Pension drawdown glossary
A fund that trades on a stock exchange like a share, usually tracking an index. ETFs are often low cost, but some platforms charge a dealing fee each time you buy or sell them.
Source: MoneyHelper: pensions glossary · Last reviewed 24 September 2026
See every term in the A–Z glossary. Definitions are general information for the 2026/27 tax year, not personal advice.
Important: The value of investments can fall as well as rise. You may get back less than you invest. Tax rules can change and benefits depend on individual circumstances. This is not financial advice.