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Glossary

This glossary is intended as a general aid to help you understand some of the commonly occurring phrases and jargon used in the insurance world.  If you have any questions about the use or meaning of a term or expression in any particular product or literature, you should raise them with the provider concerned.

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Occupational pension scheme
Another term for a workplace pension scheme where the funds are governed by a board of trustees.
Offer price
This is how much you pay for each unit when investing in a set investment fund.
Open ended investment company
A type of company or fund in the UK that is structured to invest in other companies with the ability to adjust constantly its investment criteria and fund size. The company's shares are listed on the London Stock Exchange, meaning there are no bids and ask quotes on the OEIC shares – buyers and sellers receive the same price.
Open market option
If you are approaching retirement, this allows you to shop around for an annuity to turn your pension pot into an annuity rather than accept the rate offered by your pension provider.
Opting out
When someone chooses not to remain in a workplace pension after being automatically enrolled.
Overinsured
When someone buys cover for more than the value of the items insured.