This is a browseable and searchable reference tool for terminology relating to UK-based personal finance and financial products.
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Personal Pension Plan
Definition: A type of portable private pension plan that is owned by an individual, and is not specifically linked to an employer-sponsored pension scheme. These plans are money-purchase schemes, and the capital built up within them is dependent upon levels of contributions, and the performance of the investment funds that contributions are invested in. These plans are suitable for the self-employed, people with irregular earnings patterns, or as an addition to employer-sponsored schemes. An employer-sponsored variant is known as a Group Personal Pension.