Explain a financial term in plain English

Explain this financial term in plain English.

The term: [word or phrase]
Where I saw it: [letter, advert, mortgage offer, workplace pension]
The decision I'm making: [optional]

Ask me up to 3 short questions first if anything important is missing. Wait for my answers.

Then:
1. A two-sentence definition.
2. A simple example with made-up round numbers (not my real figures).
3. Why it matters for a decision like mine.
4. What to read next on MoneyHelper or GOV.UK if I need more.
5. When I should speak to a regulated adviser instead of relying on this explanation.

Only use what I've told you, leave blanks for anything I haven't given, and don't invent facts, figures or products. This is help organising my own numbers and wording, not financial advice; point me to MoneyHelper, GOV.UK or Citizens Advice for guidance, and to a free regulated debt adviser if I'm struggling to pay. UK English.

Stay in this ChatGPT chat. Do not turn on apps or connectors, and do not use memory from another chat.