Financial Services

• Life Insurance
• Critical Illness
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• Pensions
• Occupational Pensions
• - Benefits
• Stakeholder Pensions
• Personal Pensions
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• Seminars

Pensions

Occupational Pension Schemes

Save whilst you earn

Occupational Pension Schemes are run by employers and can be very advantageous, because the company will often pay into the scheme, adding to the contributions that the employee makes.

Occupational Pension Schemes fall into two basic types:

1. Salary-related - the amount you receive will depend both on the number of years you've been a member of the scheme and on your salary at retirement.
2. Money purchase - your contributions are invested and used to buy a pension for you. The amount paid out to you will depend on how well it's been invested.

If you join an Occupational Pension Scheme, you will usually receive tax relief on your contributions, plus additional benefits such as a spouse's pension if you die. Your pension might also pay out at an earlier time if you become ill and are no longer able to work.

How much you pay in depends on the kind of scheme - in fact some public sector schemes require no employee contributions at all. In some circumstances, you can even pay in extra amounts to increase your eventual pension pay-out.