Retirement Annuity Contracts (RAC's)
RAC's are old style pension arrangements and the forerunner to personal pensions.
Some RAC's have features which may be favorable to higher rate tax payers and may offer higher levels of tax free cash than available under personal pensions. However, some contracts only return contributions plus interest in the event of death rather than the true value of the fund.
If you own a retirement annuity contract you should seek independent financial advice.
