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English
Etymology
loan + back
Noun
loanback (countable and uncountable, plural loanbacks)
- A loan made from a pension or annuity to someone who has contributed money to that pension or annuity.
1982, Norman Toulson, Modern Pensions, page 134:For example, a unit-linked office may require the borrower to have part at least of his personal pension premiums invested in units in a special fund from which the office makes loans to loanback borrowers.
1987, Accountancy - Volume 99, page 13:Furthermore, the Target plans provide a guaranteed loanback facility with loans from as little as £5,001.
2014, Sara Williams, The Financial Times Guide to Business Start Up 2015, →ISBN:Most of the plans have loanback facilities, which allow you to use your pension to get a loan.
- A loan from a trust fund to the grantor that created the fund.
1983, Malcolm A. Moore, Use of Trusts in Estate Planning, page 434:A prearranged loanback of the entire gift property itself (rather than just the income therefrom) may well be disregarded as being merely a grantor retained control over the property, thereby causing the entire amount of the "loan" to be included in the grantor's estate.
1984, Resource Materials: Estate Planning in Depth - Volume 2, page 583:The following, in combination, may avert an implication of prior agreement: (a). Use of an independent trustee; (b). Reasonable time between creation of trust and loanback.
1990, Richard A. Westin, Federal Tax Planning, page 23:A more modest approach is for the parent to give money to a child, followed by a loanback to the parent.