Do you know what a lifetime allowance is? If not, then you are in good company as 82% of the population cannot define this particular piece of pension jargon according to a survey. It’s not the only phrase befuddling British savers, there were many examples of pension terminology which the majority of adults admitted they did not understand when quizzed.
According to Portafina, a pensions advice specialist, only 1% of people questioned were able to define all key pension terms with which they were presented.
Other expressions which caused widespread confusion included ‘annual allowance’, ‘ drawdown ’, ‘personal pension’ and ‘final […]
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