The forerunner to the Personal Pension Plan, although there are differences between the two e.g. in terms of contributions and availability of cash sums. New RAC contracts no longer available, but existing contract may continue.
The Pension Plan which preceded the Personal Pension Plan prior to 1st July 1988. Contribution Limits, Retirement Ages, Cash Sums at Retirement and other features are different for Retirement Annuity Contracts than for Personal Pension Plans. The Earnings Cap does not apply to Retirement Annuity Contracts, unless a contribution has been made by the individual to a Personal Pension Plan in the same tax year. Retirement Annuity Contracts cannot be set up after June 1988, but most existing contracts can accept additional contributions after that date.