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| Financial Glossary |
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| Z - Gilts
- An
abbreviation for 'gilt-edged securities'. These are bonds, loans etc issued by
the UK government or UK local authorities and are generally considered to be one
of the safer forms of investment. Although the interest rate on the underlying
value and the price at maturity are guaranteed, the price will vary during the
lifetime of a gilt; so there is some element of risk.
- GIV
- Gift
inter-vivos. A gift made during a person's lifetime as opposed to a legacy, which
passes on death.
- GMP
- Guaranteed
Minimum Pension.Relates to a contracted out occupational pension scheme and
represents a minimum pension which the occupational pension scheme must provide
in respect of the relinquishing of state benefits under SERPS.
- GPP
- Group
Personal Pension.
- Grace
Period
- The specified period after
a premium payment is due, in which the policyholder may make such payment, and
during which the protection of the policy continues.
- Graduated
Pension Scheme
- State earnings related
scheme which existed between 1961 and 1975 and was the forerunner of the existing
State Earnings Related Pension Scheme (SERPS).
- Granny
Bond
- A bond issued by the UK government
with enhanced interest or tax privileges but restricted in availability to persons
of pensionable age.
- Grant
- The
award of funds to an organisation or individual to undertake charitable or tax-exempt
activities.
- Grantee
- Individual
or organization that receives a grant. Also called a donee.
- Grantor
- Individual
or organization that makes a grant. Also called a donor.
- Gross
- A
gross interest rate or dividend is one that doesn't take into account the tax
you'll have to pay on that income.
- Gross
Premium
- The actual premium paid by
the policyholder before any tax relief or discount is taken into account.
- Group Contract
- A
contract of insurance made with an employer or other entity not formed for the
purpose of obtaining insurance that covers a group of persons identified by reference
to their relationship to that entity. Several different types of insurance may
be arranged on this basis, including life, critical illness, income protection,
private medical, etc.
- Group
Critical Illness Scheme
- A scheme
that will pay a cash lump sum to members diagnosed as suffering from one of a
range of specified illnesses and conditions.
- Group
Health Insurance
- Health insurance
written on a number of people under a single master policy, issued to their employer
or to an association with which they are affiliated.
- Group
Income Protection
- Group Income Protection
Insurance (also known as Permanent Health Insurance, or PHI) gives sick and injured
employees a replacement income, and provides the means for the employer to retain
staff even when they are not contributing to the business. The benefit (typically)
becomes payable when the company's sickness scheme ends and continues as long
as the employee's absence lasts, right up to normal retirement age.
- Group Life Insurance
- Group Life is designed to pay a benefit,
in either lump sum form or as a dependants' pension, on the death of the member.
- Group Permanent Health
Insurance
- An alternative name for
Group Income Protection.
- Group
Personal Pension
- An arrangement
between a provider and an employer to offer personal pensions to employees. Charges
may be lower because of the numbers involved, and the employer may also agree
to contribute. A GPP is not an occupational pension scheme.
- Guaranteed growth bonds
- Fixed
term investments, typically between 3 and 5 years, where you invest a lump sum
and are guaranteed either a minimum return or that you won't lose capital.
- Guarantee
Period
-
- The period for which
an insurer will guarantee a quoted rate prior to it being accepted.
- The
period for which a guaranteed annuity will continue regardless of the survival
of the annuitant
- Guaranteed
Income Bond
- A single premium insurance
contract providing payments at regular intervals for a fixed period at the end
of which the premium is returned.
- Guaranteed
Minimum Pension (GMP)
- The minimum
pension which an occupational pension scheme must provide as one of the conditions
of contracting out in respect of pre April 1997 service.
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