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Normal retirement |
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Normal retirementThe age or number of working years after which a pension plan beneficiary can retire and receive unreduced benefits immediately.Normal retirement Similar MatchesNormal retirement ageNormal retirement ageThe age at which an individual normally retires (60 to 70 for men and 55 to 70 for women). Men qualify for the state pension at 65 and women currently qualify at 60. However the qualifying normal retirement age for women will be increasing depending on their date of birth, the scale applying for those born after 6th April 1950. For personal pension plans individuals may take retirement between the ages of 50 and 75 and for retirement annuities between the ages of 60 and 75. Individual retirement accountIndividual retirement accountIn the US, a tax-deferred retirement savings account which may be set up by people in employment. IRA contributions are tax deductible irrespective of income if neither spouse is a member of a qualified plan or trust. A person who is a member of a qualified plan may still deduct IRA contributions providing adjusted gross income is below a certain level. Although savings grow tax free over the term of the plan, when pension benefits are taken, they will be liable to tax. Bonds Enabling Annual Retirement Savings (BEARS)Bonds Enabling Annual Retirement Savings (BEARS)Holders of BEARS receive the face value of bonds underlying call option, which are exercised by CUBS (an acronym for Calls Underwritten by Swanbrook). If the calls are exercised by CUBS, BEARS holders receive the total of the exercise price. Retirement annuity contract (RAC)Retirement annuity contract (RAC)Prior to 30th June1988, people not in pensionable employment (employment where no pension scheme exists) or people who were self employed were able to qualify for tax relief for contributions made to a pension scheme known as a retirement annuity under sections 226 of the Income and Corporation Taxes Act 1970. Although RACs were replaced by personal pension plans from 1st July 1988 those already in force may continue to operate. Registered Retirement Savings Plan (RRSP)Registered Retirement Savings Plan (RRSP)Tax-sheltered retirement plan for Canadian citizens, much like an American IRA. Further SuggestionsIndividual Retirement Account (IRA)Retirement early retirement phased retirement Employee Retirement Income Security Act Debt retirement unfunded unapproved retirement benefits scheme normal retirement date IRA (individual Retirement Account) retirement relief Tax deferred retirement plans Employee Retirement Income Security Act (ERISA) Retirement Protection Act of 1994 |
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