Abbreviations

This is a list of abbreviations commonly used on our website. You can search the abbreviations by selecting the first letter on the A-Z below.

A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z

• AA:
• Annual Allowance
  

• ABC:
• Asset Backed Contribution
  

• ABF:
• Asset Backed Funding
  

• ABI:
• Association of British Insurers
  

• AE:
• Automatic Enrolment
  

• AMNT:
• Association of Member Nominated Trustees
  

• APPT:
• Association of Professional Pension Trustees
  

• ASB:
• Accounting Standards Board
  

• ATS:
• Automatic Transfer Scheme
  

• AVCs:
• Additional Voluntary Contributions
  

• BEIS:
• Department for Business, Energy and Industrial Strategy
  

• BIS:
• Department for Business, Innovation & Skills (formerly BIS)
  

• BSP:
• Basic State Pension
  

• CARE:
• Career Average Revalued Earnings
  

• CCPs:
• Central Counter Parties
  

• CDC:
• Collective Defined Contribution
  

• CDI:
• Cashflow Driven Investment
  

• CETV:
• Cash equivalent transfer value
  

• CII:
• Chartered Insurance Institute
  

• CJEU:
• Court of Justice of the European Union
  

• CMA:
• Competition and Markets Authority
  

• CMPS:
• Collective Money Purchase Scheme (also referred to as Collective DC or CDC)
  

• CMU:
• Capital Markets Union
  

• CN:
• Contribution Notice
  

• COSRs:
• Contracted-out Salary-Related schemes
  

• CPAC:
• Consumer Prices Advisory Committee
  

• CPI:
• Consumer Prices Index
  

• CPIH:
• CPI including owner occupier housing costs
  

• D&B:
• Dun & Bradstreet
  

• DA:
• Defined Ambition
  

• DB:
• Defined Benefit
  

• DC:
• Defined Contribution
  

• DDCMS:
• Department for Digital, Culture, Media & Sport
  

• DExEU:
• Department for Exiting the European Union
  

• DPA 2018:
• Data Protection Act 2018
  

• DPA:
• Data Protection Act 1998
  

• DWP:
• Department for Work and Pensions
  

• EAC:
• Environmental Audit Committee
  

• EAT:
• Employment Appeal Tribunal
  

• EBA:
• European Banking Authority
  

• ECE:
• Employment-Cessation Event
  

• ECHR:
• European Convention on Human Rights
  

• ECJ:
• European Court of Justice
  

• EEA:
• European Economic Area
  

• EIOPA:
• European Insurance and Occupational Pensions Authority
  

• EMIR:
• European Market Infrastructure Regulations
  

• EOI:
• Expressions of Interest
  

• ESG:
• Environmental, social and corporate governance
  

• ESMA:
• European Securities and Markets Authority
  

• ET:
• Employment Tribunal
  

• Equal Treatment Directive:
• Council Directive 2000/78/EC establishing a general framework for equal treatment in employment and occupation
  

• FA04:
• Finance Act 2004
  

• FAS:
• Financial Assistance Scheme
  

• FATCA:
• The US Foreign Account Tax Compliance Act
  

• FCA:
• Financial Conduct Authority
  

• FOS:
• Financial Ombudsman Service
  

• FP12:
• Fixed Protection 2012
  

• FP14:
• Fixed Protection 2014
  

• FP16:
• Fixed Protection 2016
  

• FRC:
• Financial Reporting Council
  

• FRS:
• Financial Reporting Standard
  

• FSB:
• Financial Stability Board
  

• FSCS:
• Financial Services Compensation Scheme
  

• FSD:
• Financial Support Direction
  

• FSMA:
• Financial Services and Markets Act 2000
  

• FTT:
• Financial Transaction Tax
  

• FURBS:
• Funded unregistered retirement benefits scheme
  

• GAA:
• Governance Advisory Arrangements
  

• GAAP:
• Generally Accepted Accounting Principles
  

• GAD:
• Government Actuary's Department
  

• GAR:
• Guaranteed Annuity Rate
  

• GDPR:
• General Data Protection Regulation
  

• GMP:
• Guaranteed Minimum Pension
  

• GPP:
• Group Personal Pension
  

• Gender Directive:
• Council Directive 2004/113/EC which implements the principle of equal treatment between men and women in the access to and supply of goods and services
  

• HBS:
• Holistic Balance Sheet
  

• HMRC:
• HM Revenue & Customs
  

• HMT:
• HM Treasury
  

• IA:
• Investment Association
  

• IASB:
• International Accounting Standard Board
  

• ICAEW:
• Institute of Chartered Accountants in England and Wales
  

• ICB:
• Independent Commission on Banking
  

• ICO:
• Information Commissioner’s Office
  

• IDRP:
• Internal Dispute Resolution Procedure
  

• IFA:
• Independent Financial Adviser
  

• IFRS:
• International Financial Reporting Standard
  

• IFoA:
• Institute and Faculty of Actuaries
  

• IGC:
• Independent Governance Committee
  

• IORP:
• Institutions for Occupational Retirement Provision
  

• IP14:
• Individual Protection 2014
  

• IP16:
• Individual Protection 2016
  

• IRM:
• Integrated Risk Management
  

• IRS:
• The US Internal Revenue Service
  

• ISDA:
• The International Swaps and Derivatives Association
  

• Insolvency Directive:
• Council Directive 2008/94/EC on the protection of employees in the event of the insolvency of their employer
  

• KYC:
• Know Your Client
  

• LDI:
• Liability Driven Investment
  

• LEL:
• Lower Earnings Limit
  

• LET:
• Lower Earnings Threshold
  

• LGPS:
• Local Government Pension Scheme
  

• LISA:
• Lifetime ISA
  

• LLP:
• Limited Liability Partnership
  

• LTA:
• Lifetime Allowance
  

• LTAFs:
• Long Term Asset Funds
  

• MAS:
• Money Advice Service
  

• MHCLG:
• Ministry of Housing, Communities and Local Government (formerly DCLG)
  

• MaPS:
• Money and Pension Service
  

• MiFID:
• Markets in Financial Instruments Directive (Directive 2004/39/EC)
  

• NEST:
• National Employment Savings Trust
  

• NI:
• National Insurance
  

• NICs:
• National Insurance Contributions
  

• NMPA:
• Normal Minimum Pension Age
  

• NPA:
• Normal Pension Age
  

• NRD:
• Normal Retirement Date
  

• OBR:
• Office for Budget Responsibility
  

• OFT:
• Office of Fair Trading
  

• OMO:
• Open Market Option
  

• ONS:
• Office for National Statistics
  

• OTCs:
• Over The Counter derivatives
  

• PA04:
• Pensions Act 2004
  

• PA95:
• Pensions Act 1995
  

• PAA:
• Pensions Advice Allowance
  

• PASA:
• Pensions Administration Standards Association
  

• PAYE:
• Pay As You Earn
  

• PCLS:
• Pension commencement lump sum
  

• PCST:
• Professional Corporate Sole Trustee
  

• PDP:
• Pensions Dashboards Programme
  

• PLSA:
• Pensions and Lifetime Savings Association
  

• PMI:
• Pensions Management Institute
  

• PPF:
• Pension Protection Fund
  

• PPFO:
• Pension Protection Fund Ombudsman
  

• PRA:
• The Prudential Regulation Authority
  

• PRI:
• Principles for Responsible Investment
  

• PRIIPS:
• Packaged Retail and Insurance-based Investment Products
  

• PSA21:
• Pension Schemes Act 2021
  

• PSA93:
• Pension Schemes Act 1993
  

• PSC:
• Persons with Significant Control
  

• PSIG:
• Pension Scams Industry Group
  

• PTM:
• Pensions Tax Manual
  

• QROPS:
• Qualifying recognised overseas pension scheme
  

• RAAs:
• Regulated Apportionment Arrangements
  

• RFB:
• Ring-Fenced Bank
  

• ROI:
• Republic of Ireland
  

• ROPS:
• Recognised Overseas Pension Scheme
  

• RPI:
• Retail Prices Index
  

• RPSM:
• Registered Pension Schemes Manual
  

• S2P:
• State Second Pension
  

• SERPS:
• State Earnings Related Pension
  

• SIP:
• Statement of Investment Principles
  

• SIPP:
• Self Invested Personal Pension
  

• SME:
• Small and Medium-sized Entities
  

• SMPIs:
• Statutory Money Purchase Illustrations
  

• SPA:
• State Pension Age
  

• SPP:
• Society of Pension Professionals
  

• SSAP:
• Statement of Standard Accounting Practice
  

• TCFD:
• Taskforce on Climate-related Financial Disclosures
  

• TKU:
• Trustee Knowledge and Understanding
  

• TPA14:
• Taxation of Pensions Act 2014
  

• TPAS:
• The Pensions Advisory Service
  

• TPO:
• The Pensions Ombudsman
  

• TPR:
• The Pensions Regulator
  

• TSS:
• Test Scheme Standard
  

• TUC:
• Trade Union Congress
  

• TUPE:
• The Transfer of Undertakings (Protection of Employment) Regulations 2006
  

• UCITS:
• Undertakings for collective investment in transferable securities
  

• UEL:
• Upper Earnings Limit
  

• UFPLS:
• Uncrystallised funds pension lump sum
  

• UK:
• United Kingdom
  

• UURBS:
• Unfunded unregistered retirement benefits scheme
  

• VAT:
• Value Added Tax
  

• VFM:
• Value for Money
  

• VaR:
• Value at Risk
  

• VfM:
• Value for Members
  

• WPC:
• Work and Pensions Select Committee