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Advance funded pension plan |
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Advance funded pension planA pension plan in which funds are set aside in advance of the date of retirement.Advance funded pension plan Similar MatchesPension Benefit Guaranty CorporationPension Benefit Guaranty CorporationIn the US, a federal corporation, set up in conjunction with the Employee Retirement Income Security Act (ERISA) of 1974, to guarantee basic benefits to participants in pension plans which are underfunded. Basic state pensionBasic state pensionSee 'state pension'. Pension Schemes RegistryPension Schemes RegistryThe Register of all occupational and personal pension schemes. The main objectives are to obtain and record details of all occupational and personal pension schemes and their predecessors, maintain the Register and keep it up to date and to use it to carry out searches on request by members of the public. Overfunded pension planOverfunded pension planA pension plan that has a positive surplus (i.e., assets exceed liabilities). Personal pension planPersonal pension planA savings scheme introduced by the government in 1985 to enable the self employed, and employees working for companies not operating a group pension scheme, to build up a pension fund for retirement.PPPs are money purchase schemes and effectively replace what was known as a retirement annuity contract (RAC).Contributions to PPPs receive full tax relief up to maximum given percentages of net earnings for a range of ages.Life assurance may be purchased with up to 5% of net relevant earnings which will receive full tax relief. This percentage is included within the maximum contributions allowable.An employer may contribute to a person's PPP but this is not obligatory.Personal pensions can move with individuals when they change jobs.A PPP may be used to contract out of S2P. Further Suggestionsoccupational pension schemeState Earnings Related Pension Scheme stakeholder pension Inland Revenue Pension Schemes Office Underfunded pension plan National Insurance (NI) Basic Pension pension credit defined benefit pension plan Personal pension simplified employee pension plan executive pension plan Pension reversion unfunded pension plan Pension Benefit Guaranty Corporation (PBGC) Pensions Compensation Board Unfunded pension plan pension mortgage company pension scheme National Insurance Pension (State Pension) Pension liabilities flexible pension Salary Reduction Simplified Employee Pension Plan (SARSEP) Pension plan Occupational Pensions Regulatory Authority pension fund |
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