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 Glossary   >   P   >   "Personal pension plan" Definition   

        Personal pension plan

A savings scheme introduced by the government in 1985 to enable the self employed, and employees working for companies not operating a group pension scheme, to build up a pension fund for retirement.PPPs are money purchase schemes and effectively replace what was known as a retirement annuity contract (RAC).Contributions to PPPs receive full tax relief up to maximum given percentages of net earnings for a range of ages.Life assurance may be purchased with up to 5% of net relevant earnings which will receive full tax relief. This percentage is included within the maximum contributions allowable.An employer may contribute to a person"s PPP but this is not obligatory.Personal pensions can move with individuals when they change jobs.A PPP may be used to contract out of S2P.

Personal pension plan
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Personal pension plan - A savings scheme introduced by the government in 1985 to enable the self employed, and employees working for companies not operating a group pension scheme, to build up a pension fund for retirement.PPPs are money purchase schemes and effectively replace what was known as a retirement annuity contract (RAC).Contributions to PPPs receive full tax relief up to maximum given percentages of net earnings for a range of ages.Life assurance may be purchased with up to 5% of net relevant earnings which will receive full tax relief. This percentage is included within the maximum contributions allowable.An employer may contribute to a person"s PPP but this is not obligatory.Personal pensions can move with individuals when they change jobs.A PPP may be used to contract out of S2P.


Personal pension plan : a savings scheme introduced by the government in 1985 to enable the self employed, and employees working for companies not operating a group pension scheme, to build up a pension fund for retirement.ppps are money purchase schemes and effectively replace what was known as a retirement annuity contract (rac).contributions to ppps receive full tax relief up to maximum given percentages of net earnings for a range of ages.life assurance may be purchased with up to 5% of net relevant earnings which will receive full tax relief. this percentage is included within the maximum contributions allowable.an employer may contribute to a person"s ppp but this is not obligatory.personal pensions can move with individuals when they change jobs.a ppp may be used to contract out of s2p.