Phased retirement


 

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Phased retirement

The arrangement of a personal pension plan in segments to enable the policy holder to take a pension in stages. The lump sum entitlement is also phased. The policy holder may elect to phase the purchase of an annuity or to phase income drawdown (see personal pension plan).



Similar Matches

Debt retirement

Debt retirement

The complete repayment of debt. See: Sinking fund.


Retirement

Retirement

Removal from circulation of stock or bonds that have been reacquired or redeemed.


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.


Individual retirement account

Individual retirement account

In 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.


Early retirement

Early retirement

For company pension schemes, an employee may retire at an early age provided it is authorised by the company. In the UK, qualifying ages are 50 for men and 45 for women. However, the amount of pension payable will reduce compared with the amount payable at normal retirement age.


Further Suggestions

normal retirement date
IRA (individual Retirement Account)
Individual Retirement Account (IRA)
Registered Retirement Savings Plan (RRSP)
Retirement Protection Act of 1994
retirement relief
Bonds Enabling Annual Retirement Savings (BEARS)
Employee Retirement Income Security Act
Tax deferred retirement plans
unfunded unapproved retirement benefits scheme
normal retirement age
Normal retirement
Employee Retirement Income Security Act (ERISA)


 
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