An agreement an employer makes to provide for their members of staff in retirement via a regular salary.

A pension which is provided via the employer. The pension scheme takes the form of a trust arrangement and is legally separate from the employer.

A pension from a scheme set up by an employer, for example, a Local Council Pension or a Teacher's Pension. Employees have to join the scheme to be eligible and may have to make contributions towards the pension. The scheme may pay a fraction of the final salary as a pension (calculated taking into account the number of years worked) or build up a cash fund used to buy an annuity. An annuity is a special type of investment which can pay out a regular sum over the lifetime of the owner.

Pension scheme provided by an employer. The pension may be based on years of service or on contributions made.