A scheme which you pay pension contributions to. The company running the scheme then invests the money and pays you a pension when you retire. An approved pension scheme has various tax exemptions. ension : A pension is a regular payment to you from a pension scheme once you have retired or have reached an age when you are entitled to draw that pension.
To make savings after your job or retirement.
a long term saving plan designed with the intention of building up, over an individual's working life, a fund that is expected to be sufficient to provide a flow of income from the date of retirement and continuing for the rest of the individual's life
a rip off compared to a private retirement plan I already have
a savings plan that is designed to grow over time to provide you with an income during retirement
A way of saving for your retirement
A vehicle by which an individual can make pension provision. This may be either collective or individual and with or without the involvement (by means of contributions or otherwise) from the individual's employer.
A systematic provision for retirement pensions and associated benefits.
Under the Pension Schemes Act 1993, an employer can contract out of the SERPs element of the state pension scheme (hence qualifying for contracted-out rebate on National Insurance Contributions) by means of an occupational pension scheme. There are strict rules relating to occupational pension schemes generally and to contracting out. Benefits under a contracted- out scheme must be at least as good as SERPs benefits and such schemes must attain the "guaranteed minimum pension". An occupational pension scheme need not be contracted-out.
