What are individual retirement annuities – What is an individual retirement annuity? 1-800-566-1002. Learn the best type of individual retirement annuities for and how you can avoid the most common mistakes that individuals have made when looking to purchase an individual retirement annuity Retirement Annuity - Switch to the Relaxation Mode A Retirement Annuity Plan is a pension plan which has been designed to build a lump sum for retirement. The part of it can be utilized for the purchase of an annuity and the other part can be had as a tax free lump sum. The introduction of the plan was made under section 226 of the Income and Corporation Act 1970. The plan is generally referred to as section 226 contracts. It is also known as section 620 as it has been later legislated under section 620 of the Income and Corporation Taxes Act 1988. In 2001 there was an introduction of tax relief claimed at source. The plan declares of income and gains to be tax free (with exceptio
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