UFPLS stands for Uncrystallised Funds Pensions Lump Sum.
Since April 2015, from age 55 you can take all of a pension fund as a single or series of cash lump sums. The first 25% is tax free, with the remainder added to your income and taxed accordingly.

If you are physically present in the UK for 183 days in a tax year, then you will be deemed resident in the UK and taxable on your income and capital gains.

If you’re abroad only temporarily, or if you spend an average of three months a year in the UK for four years, you will be treated as ordinarily resident and therefore taxable. Please refer to HM Revenue & Customs for full details.

The above is based on my understanding of current legislation and HM Revenue & Customs’ practice, all of which is subject to change without notice. The impact of taxation (and any tax reliefs) depends on individual circumstances.

Generally, this is the valuation of a company final salary pension fund where the actuary perceives there are insufficient funds to support current liabilities.

Income received from sources such as interest on savings accounts, dividends from shares and bonds that has not been earned by working

A trust that pools together customers’ money, allowing them to increase their investment options, therefore potentially reducing the risk. Unit trusts issue units, unlike OEICs which issue shares.

Unit trusts generally have two prices: a bid price at which you sell and an offer price at which you buy. The difference between the two is referred to as a ‘bid offer spread’.

Unit trusts are overseen by an independent body called the trustees.

Where the value of the saver’s fund is linked to the value of the units of the fund it is invested in. The value is therefore directly dependent on the performance of the underlying asset.

Where the value of the saver’s fund is linked to the value of the units of the fund it is invested in. The value is therefore directly dependent on the performance of the underlying asset.

A loan that isn’t secured against your home or other asset you own. You agree to pay back the loan within a set period. The lender is taking a bigger risk than with a secured loan, so interest rates tend to be higher. Example: Credit card debt.

Bonds issued by the British Government.

Glossary of Personal Financial Terms

AAA Rating

In short, AAA ratings (‘triple-A‘ ratings) are the highest credit rating available for an investment, such as a bond or company.

AAA ratings are issued to investment-grade debt that has a high level of creditworthiness with the strongest capacity to repay investors.

Similarly, the AA+ rating is issued by S&P (Standard and Poor) and is similar to the Aa1 rating issued by Moody’s. It comes with very low credit risk and indicates the issuer has a strong capacity to repay.