Definitions for "Occupational Pension Scheme"
Related Terms:
Pension scheme, Occupational pension, Qpp, Furbs, Serps, State earnings related pension scheme, Final salary scheme, Defined benefit, Defined-benefit plan, Forfeitures, Contracting out, Guaranteed minimum pension, State earnings-related pension scheme, Pensions, Forfeiture, Defined benefit scheme, Defined benefit pension plan, Personal pension scheme, Defined contribution pension plan, Defined contribution, Executive pension plan, Additional voluntary contributions, Money purchase pension plan, Additional voluntary contribution, Personal pension plan, Opting out, Group personal pension, Gpp , Defined benefit plan, Pension plan, Contracted out, Avc, Pbgc, Nonqualified plan, Accrued benefit, Pension benefit guaranty corporation, State second pension, Fsavc, Ppp , Preserved benefits, Target benefit plan, Pensioner, Transfer value, Contribution, Participating employer, Top-heavy plan, Accrual rate, Contributory plan, Cpp, Money purchase scheme
A scheme run by the employer for whom you work, to build up a retirement pension. The maximum pension under this kind of scheme is two-thirds of final salary.
Contribute to your firm's pension scheme and get a maximum of 40/60ths of your final salary. Few, very few, get this much, though. Your occupational pension may well not be enough for your retirement. See Final Salary Scheme and Money Purchase Scheme.
A company/public sector scheme in which individual employees have membership.
Pension scheme provided by an employer for its employees. Contributions will be paid by the employer and often by employees also. Schemes may be either "defined benefit" where the pension entitlement of an employee is determined by, for example, number of years' service and salary; or "defined contribution" whereby an employee's pension entitlement depends only on how much has been paid into the scheme in the form of contributions on his/her account, and the value at retirement of the sum thus accumulated. Employers may delegate responsibility for the running of their pension scheme to an insurance company.
A scheme organised by an employer or on behalf of a group of employers to provide pensions and/or other benefits for one or more employee on leaving that employment, retirement or death.
A pension scheme made by the company's employer for its employees
A scheme organised by an employer to provide a pension for just one or more employees. To qualify for tax approval, the employer must make contributions to it and the scheme must meet other requirements.
This is where you contribute to your company's pension scheme and would then expect to receive a pension based on your final salary. If you're lucky enough to be part of such a scheme then you're probably very much in the minority.
A type of private pension scheme run by some employers to provide a pension for employees, sometimes referred to as a works pension, a company pension or superannuation scheme.
A scheme provided by an employer, often called a company scheme.
A scheme set up by employers for the benefit of their employees.
A scheme organised by an employer for their employees. There is generally one common pension fund for all employees.
A scheme organised by an employer or on behalf of a group of employers to provide pensions and/or other benefits for or in respect of one or more employees on leaving service or on death or retirement. An occupational pension scheme approved under Chapter IV can be registered with Opra as a stakeholder pension scheme if the necessary conditions are met.
A pension organised and managed by an organisation for the benefit of its employees
A pension scheme operated by an employer to provide pensions and other benefits to one or more employee.
A pension scheme established by an employer, usually on a group basis.
A pension scheme set up by an employer for employees. It is run by Trustees and usually provides life insurance as well as pension benefits. The pension earned by the employees is usually based on a percentage of final salary or on the amount paid in (money purchase basis). An occupational pension can either be contributory (where members contribute to the fund) or non-contributory, which is entirely paid for by the employer.
A pension scheme set up by an employer for its employees. Offset mortgage Offset or all in one mortgages allow you to offset the balance of your mortgage, and any other borrowings you have, against any money you have in a savings and/or current account that is held with the same lender. All your borrowings and savings may be combined in one account.
This is a scheme organised by an employer to provide pension benefits for their employees.
When employers provide a pension scheme directly, this is referred to as an occupational pension scheme. Membership of an occupational pension scheme is normally limited to the employees of the employer. Member's dependents may also receive benefits from the scheme.
A pension scheme provided by an employer for its employees. Occupational pension schemes are mainly "defined benefit" or "defined contribution".
A pension scheme sponsored by employers.
A pension scheme provided (sponsored) by an employer for its employees. Occupational pension schemes can be "defined benefit" or "defined contribution".
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.