Decoding pension terms: Are you keen to use pension freedoms but mystified by the jargon? FIND AN EXPLANATION OF 'UFPLS' AND OTHER HORROR JARGON BELOWSo what does 'UFPLS' and other horror jargon mean? Defined benefit pension: The description favoured by the industry for a traditional final salary pension scheme. However, if you want to do this you should beware tying up your entire pot in an annuity or income drawdown scheme. Beware that your pension scheme or income drawdown provider might impose extra charges if you want to take maximum advantage of their 'flexi-access' options.

Source: Daily Mail October 10, 2022 21:11 UTC