NEST campaign to clarify pension terms and phrasesThursday, January 13th, 2011
The National Employment Savings Trust (NEST) has published the first version of a phrasebook which puts unfamiliar pension terms and expressions into more readily understandable English. For example:
- “retirement income” is used instead of “annuity”, and it is defined as a “regular income stream for the rest of your life”
- “opening your retirement pot” is used instead of “decumulation”
- “taking your retirement pot as cash” is used instead of “trivial commutation”.
This is just the first version and, in order to clarify the expressions and definitions even further, comments and suggestions are invited by email or on a new “plain speaking” forum. A quiz game is also provided and a video that shows how confusing pension terms are to the general public.