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Pension plan |
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Pension 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.Pension planSee 'personal pension plan'.Pension planA fund that is established for the payment of retirement benefits.Pension plan Similar MatchesPension reversionPension reversionTermination of an overfunded defined benefit pension plan and ../../finance-glossary/ment of it with a life insurance company-sponsored fixed annuity plan. Contingent pension liabilityContingent pension liabilityUnder ERISA, a firm is liable to its pension plan participants for up to 39% of the net worth of the firm. Personal pension schemePersonal pension schemeSee: 'personal pension plan'. 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. Personal pensionPersonal pensionA structured personal savings and investment plan to provide for your financial needs after you retire. You can use some or all of the proceeds from a personal pension to pay off an interest-only mortgage. You will need to arrange life assurance separately to a personal pension. Further SuggestionsUnderfunded pension planState Second Pension flexible pension Unfunded pension plan occupational pension scheme pension mortgage Master pension plan pension forecast Pensions Compensation Board Occupational Pensions Regulatory Authority unfunded pension plan Advance funded pension plan pension credit basic state pension Salary Reduction Simplified Employee Pension Plan (SARSEP) Pension mortgage company pension scheme executive pension plan Simplified Employee Pension (SEP) plan group personal pension Pension sponsors Pension liabilities National Insurance Pension (State Pension) appropriate personal pension plan equivalent pension benefit |
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