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We believe a glossary is key for any client trying to navigate through the range of complex terms and jargon in our industry.

Our most frequently defined terms are defined below but if there's something you think we should add, please contact us.


Final salary scheme

The most common type of defined benefit pension scheme. The amount of income received from a final salary scheme pension is based on a proportion of an employee's salary on retirement and the length of time worked for the company. Most commonly, workplace schemes pay one-sixtieth of final pay for each year of membership. The maximum pension receivable under Inland Revenue rules is two-thirds of an employee's final salary. See also defined benefit (DB).

Financial Reporting Council (FRC)

The FRC is a UK organisation that promotes high quality corporate governance and reporting to foster investment. See for more information.

Fixed interest bond

A bond where the regular interest payment or coupon amounts are specified at the time of issue. See also Floating Rate Note (FRN).

Floating Rate Note (FRN)

A bond or loan instrument whose yield is re-set periodically relative to a reference index, for example the London Inter-Bank Offered Rate (LIBOR), to reflect changes in short or intermediate-term interest rates.

Forward contract

Contract to buy or sell an asset at an agreed price in the future.

Forward exchange rate

Exchange rate fixed today for the purchase or sale of a currency at some future date.

Forward interest rate

Interest rate fixed today on a loan to be made at some future date.

Forward starting interest rate swap

A contractual agreement to enter into an interest rate swap at a specified date in the future.

Funding gap

The difference between the present value of assets held within the funding portfolio and the Net Present Value (NPV) of projected liabilities they are due to cover.

Funding/contributions rate

This is the rate at which a sponsoring company of a pension scheme pays contributions into the scheme.

Futures contract

An agreement between two parties under which the seller promises to deliver a specific asset on a specific future date to the buyer for a pre-determined price to be paid on the delivery date.

Futures margin

When a futures contract is purchased, a deposit (the initial margin) is paid to the futures exchange. This normally represents a few percent of the value of the contract and helps in protecting the exchange against defaults. As the value of the position changes additional payments may be requested (the variation margin).