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M
Managed exit -
The point at which management and other investors enjoy a return on their investment, by selling the business either on the stock market, to a competitor, or to another institution such as a VCT. A Managed exit will be initiated according to a careful strategic plan which is often compiled with professional advice.
Management Accounts -
Accounts which are prepared for use when managing the business.
Market Capitalisation -
The value of a company measured by the total stock market price of its shares, calculated by multiplying the number of shares by the current market price of a share.
Micropal Star Ratings -
Micropal is an independent Mutual Fund analyst which monitors all the UK's unit trust and OEICs and awards stars on a scale of 0-5, with the highest scores being awarded to the best performing funds.
Monetary Policy -
Influencing an economy through control of the money supply.
Money Purchase Scheme -
Also known as Defined Contribution Scheme. A scheme where the amount of a member's retirement benefits depends on the contributions paid into the scheme in respect of the member. The rate of the contributions is decided by the employer.
Multi-tie adviser -

The multi-tied adviser will offer a choice of products from a limited range of companies they have selected. These advisers must also disclose their association with the providers they work with.

Mutual company -
A company which has no shareholders but is owned instead by its with-profits policyholders.
Mutual Fund -

An open-ended fund operated by an investment company which raises money from shareholders and invests in a group of assets in accordance with a stated set of objectives. Shares are issued and redeemed on demand
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N
NASDAQ - Index of the leading technology stocks in the USA.
National Insurance - Payments made out of earnings by employees, employers and the self-employed to the Government that entitle you to a state pension and other benefits.
National Insurance Rebate - The amount by which a persons National Insurance Contributions can be redirected into an Appropriate Personal Pension if contracted out of the State Second Pension (S2P).
Negative Equity - This is when the market value of your house is less than the amount outstanding on your mortgage.
Net Yield - The return on an investment after tax has been deducted.
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O
Occupational Pension Scheme - A legal contract set up by an employer to provide pensions and/or other benefits for one or more employees on retirement, death or leaving pensionable service.
OEIC -
(Open Ended Investment Company) 		Managed funds which hold a portfolio of investments which you can buy into. They issue shares instead of units and normally quote a single price.
Offer Price - The price at which you buy units from a unit trust manager.
Offshore Funds - Funds based outside the UK.
OMO -
 (Open Market Option)		 Your right at retirement to buy an annuity from a provider other than the one who has administered your pension fund.
OPAS - The Occupational Pensions Advisory Service. This organisation is now called TPAS, which stands for The Pensions Advisory Service, a voluntary organisation which advises on problems with any type of pension scheme other than state schemes.
OPRA - The Occupational Pensions Regulatory Authority. In April 2005 OPRA were taken over by The Pensions Regulator. A body with wide ranging powers to regulate work based pension schemes in the UK.
Option - In investment terms, a contract giving the right to buy or sell commodities, currencies or shares at a fixed date in the future at a fixed price.
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