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P11D - refers to benefits in kind, (the term is the name of the tax form that employers have to complete).

Paid up policy - this is a policy (normally pension or insurance) that you have stopped paying contributions to, but has value and provides benefits. Charges will still be taken and a paid up policy of little value will fall in value over time and may eventually lapse.

Pension - a fund/contract/right to an income in retirement (or from a certain age).

Pension Arrangements - formal classification of type of pension scheme. See Defined Benefit A, Money Purchase A, Hybrid A and Cash Balance

Pension Mortgage - a mortgage where you expect to use the cash that you will get on retirement to pay off the loan. In the meantime you only pay the interest. Can be very attractive to those expecting large pension funds (esp. if you only have a few years to go and there is little doubt that the money will be there).

PEP - see Personal Equity Plan

Permanent Health Insurance - see Income Protection Plan.

Personal Allowance - an allowance of tax free income that everyone gets.

Personal Equity Plan - a type of tax efficient investment. Current ones may continue but no new one can be started. Individual Savings Plans took their place.

Personal Pension Plan - a type of pension policy that belongs to the individual.

Personalised Bond - a type of Life Insurance Bond.

Phased retirement - colloquially a movement from full time to part time to retired, but also describes a method by which pension funds are cashed in over a period of years in the aim of maximising returns.

Portfolio - the total of all your investments and assets, or some part of them (e.g. your share portfolio).

Portfolio Theory - the practice of constructing portfolios so that the performance of the portfolio meets the needs of the client, (which can mean expecting parts to go fall while other areas rise).

Potentially Exempt Transfer - a gift (normally a in the tens of thousands of pounds value and upwards) that is made while a donor lives. If they live for 7 years after making the gift it becomes exempt from Inheritance Tax. If you die, it is not exempt. Purpose - makes deathbed gifting irrelevant for inheritance tax purposes, (though such gifting, appropriately witnessed, is still valid for the purpose of making sure that the right people get the right assets, esp if not covered in the Will).

Pound Cost Averaging - a statistical demonstration of the importance of regular investment.

Preference Share - a type of share that normally carries greater rights to assets/revenue, but perhaps without the power to vote.

Premium Bond - an investment offered by National Savings and Investments (NS&I).

Put Option - a contract that gives you the right, but not the obligation, to sell a financial instrument (normally a share) for a fixed price.