Pensions Glossary - V

Pensions Quote Line

0845 108 0505

• Home
• Credit Cards
• Loans
• Investments
• Life Insurance
• Mortgages
• Insurance

V

Value Added Tax. An indirect tax levied on each stage of the production of most goods and services. Currently it stands at 17.5 per cent..

Variable Costs. Costs that vary in line with trading activity e.g. postage, stationery.

Variance. The difference between planned and actual costs (and revenue).

Venture Capital Trust. A special type of investment trust on the Stock Exchange designed to provide start up or expansion capital for unquoted companies.

Vested Rights. Rights that have accrued to a person e.g. automatic preserved benefit on leaving an occupational pension scheme, after minimum of 2 years qualifying service.

Void. Something which has no legal force from the start.

Voidable. Something which, though it may continue to be valid, may be put aside and be made void, in certain circumstances.