P

Payment protection insurance

This type of insurance policy pays a regular pre-agreed amount for a stated time if you can't work for specified reasons.

Pensions law

An area of law governing the payment and the protection of pensions.

Personal allowance

A personal allowance is the amount of income that you can earn each year before you start paying tax.

Personal Equity Plans (PEPs)

From April 2008, Personal Equity Plans automatically became Stocks and Shares ISAs (see the glossary definition of Individual Savings Account).

Personal injury law

An area of law that governs claims for compensation where one party has caused physical injury to another.

Personal injury solicitors

A personal injury solicitor will help you negotiate for personal injury compensation.

Personal pension

This is a pension policy that’s taken out through a pension company, into which you pay contributions and will at retirement provide some or all of your pension income. These are invested in funds, which you can choose according to your attitude to risk and plans for the future. A personal pension is set up on a money purchase (defined contribution) basis.

Planning law

This area of law governs the processes involved in getting planning permission for the erection or change of use of buildings.

Premium

This is the name given to the regular amount you must pay for an insurance policy. Providers sometimes offer annual premiums, but most commonly premiums are paid monthly, although some companies charge interest on these arrangements and it is worth checking how much extra you may have to pay.

Price to earnings ratio (P/E)

The performance of companies is measured by their Price to Earnings (P/E) ratio. The price is the current share price, and the earnings are the profit that the company earns in one financial year for each single share.

Private medical insurance

This is a type of insurance policy that pays for you to receive private medical treatment. It’s also known as private health insurance.

Probate

Probate is the process of obtaining legal authority to deal with the affairs of someone who has died and getting the will certified so that the executors can carry out the wishes and instructions contained within it in order to wind up the estate.

Professional negligence

This area of law covers claims against any professional whose work has not met the standards that can reasonably be expected. Medical professionals, surveyors, architects, accountants, solicitors, financial advisers, builders, plumbers – these kinds of profession run the risk of professional negligence.

Property

Property is a type of asset. Property assets can be residential - such as your house – or commercial, such as offices and shops.

Protected rights pension

This is the part of your pension fund that has been built up due to redirection of national insurance contributions.

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