MANAGED FUND
A type of pooled investment fund that is actively managed (as opposed to one that tracks a stock market index). Some financial companies also describe some funds they offer as 'managed funds', in which case it normally refers to a fund that invests in a variety of shares and other assets (such as bonds and cash-based investments) to reduce the risk.

MARKET VALUE ADJUSTOR/REDUCTION (MVA/MVR)
If you have a with-profits policy, the insurance company that runs the with-profits fund may apply a penalty (insurers prefer the term 'reduction') if you cash it in when or after the stock market has fallen.

MARRIED WOMEN'S STAMP/REDUCED RATE
A reduced rate of National Insurance that married women could pay. Women couldn't pay it for the first time after 1977, but they could continue paying it if they'd already started. Instead of receiving a basic state pension in their own right, women who paid the married women's rate could only receive a reduced pension based on their husband's National Insurance contributions.

MATERNITY PAY
Pay that you're entitled to receive if you are working and are pregnant, as long as you can meet the conditions relating to how much you earn etc. There are minimum levels of maternity pay (statutory maternity pay), although your employer may offer you more.

MATURITY VALUE
The amount that an investment plan is likely to pay out when the policy matures. Unfortunately for consumers, the maturity value is not generally guaranteed.

MEDIATION
A way of negotiating anything from a financial settlement to access to children during a divorce through a series of face-to-face meetings. Typically, there will be one or two trained mediators at each meeting. Anything agreed at mediation will have to be turned into a legally-binding document by a solicitor.

MINIMUM PAYMENT
The amount you must pay your credit or store card provider every month if you want to avoid penalty charges. This can range from 2% to 5% of the balance (generally with a minimum level of around £5). Never pay the minimum (unless you're on a 0% interest deal) as you will rack up hefty interest charges.

MONEY PURCHASE PENSION
The old name for a defined contribution pension. With a money purchase or defined contribution pension, your employer agrees to pay a specified amount into the pension on your behalf, but makes no promises or guarantees about how much it will be worth when you retire.

MORTGAGE BROKER
Someone who will recommend and arrange a mortgage for you and who may be paid by the lender they recommend, by the client or by a mixture of both. They should give you details of who pays and how much they receive. What's also important is how many different lenders' products they have access to. Some only deal with a limited panel of lenders (as few as a dozen). Make sure you check.

MORTGAGE PAYMENT PROTECTION INSURANCE (MPPI)
A type of insurance policy that pays your mortgage if you cannot work due to an accident, illness or unemployment. Payments normally stop after 12 or 24 months. It can be an expensive option.

MOVEABLE ESTATE
In Scottish law, this refers to anything you leave when you die that is not land or property; such as money, jewellery, shares, cars and furniture.

MULTI-TIED AGENTS
Financial advisers who can sell products from a limited range of firms (typically up to half a dozen; made up of banks, investment and insurance companies). They may be paid by a mixture of salary and commission and are unlikely to be able to get you the best deal as they don't have access to the whole market.