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Moneyextra.com Dictionary
Cluster Policy
A cluster policy is a term dreamed up by the Inland Revenue to describe a policy life assurance or pension perhaps which is in fact a series or "cluster" of individual contracts. In other words you could be paying £200 a month into a pension plan with XYZ Life but in fact what you have is ten clusters of £20 each. Each part of the policy or cluster is treated independently for tax and administration purposes. The claimed attraction of a cluster policy is that it allows greater flexibility. ©Moneyextra.com Moneyextra.com recommends you take independent financial advice before acting on any article 2009-02-17 00:00:00 © Moneyextra.com