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Tax deferred retirement plans |
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Tax 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.Tax deferred retirement plans Similar MatchesEarly retirementEarly retirementFor 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. Normal retirementNormal retirementThe age or number of working years after which a pension plan beneficiary can retire and receive unreduced benefits immediately. Employee Retirement Income Security ActEmployee Retirement Income Security ActIn the US, a federal law introduced for the protection of participants in private pension plans. Normal retirement dateNormal retirement dateSee 'basic state pension'. 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 Suggestionsunfunded unapproved retirement benefits schemeBonds Enabling Annual Retirement Savings (BEARS) normal retirement age Retirement Protection Act of 1994 Retirement phased retirement Individual Retirement Account (IRA) retirement relief IRA (individual Retirement Account) individual retirement account Registered Retirement Savings Plan (RRSP) Debt retirement Employee Retirement Income Security Act (ERISA) |
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