Glossary: V

Variable life annuity – An annuity providing a fluctuating level of payments, depending on the performance of its underlying investments.

Vesting – In pension terms, the right of an employee to all or part of the employer’s contributions, whether in the form of cash or as a deferred pension.

Voluntary accumulation plan – A plan offered by mutual fund companies whereby an investor agrees to invest a predetermined amount on a regular basis.