Occupational Pensions - Occupational Pension Schemes

Pensions Quote Line

0845 108 0505

• Home
• Credit Cards
• Loans
• Investments
• Life Insurance
• Mortgages
• Insurance

Occupational Pension Schemes

Also known as a works pension, company pension or superannuation, occupational pensions are private pension schemes run by some employers for their employees.

The scheme will be run by its trustees and often provides life insurance as well as pension benefits.

Occupational pensions are governed by the Occupational Pensions Regulatory Authority (OPRA) and must comply with certain regulations.

Occupational pensions

Occupational pensions are paid on top of any basic State Pension. These pension schemes work under a different set of rules to a personal pension.

An occupational pension may either be contributory where members contribute to the fund or non-contributory, which is paid for by the employer.

Different kinds of occupational pension schemes

Some may affect any additional State Pension you may have earned under the State Second Pension (formerly SERPS).

For some schemes, the amount that you will get usually depends on how long you have been a member of your pension scheme and your earnings on retirement. For others, the amount you get will depend upon the amount of money paid into it and how well it has been invested.