Financial Jargon Buster Dictionary
This glossary is provided for information only and is not regulated by the Financial Services Authority.
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Early Retirement
When a member starts to take his/her pension before the normal retirement date of the scheme.
This is a limit on how much of a Member's earnings may be used to work out the limits on Contributions and Benefits in an Approved pension Scheme. This limits the amount that a high earner can put into a pension scheme and still get tax relief. £102,000 for tax year 2004/05
Early retirement can be at any age, but is generally before the age (or tenure) needed for eligibility for support and funds from government or employer-provided sources. Thus, early-retirees rely on their own savings and investments to be initially self-supporting, until they start receiving such external support. Early retirement is also a euphemistic term for accepting termination of employment before retirement age as part of the employer's labor force rationalization. In this case, a monetary inducement may be involved.
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