|
|
Advance funded pension plan |
|
|
|
 Home Site Map Add Term Search About Us Contributors |
Advance funded pension planA pension plan in which funds are set aside in advance of the date of retirement.Advance funded pension plan Similar MatchesState PensionState PensionRegular income from the state paid to retired people who have made contributions during their life. In the UK, the retirement age for men is 65 and for women is 60. The basic state pensions is currently £77.45 a week for single people and £123.80 for couples (2003-2004). This rises in line with price inflation.To qualify individuals must have made full National Insurance contributions. Men must have worked for 44 years and women for 39 years, or have received a special waiver such as invalid care allowance. Pension planPension planAn investment plan which can provide a lump sum on and an income after retirement. A pension plan is sometimes used as a way of providing a lump sum to repay the capital of an interest only mortgage. Stakeholder pensionStakeholder pensionOn offer from April 2001, stakeholder pensions aim to provide a low-cost, transparent and flexible way for people to save for their retirement.£3,600, including basic rate tax relief, can be invested in the stakeholder pension each yearBasic rate tax - worth 22% - will be claimed on your behalf by the pension company running the pension. So the maximum you actually pay is £2,808 per year.Money invested in stakeholder pensions will be invested in the stock market. On retirement a quarter of the accumulated capital can be taken out as a tax-free cash sum, and the rest has to be used to buy an annuity which pays the retirement pension.Anyone in a company pension scheme earning less than £30,000 a year next year will be able to pay into a stakeholder pension at the same time as they make contributions to an occupational pension scheme.Employers with five or more employees who do not offer any kind of pension scheme will have to provide access to a stakeholder scheme. Group personal pensionGroup personal pensionAt its simplest, this is a series of individual personal pension plans, although if an employer sets up a group plan it is more likely to make a contribution and possibly provide life assurance and other benefits as well. The GPP is not an occupational pensions scheme so the contribution and benefit limits for individual personal pensions apply. Overfunded pension planOverfunded pension planA pension plan that has a positive surplus (i.e., assets exceed liabilities). Further SuggestionsFunded pension planPension sponsors Contingent pension liability Keogh pension plan Inland Revenue Pension Schemes Office defined contribution pension plan National Insurance Pension (State Pension) basic state pension pension credit Pensions Compensation Board National Insurance (NI) Basic Pension deferred state pension guaranteed minimum pension Unfunded pension plan non contributory pension plan equivalent pension benefit occupational pension scheme State Earnings Related Pension Scheme flexible pension Pension Schemes Registry Simplified Employee Pension (SEP) plan pension mortgage unfunded pension plan Occupational Pensions Regulatory Authority Personal pension |
|
|
|