Financial Jargon Buster Dictionary
This glossary is provided for information only and is not regulated by the Financial Services Authority.
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Section 226 (Retirement Annuity)
Prior to 1 July 1988, people not in pensionable employment (employment where no pension scheme exists) or people who were self-employed were able to qualify for tax relief for contributions made to a pension scheme known as a Retirement Annuity under Section 226 of the Income and Corporation Taxes Act 1970. This was the forerunner to the Personal Pension Scheme.
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