Definitions for "Retirement Annuity Contract"
Keywords:  pension, june, july, rac, forerunner
This is the investment of a lump sum which produces a regular income for a retired person.
A money purchase pension scheme that ceased to be issued after 30 June 1988 (The predecessor to the personal pension). Section 32 - Buy Out An individual occupational scheme with an earnings related guarantee.
An annuity contract between an insurance company or friendly society and a self-employed individual or a person not in a company occupational pension scheme, which was established before 1st July 1988.