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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 MatchesTax deferred retirement plansTax deferred retirement plansEmployer-sponsored and other plans that allow contributions and earnings to be made and accumulate tax-free until they are paid out as benefits. Retirement reliefRetirement reliefA special relief for Capital Gains Tax purposes which applies when an individual aged 55 or over disposes of his business or an interest in a business. Employee Retirement Income Security Act (ERISA)Employee Retirement Income Security Act (ERISA)The law that regulates the operation of private pensions and benefit plans. Retirement Protection Act of 1994Retirement Protection Act of 1994Legislation designed to protect the pension benefits of workers and retirees by increasing required support of pension plans by employers. 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. Further SuggestionsBonds Enabling Annual Retirement Savings (BEARS)Individual Retirement Account (IRA) Registered Retirement Savings Plan (RRSP) early retirement normal retirement date Employee Retirement Income Security Act phased retirement Retirement individual retirement account Debt retirement unfunded unapproved retirement benefits scheme IRA (individual Retirement Account) normal retirement age |
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