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Retirement |
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RetirementRemoval from circulation of stock or bonds that have been reacquired or redeemed.Retirement Similar MatchesRetirement 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. Employee Retirement Income Security ActEmployee Retirement Income Security ActIn the US, a federal law introduced for the protection of participants in private pension plans. Individual Retirement Account (IRA)Individual Retirement Account (IRA)A retirement account that may be established by an employed person. IRA contributions are tax deductible according to certain guidelines, and the gains in the account are tax-deferred. Normal retirementNormal retirementThe age or number of working years after which a pension plan beneficiary can retire and receive unreduced benefits immediately. 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. Further Suggestionsunfunded unapproved retirement benefits schemeretirement relief early retirement normal retirement date phased retirement Retirement Protection Act of 1994 normal retirement age IRA (individual Retirement Account) Registered Retirement Savings Plan (RRSP) Tax deferred retirement plans Bonds Enabling Annual Retirement Savings (BEARS) Employee Retirement Income Security Act (ERISA) Debt retirement |
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