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Self Invested Personal Pensions (SIPPs)

A Self Invested Personal Pension is a type of plan that allows you, or your appointed fund manager, to make choices from a wider range of investments than other personal pension schemes offer. With a SIPP you can invest in the shares of any company listed on a stock exchange.

Solicitor

A professional who provides legal advice and services to individuals and businesses on a wide range of issues, for example divorce, conveyancing, contract law and employment law.

Stakeholder Pension

This is a personal pension in its most simple form. A stakeholder pension will allow you to make a minimum investment of £20 per month and offer a range of funds in which to invest – and there must be no penalties for transferring away from the fund. Your employer may offer access to a stakeholder pension scheme.

Stamp duty

This is a tax that’s levied on the transfer of certain kinds of assets: it’s imposed by HMRC, who need to ‘stamp’ documents to complete the purchase of such assets. Home buyers must pay stamp duty on properties with a value that’s above a set figure. Anyone buying shares also needs to pay stamp duty.

Standard variable rate mortgage

This is a loan that’s arranged at the lender's normal mortgage rate without any discounts or deals.

State Pension

Your basic State Pension is based on your National Insurance contributions. You may also qualify for the additional State Second Pension if you are employed, based on your earnings and National Insurance contributions.

State Second Pension

The State Second Pension is an additional pension that’s paid on top of your basic State Pension. It was called SERPS until 2002. Self-employed people are not entitled to a State Second Pension.

Stockbroker

A stockbroker is a professional who buys and sells stock (shares) on behalf of clients. Only registered stock brokers can buy or sell shares on the stock exchanges.

Stocks and Shares

Both terms mean the same thing: companies’ stocks and shares that can be bought and sold. Owning a share in a company means owning a part of that company, or owning some of that company's stock.

Sub-Prime

If a mortgage borrower has a poor credit record, such as County Court Judgments (CCJs) or bankruptcy, they can find sometimes a loan from Sub-Prime lenders. However, borrowers can expect to pay interest rates that are higher the normal lending rate because lenders see them as being riskier.

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