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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 MatchesNormal retirementNormal retirementThe age or number of working years after which a pension plan beneficiary can retire and receive unreduced benefits immediately. 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. Normal retirement dateNormal retirement dateSee 'basic state pension'. 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. Unfunded unapproved retirement benefits schemeUnfunded unapproved retirement benefits schemeAn unfunded occupational pension scheme that is not designed to be approved by the Pension Schemes Office. Further SuggestionsIRA (individual Retirement Account)early retirement Individual Retirement Account (IRA) Retirement Protection Act of 1994 normal retirement age retirement relief Employee Retirement Income Security Act (ERISA) Retirement phased retirement Bonds Enabling Annual Retirement Savings (BEARS) Employee Retirement Income Security Act Debt retirement Registered Retirement Savings Plan (RRSP) |
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