Annual allowance: Max you can contribute across all pensions in a tax year. Currently £60,000.
Auto-enrolment: Legal requirement for employers to enrol eligible employees into a pension.
Beneficiary: Person(s) nominated to receive your pot if you die.
Carry forward: Using unused annual allowance from the previous 3 tax years.
Defined contribution (DC): Pension built from contributions + investment returns. Jarvis is DC.
Drawdown: Taking money from your pot in retirement while leaving the rest invested.
MPAA: Reduced £10,000 annual allowance once you start flexibly accessing your pension.
Relief at source: Contributions from net pay; provider reclaims basic rate tax from HMRC.
Tax-free lump sum: 25% of your pot taken tax-free when accessing your pension.