Business / Debt / Pension Mortgage: A personal mortgage is a type of personal pension plan which utilises the tax free lump sum entitlement from the pension fund at retirement age to repay a mortgage whilst the remainder is used to provide a pension. Throughout the mortgage term the borrower pays interest to the lender such as a building society or bank whilst additionally making payments into the pension scheme. Tax relief is allowable on both the interest payments to the lender and on the contributions to the pension scheme which makes this type of plan attractive.
Pension Noun Synonyms: benefit, allowance, annuity, subsistence, superannuation, allotment, old-age pension, social security, golden handshake
Business / Taxes / Pension: A pension is an employer plan that’s designed to provide retirement income to employees who have vested — or worked enough years to qualify for the income. These defined benefit plans promise a fi MORE
Business / Finance / Pension Benefit Guaranty Corporation (PBGC): A federal agency that insures the vested benefits of pension plan participants (established in 1974 by the ERISA legislation). MORE