ability to deliver on its’ promises.)
Transfer Out To move the fund of money that will fund your pension away from the current pension scheme.
Wound Up When a pension scheme liabilities are closed. Typically the remaining assets and liabilities are purchased by an insurance company.