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dict.cc German-English Dictionary: Translation for retirement annuity contract. Retirement Annuity Contracts and Trust RACs. A Retirement Annuity Contract (RAC) is the formal name for what is more commonly called a personal pension. An RAC is a particular type of insurance contract approved by Revenue to allow tax relief on contributions made by an individual. I will be 60 this month and am really struggling with Aviva to sort out my Section 226 retirement annuity contract which I took out 1985. I was told A Retirement Annuity Contract “RAC” is the formal name for what is normally called a personal pension. An RAC is a particular type of insurance contract The pension provider is usually an insurance company. They were also known as Section 226 pensions, s226 pensions or self-employed retirement annuities. RACs were designed to help the self-employed, or workers not offered a workplace pension scheme, to build up retirement benefits. Retirement Annuity Contracts (SIPPs). The Income Tax (Jersey) Law 1961 allows individuals, who are capable of doing so, to look after their own pension A retirement annuity plan (RAP) is a UK pension plan designed to build a lump sum for Taxes Act 1970 and are often referred to as section 226 contracts. The personal options you could use to save for your retirement are: Retirement Annuity Contracts (RACs) Personal Retirement Savings Accounts (PRSAs) An annuity contract is the written agreement between an insurance company and the annuitant reaches retirement and requests commencement of payments. Retirement Annuity Contracts, also known as Section 226 Contracts and Pre Royal Assent Pension Schemes have changed since pension simplification;
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