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
ABI: Association of British Insurers
AE: Automatic Enrolment
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
CETV: Cash equivalent transfer value
CII: Chartered Insurance Institute
CJEU: Court of Justice of the European Union
CMU: Capital Markets Union
CN: Contribution Notice
COSRs: Contracted-out Salary-Related schemes
CPAC: Consumer Prices Advisory Committee
CPI: Consumer Prices Index
D&B: Dun & Bradstreet
DA: Defined Ambition
DB: Defined Benefit
DC: Defined Contribution
DCLG: Department for Communities and Local Government
DDCMS: Department for Digital, Culture, Media & Sport
DEEU: Department for Exiting the European Union
DPA: Data Protection Act 1998
DWP: Department for Work and Pensions
EAT: Employment Appeals Tribunal
EBA: European Banking Authority
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
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
GAAP: Generally Accepted Accounting Principles
GAD: Government Actuary's Department
GAR: Guaranteed Annuity Rate
GDPR: General Data Protection Regulation
GMP: Guaranteed Minimum 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
IFA: Independent Financial Adviser
IFRS: International Financial Reporting Standard
IFoA: Institute and Faculty of Actuaries
IGC: Independent Governance Committee
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
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
MAS: Money Advice Service
MiFID: Markets in Financial Instruments Directive (Directive 2004/39/EC)
NAPF: National Association of Pension Funds
NEST: National Employment Savings Trust
NI: National Insurance
NICs: National Insurance Contributions
NMPA: Normal Minimum Pension Age
NPA: Normal Pension Age
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
PCLS: Pension commencement lump sum
PMI: Pensions Management Institute
PPF: Pension Protection Fund
PPFO: Pension Protection Fund Ombudsman
PRA: The Prudential Regulation Authority
PRIIPS: Packaged Retail and Insurance-based Investment Products
PSC: Persons with Significant Control
PTM: Pensions Tax Manual
QROPS: Qualifying recognised overseas pension scheme
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
SIPP: Self Invested Personal Pension
SME: Small and Medium-sized Entities
SMPIs: Statutory Money Purchase Illustrations
SPA: State Pension Age
SSAP: Statement of Standard Accounting Practice
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
VaR: Value at Risk
WPC: Work and Pensions Select Committee

For more information

Claire Carey

+ 44 (0)20 7615 9502

Georgina Jones

+ 44 (0)20 7615 9596

Georgina Beechinor

+ 44 (0)20 7615 9587