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Passive fund management

Fund management where the aim is to track an index - such as the FTSE 100. The opposite of active fund management.

Pension

A plan to provide a retirement income. It can be a personal pension, or a company pension provided by an employer.

Personal Pension Plan (PPP)

This is a private pension scheme run by an insurance or investment firm, or a bank. It aims to provide you with a pension at retirement, plus other benefits. Unlike an occupational pension scheme, a personal pension plan need not be connected with a specific job. Self-invested personal pensions (Sipps) are self-select personal pensions.

Phishing and Pharming

Terms used to describe the way fraudsters try to get your personal details, so they can steal your money.

Pooled funds

Unit, investment trusts and Oeics are all pooled funds: Investors pool their money together to make investments.

Portfolio

A portfolio is a collection of different investments that make up your total investment holding.

Power of attorney

If you hold power of attorney for someone, you are legally charged with taking care of their finances. Often used by the elderly or infirm, a lasting power of attorney is set up by a solicitor.

Premium

The amount you pay for an insurance policy is called a premium. It is also a measure of how far the share price of an investment trust is above its net asset value.

Premium Bonds

A monthly draw run by National Savings & Investments, with a maximum prize of £1 million. Bonds can always be cashed in at the original price, and prizes from the draw can be claimed at any time: Some unclaimed prizes date back many years.

Price-earnings ratio (P/E)

The P/E ratio of a company is calculated by dividing its share price by its earnings per share.

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