Retirement annuities are still in existence though none have been started since June 1988. They were taken out by self-employed people or employed people who were not in an employer's pension scheme.
A Personal Pension taken out before July 1988. Contribution limits for RAs are less than for post-July 1988 Personal Pension Plans but the earnings cap does not apply. The Tax Free Cash Sum from an RA is calculated differently to a PPP although if the Open Market Option is taken the formula for calculating the Tax Free Cash Sum comes under the Personal Pension Plan rules.
An annuity paid to you from funds you have paid into a retirement annuity contract during your working life. Although there are minimum ages (based on your occupation) below which you cannot draw a retirement annuity, you need not stop work before you draw the annuity.
A retirement annuity, or RA, is a savings plan specifically tailored to provide money for your retirement. As with other types of policies you agree to pay a certain amount each month in return for a lump sum and monthly pension after you retire, between the ages of 55 and 69. As an incentive to save for retirement the government gives tax relief on premiums paid towards a RA. It also offers other benefits like protection against creditors.
TIAA-CREF's individually owned basic retirement plan annuity contract designed primarily to provide a lifetime income to the participant as well as a death benefit if the participant dies before beginning retirement income.
A TIAA-CREF Fixed and variable annuity contract designed to provide a lifetime retirement income to employees, and a death benefit to their beneficiaries if they die before beginning to receive retirement income.
A contract effected with an insurance company under Sections 235 / 235A of the Income Tax Act 1967*. Applicable to the self-employed and to persons in nonpensionable employment. Sometimes called a personal pension. * See part 30, Chapter 2, Taxes consolidation Act, 1997
A form of annuity contract that is entered into before a selected retirement age with the consideration paid in installments until that age is reached. It is a form of deferred annuity.
This was a way that self-employed people, or people whose job did not offer an occupational pension scheme, could save for retirement. It was not a pension scheme, but an agreement with an insurance company or friendly society (a special type of financial firm). The agreement could be approved by the Inland Revenue , meaning the member got tax relief. No new retirement annuity agreements have been allowed since 1 July 1988.
An annuity contract offered by insurance companies for individuals not in pensionable employment or the self employed which is approved under Chapter II part XIV of ICTA 88.