Pensions Glossary - V

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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.

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