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The Mortgage Route A to Z
Pension plans

This glossary or A to Z should help clear up any confusion as to what terms mean what in the mortgage and insurance industry

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Letter P

Pension plans

Plan designed to build up a fund for retirement, at retirement this fund is used to buy an annuity (an income for life) which can be used as an income in retirement. Contributions paid into qualifying pension plans will usually benefit from tax relief at the plan holders marginal rate subject to changes in the tax legislation.

FSA declaration and important text about mortgage advice