Glossary of Terms
In the UK self-invested personal pension, a pension plan that enables the holder to choose and manage the investments made.
A Qualifying Recognised Overseas Pension Scheme, or QROPS is an overseas pension scheme that meets certain requirements set by Her Majesty's Revenue and Customs. A QROPS must have a beneficial owner and trustees, and it can receive transfers of UK Pension Benefits.
The Australian Taxation Office (ATO) is an Australian statutory agency and the principal revenue collection body for the Australian government. ... As the Australian government's principal revenue collection body, the ATO collects income tax, goods and services tax (GST) and other federal taxes.
The Internal Revenue Service (IRS) is a U.S. government agency responsible for the collection of taxes and enforcement of tax laws.
HMRC stands for Her Majesty's Revenue and Customs. HMRC is responsible for the collection of taxes in the United Kingdom.
A pension transfer from a defined benefit (salary-related) pension scheme means giving up your scheme benefits in return for a cash value which is invested in another pension scheme.
Defined Benefit Pension / Final Salary Pension
Final salary defined benefit (DB) schemes are occupational pension schemes that provide a set level of pension at retirement, the amount of which normally depends on your service and your earnings at retirement or in the years immediately preceding retirement.
An investment wrapper set up by a life insurance company in a jurisdiction with a favourable tax regime, such as the Isle of Man or Dublin.
Life insurance (or life assurance, especially in the Commonwealth of Nations) is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money (the benefit) in exchange for a premium, upon the death of an insured person