Understanding Work Pensions
Many employers are able to offer occupational pensions to members of staff.
- Final Salary Pensions – this type of pension offers a defined benefit scheme whereby the benefits are related to the employee’s final earnings at retirement together with their length of service within the company
- Money Purchase Pensions – this type of pension offers a defined contribution scheme whereby the pension income is linked to the fund’s value – which depends upon the contributions made, the age of the individual at retirement and the investment return.
- Group Personal Pensions – an employer can arrange with a pension provider to set up a personal pension arrangement through the workplace. Unlike occupational pensions this type of pension is not run by the employer, however they will normally contribute to the pension.
To understand more about the benefits of a work pension and whether there are any other better alternatives why not call us today on 0844 417 9517 for independent pension advice.
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