CHAPS
‘Clearing House Automated Payment System’. An electronic system that lets you pay money from one bank account to another on the same day. Banks often charge a fee for a CHAPS payment.
Popular terms
Lump sum and death benefit allowance
This is a limit on the total tax-free lump sums that can be paid from your pensions both in your...
Lump sum allowance
When you access your pension, you can usually take up to 25% of the value tax-free. The lump sum allowance...
Ready-made pension
A simple, low-cost pension where you choose from four AJ Bell fund options.
Money paid in is automatically invested...