Glossary of Pension Terms and Phrases (B)

Here are a list of pension terms and pension phrases beginning with the letter B.

Bank of England

The Bank of Englland is the UK's central bank. Its main responsibility is to implement and oversee monetary policy.

Bank Rate

This is the official rate of interest charged by the Bank of England acting in its role as lender of last resort to the financial institutions. In 1972 the rate was renamed the Minimum Lending Rate (MLR) and was no longer to be determined by the government, but automatically by the current level of interest rates in the money market, however on 14th January 1985 the government returned to prescribing the level of MLR in order to control the volume of credit in the economy.

Bear Market

A bear market is an investment market term meaning that the value of investments is predicted to fall.

Bridging Pension

This is an additional temporary pension paid from a scheme between retirement age and State pension age. It is often replaced by State pension, once State pension age has been reached.

British Government Stocks

See Gilts.

Bull Market

The opposite of a bear market, a bull market is a rising investment market, where the value of investments are predicted to rise.

Buy Back

Is a term used to describe the reinstatement of a person's SERPS benefit relating to a period of contracted-out employment.