Retirement Annuity Contracts (RACS)

Contents

• Provider information
• Information for pensioners or annuity holders

From 6 April 2007 all retirement annuities, except for Purchased Life Annuities, are taxed as pension income under Pay As You Earn (PAYE). This means that, provided HMRC have up to date customer details, only the right amount of any tax due will be taken off the annuity payments.