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Simplified defined contribution scheme |
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Simplified defined contribution schemeSee: 'defined contribution pension plan'Similar MatchesDefined contribution planDefined contribution planA pension plan whose sponsor is responsible only for making specified contributions into the plan on behalf of qualifying participants. Related: Defined benefit plan Contribution marginContribution marginThe difference between variable revenue and variable cost. Deductible contributionDeductible contributionAmount paid into an IRA, an employer-sponsored retirement plan, or other type of retirement plan for a particular tax year that is a deduction from income for tax purposes. Voluntary deductible employee contribution planVoluntary deductible employee contribution planA type of pension plan in which an employee elects to have regular payments deducted from each pay check. Free standing additional voluntary contributionsFree standing additional voluntary contributionsAn employee's pension scheme which is additional to but independent from his occupational pension scheme. The maximum amount which may currently be contributed to an employee's pension fund is 15% of salary (which includes benefits in kind) including his company scheme. For example if an employee is contributing 10% of his salary to a company scheme, a further 5% can be paid by that employee in each tax year into FSAVCs or AVCs. However, the employer and employee contributions when combined must not produce benefits in excess of Inland Revenue maximums. Further SuggestionsGeneral Average Contributiondefined contribution pension plan additional voluntary contributions National Insurance (NI) Contributions Nondeductible contribution money purchase scheme (defined contributions scheme) Contribution Federal Insurance Contributions Act Equal percentage contribution rule (EPCoR) Contribution Excess contribution Equity contribution agreement Contributions Agency |
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