FACTOID # 89: In the 1990's, nearly half of all arms exported to developing countries came from the United States of America.
 
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Encyclopedia > Retirement annuity plan

A Retirement Annuity Plan (RAP) is a UK pension plan designed to build a lump sum for retirement. Part of the lump sum must be used to buy an annuity and part can be taken a tax free lump sum. A pension (also known as superannuation) is a retirement plan intended to provide a person with a secure income for life. ...


The plans were introduced under section 226 of the Income and Corporation Taxes Act 1970 and are often referred to as section 226 contracts. However they are currently legislated under section 620 of the Income and Corporation Taxes Act 1988 and are therefore also known as section 620 contracts. Section 620 plans Under section 620 of this act the legislation relating to retirement annuity plans was rewritten, which relates to self-employed pensions. ...


Tax treatment

Contributions receive basic tax relief claimed at source (although this was only introduced in 2001). The income and gains in the plan are free from tax (with the exception of the non-reclaimable 10% tax credit). At maturity the tax free cash can be taken. The tax free cash lump sum is calculated with reference to the initial annual income. The formula is often described as: the tax free cash is equal to three times the resiudual income.


This tax regime is being abolished under pension simplification introduced on A-day. In 2004 the Labour Party government announced plans to rationalise the British tax system as applied to pension schemes; these changes are referred to as pension simplification. ... ...


See also


  Results from FactBites:
 
TIAA-CREF Tax-Deferred Annuity Plan (6870 words)
All survivor annuities are available with a 10, 15, or 20 year guaranteed period, but not exceeding the joint life expectancies of you and your annuity partner.
If you die before annuity income begins, your surviving spouse will receive a benefit that is at least half of the full current value of your annuity accumulation, payable in a single sum or under one of the income options offered by the fund sponsor (pre-retirement survivor annuity).
For a Plan with a committee or board of trustees designated as the appropriate named fiduciary, a decision does not have to be made within the 60-day limit if the committee or board meets at least four times a year (about every 90 days).
  More results at FactBites »


 

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