Money-Purchase Pension Plan

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Money-Purchase Pension Plan

A defined contribution pension in which an employer must contribute an amount equal to a certain percentage of the employee's compensation, usually 25%. While the amount of employer contribution is fixed, the amount of benefit is not. There are also penalties associated with receiving payments from the pension before retirement. These contributions are tax-deductible for the employer and guarantee the employee a certain amount of principal in the pension plan.
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uk And if you're approaching retirement age with a money purchase pension pot and want to know about your retirement options, speak to Pension Wisepensionwise.
uk If you're approaching your retirement with a money purchase pension and want to discuss your options, speak to Pension Wise (pensionwise.
Based on the inflated hours reported on the false timesheets, his employer also made contributions to the NYSA-ILA Money Purchase Pension Fund and Plan based on a 168-hour workweek.
It was equally intended to counter an individual using the flexibilities around accessing a money purchase pension arrangement as means to avoid tax on their current earnings, by diverting their salary into their pension scheme, gaining tax relief, and then effectively withdrawing 25 per cent tax-free.
DUMFRIES AND GALLOWAY HOUSING PARTNERSHIP IT HELPDESK TECHNICIAN A permanent post, with a salary PS19,284 to PS20,871, offering excellent terms and conditions, well as an attractive money purchase pension scheme.
In addition to the tapering that can reduce an individual's annual allowance below the full PS40,000, there is also the Money Purchase Annual Allowance, which, when it applies, also caps an individual's ability to make tax efficient contributions to a money purchase pension, such as a SIPP.
The Internal Revenue Service (IRS) has published a new voluntary correction program (VCP) submission kit for correcting contribution failures for money purchase pension plans (MPPs) and target benefit pension plans.
Most of the plans available to small businesses--simplified employee pensions (SEPs), salary reduction simplified employee pensions, SIMPLE IRA plans, SIMPLE 401(k) plans, regular 401(k)s, profit-sharing plans, money purchase pension plan, Keogh plans, defined benefit plans, defined contribution plans, and employee stock ownership plans--are subject to the minimum coverage requirements, minimum vesting standards, the actual deferral percentage test, the non-discrimination requirements, and the top heavy plan requirements.
Money Purchase Pension Plan--Requires the employer to make fixed annual contributions as a percentage of compensation to the plan.
Our money purchase pension arrangements have been reduced, wage increases ceased or postponed, our working terms altered and many have lost employment with minimal statutory redundancy payments.
Where life insurance is purchased on the lives of participants in a money purchase pension plan, the 25% rule is applied in basically the same way as if the plan were a profit sharing plan.
1) Qualified retirement plans such as defined benefit pension plans, money purchase pension plans, and 401(k) plans can be installed in a corporation, a partnership, or a sole proprietorship (page 389).