Glossary of Pension Terms and Phrases (D)

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

Data Protection Act 1984

The established rules for storage and disclosure of personal details by computer.

Death Duties

Death duties are the taxes charged on property on the death of the owner. See Inheritance Tax.


A deficit is a shortfall in income compared to what needs to be, or has been, spent.

Defined Benefit

Pension schemes which base their pension calculation on a defined formula, usually based on salary and service. Also called final salary schemes.

Discretionary Trusts

This is a trust in which the trustees may exercise their discretion, within a class of beneficiary, as to whom should receive benefit.


Is the term used for the spreading of risk by investing in a portfolio of securities each of whose performance is affected by a different set of economic and market conditions.


Increasing final remuneration figures, by the increase in RPI for periods up to retirement, to enable greater benefits to be paid at retirement from pension schemes.