- pension provided by an employer. In some cases the pension payments
are related to the person's salary in the final year of employment.
Office of Fair Trading (OFT)
- a non-ministerial government department, headed by the Director
General of Fair Trading which aims to protect consumers by ensuring
that trading practices are as fair as possible and by encouraging
competition among businesses. One of the OFT's major responsibilities
is the administration and enforcement of the Consumer Credit Act
1974. Any business planning to provide consumers with credit facilities,
or refer them to a source of credit, or hire out goods, must first
obtain a consumer credit licence from the OFT. The OFT also has
consumer protection duties under the Fair Trading Act 1973, the
Estate Agents Act 1979, the Control of Misleading Advertisements
Regulations 1994. Monopolies and mergers are dealt with under the
Fair Trading Act, and other competition issues are covered by the
Restrictive Trade Practices Act 1976, the Resale Prices Act 1976,
the Competition Act 1980 and the Financial Services Act 1986.
open market value
- value of a property on the basis of a willing buyer and willing
seller in the open market allowing for a reasonable period for sale.
- income in addition to basic annual salary or, in the case of self-employed,
annual net profits. See sub menu for examples
- existing liabilities - your debts, other than an existing mortgage
such as hire purchase, personal loans, school fees etc.
- for property purchased under the Right to Buy scheme at a discounted
price, the value of the discount, or a portion of it, that has to
be repaid to the local authority if the property is sold within
a certain period of time, normally 3 years from date of purchase.