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   PENSION PRODUCTS
      GLOSSARY

Waiver Benefit

An option available on many personal pension, stakeholder pension and retirement annuity contracts where the contributions continue to be paid for the member should they no longer be able to pay because of incapacity.

For someone joining a personal pension scheme or stakeholder scheme since 6 April 2001 this is a separate contract from the pension and the contributions do not attract tax relief.


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