Personal Pension, Government Pensions, Group Pension, Individual Pension

Group Pension
Group pension is a collection of personal pension plans from one provider or life insurance company written on a group basis for an employer and their employees.

Group Personal Pension
Group personal pension is a scheme operated by an employer for employees, which resembles an Occupational Pension Scheme but which is actually a series of individual Personal Pension Plans for each employee.

Personal Pension Plan (PPP)
A Personal pension plan is an individual pension arrangement between a person and a financial company of their choosing. Personal pension plans are generally tailored to an individuals needs, offering (for the most part) a more flexible approach to pension contributions than an occupational scheme would normaly allow.

A Self-Invested Personal Pension (SIPP) is an arrangement within a UK personal pension scheme in which the scheme member has the power to direct how the contributions are invested. A SIPP offers all the tax advantages of a traditional personal pension scheme and puts you in control of where, how and when savings for your retirement are invested. The main reason to choose a SIPP above a conventional personal pension is to exercise power over the type and range of investments bought; especially having the power to purchase commercial property either directly or with a mortgage

WRAP accounts are one of the buzz words of the UK Financial Services market. A wrap account is a tool for monitoring and administrating private clients portfolios. The nature of wrap account varies considerably to incorporate a wide range of platforms and products. A full wrap contains the following five elements: all available tax regimes; full depth of allowance assests; a full suite of financial tools; online availability; a single transport price. The key asset types that are potentially suitable to be placed on Wrap are: Retail Mutual Funds; Life and Pensions; Retail direct equity investment; Retail direct bond investment.

Government Pensions and Allowances
Government pensions are regular, recurring receipts from government to persons under social security and related government programs. Included are pensions and allowances received by aged, disabled, unemployed and sick persons, families and children, veterans or their survivors, and study allowances for students. Sometimes referred to as government benefit transfers. All overseas pensions and benefits are included here, although some may not be paid by overseas governments.

Individual Pension Insurance
Pension insurance usually wholly paid for by a private individual himself or herself, a type of saving which makes possible an early retirement or an improved pension.

Pension
A money payment paid regularly once a month. May be a national pension or an earnings-related pension. A very small pension can be paid as a lump sum.