|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.|
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Did you know?During the war, Allied codebreakers were able to decrypt a vast number of messages that had been enciphered using the Enigma. The intelligence gleaned from this source was codenamed "Ultra".In 1935, British engineer Robert Watson-Watt was working on a “death ray” to destroy enemy aircraft using radio waves. His “death ray” instead evolved into radar - or “radio detection and ranging.”Large, inflatable barrage balloons were used to protect British towns and cities from air raids - they trailed steel cables which forced bombers to fly high to avoid becoming tangled in the cables, reducing their accuracy.An Enigma machine is any of a family of related electro-mechanical rotor cipher machines used to encrypt and decrypt secret messages. Used properly, the German military Enigma was believed to be virtually unbreakable.