Overwhelmed by all the pension jargon? Fear not, our pension glossary has you covered. All the important terms and acronyms explained right here.
What is a Terminal Bonus?
Some types of pension come with a ‘terminal bonus’ that works as an incentive for you to keep the policy going until its maturity date. These bonuses are added to your policy at the end of the term, or when the pension is transferred or the owner of the pension dies, but their amount is not generally known in advance.