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Personal Pension Plan Financial Glossary

What is it? Personal Pension Plans are designed to cater for pension planning for the self employed or employed in non-pensionable employment. Contributions made to a personal pension plan are exempt from tax at the persons highest rate of tax and the retirement age may be selected at any time from age 50 to age 75. Up to 25% of the pension fund on retirement may be taken as a tax free cash sum and it is this tax free sum which is used to repay the mortgage debt in the case of a Pension Mortgage.

Finance Term Definition Added By: Kyle

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