Pensions Glossary - Q

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Qualifying Policy. Qualifying rules vary slightly for each type of policy, but in general terms must: be certified by the Revenue. have a 10 year term or longer. have regular premiums. have a sum assured of at least 75% of premiums paid.

Qualifying Service. The length of time needed to entitle a pension scheme member to short service benefit; currently two years. May include previous scheme service, if a transfer payment has been made into the current scheme. Quantify. Illustrate the effect of something in terms of figures.

Quarter Day. Traditional payment days at the end of each 'quarter' year. In England, Wales and Northern Ireland: 25th March (Lady Day), 24th June (Midsummer Day), 29th September (Michaelmas), 25th December. In Scotland: 2nd February (Candlemas), 15th May (Whitsuntide), 1st August (Lammas), 11th November (Martinmas).

Quartile. A division of a spread of values divided into four. A statistical division, generally used in financial services to denote performance of, say, a particular type of fund. Comparisons of similar funds are shown in a league table which is divided into four quarters or quartiles.

Quick Ratio. Ratio of liquid assets to current liabilities, taken as a measure of liquidity. Quick Succession Relief. A relief which reduces, on a sliding scale (100% in year one; 80% year two; 60% year three; 40% year four; 20% year five) the amount of inheritance tax payable on a gift received by someone who dies within 5 years of receiving it.

Quorum. The minimum number of people needed at a meeting to enable business to be transacted.

Pensions.co.uk is part of a large network of financial sites created to help advise you on life events, such as buying a house (Mortgages.co.uk), insuring your car (Carinsurances.co.uk), your life (Lifeinsurance.co.uk) and your home (Homeinsurance.co.uk). Remember that your ISA allowance allows you to save upto £7000 each year tax free. Try 0800 ISAs portal to find some of the best options.

1998 - 2007 UK Pensions - Planning before, at the onset and during retirement - Pensions.co.uk