The Financial Times reports that the DWP (Department of Work and Pensions) is releasing a new “jargon buster” to clarify some of the terms that are used in the Pensions industry. They quote Steve Webb, Minister for Pensions -
“It [the new language guide on pensions] looks at what language we should keep and what we should replace and makes recommendations for language that is more simple and straightforward”
“In a world where seven million people aren’t saving we simply can’t hide behind unintelligible language and confusing jargon. This was never more important than right now as we move towards the launch of automatic enrolment.”
We searched the DWP website, but couldn’t find the Jargon Buster on there. We’ll update this article when we find a link!
Update – The BBC has a very useful video explaining what some common pensions terms mean – accumulation, asset classes, equities, decumulation, annuities and other terms are explained in plain English