Glossary: O

OCCUPATION

Your job, work or profession e.g. bricklayer, checkout operator, teacher.

OCCUPATIONAL PENSION

A pension from a scheme set up by an employer, for example, a Local Council Pension or a Teacher’s Pension. Employees have to join the scheme to be eligible and may have to make contributions towards the pension. The scheme may pay a fraction of the final salary as a pension (calculated taking into account the number of years worked) or build up a cash fund used to buy an annuity. An annuity is a special type of investment which can pay out a regular sum over the lifetime of the owner.

OFFICE USE ONLY

Office use only refers to information on a form that need not concern an applicant, or information to be added by someone other than an applicant.

OVERDRAFT

If you spend more money than you have in your current account you will go overdrawn. You can ask the bank if they can arrange to lend you some money for a short time. This is known as an arranged overdraft. You pay an agreed rate of interest on the overdraft. If you go overdrawn without asking the bank in advance, they might refuse to pay your cheques and charge you a high interest rate on the money that you owe them.

OVERHEADS

The costs of running a business. It includes things like rent, office help, heat & light, advertising and distributing your goods and services.