Sentence examples for defined contribution pension pots from inspiring English sources

The chancellor will abolish a 55% tax that currently applies to untouched "defined contribution" pension pots left by those aged 75 or over, and to pensions from which money has already been withdrawn.

At times, individuals will receive this years after they have access to their defined contribution pension pot.

The new system is planned to be introduced fully in April 2015, but only for the 320,000 or so who retire each year with a defined contribution pension pot.

One of the biggest changes which came into force on Monday was the relaxation of pension rules, so that those with a defined contribution pension "pot" can take out as much as they like when they reach the age of 55.

Anyone who has a defined contribution pension - where their contributions build up in a pot, which is then used to buy a retirement income.

In Britain, those in defined contribution pension schemes (fast becoming the majority of workers) are virtually forced into buying annuities with their pension pots; annuities that are priced off low gilt yields.

Those with defined contribution pension schemes, also known as money purchase plans, will be able to dip into their retirement savings or blow the entire pot from the age of 55.

- And increase the size of a small pot that can be taken as a lump sum, regardless of total pension wealth, five-fold to £10,000, benefitting an additional 32,000 people... 13 million people have some form of defined contribution pension savings in Britain, and the number continues to grow.

The average defined contribution pension fund is worth about £30,000, which delivers very little pension income in retirement anyway.

She said: "The new FT defined contribution pension plan is among the best offered anywhere.

A defined contribution pension scheme is set up by the employer, and he or she must contribute to the scheme.