Overwhelmed by all the pension jargon? Fear not, our pension glossary has you covered. All the important terms and acronyms explained right here.
What are Guaranteed Benefits?
Some pensions come with a guarantee, or promise, about how much money you’ll get when you retire. These benefits, also known as safeguarded benefits, might include a guaranteed annuity rate (GAR) or a promised level of income or promised minimum level of income. These guarantees are valuable in many cases and it’s important they’re taken into account when you consider transferring your pension.