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Occupational Pension Schemes

UNDERSTANDING THE PENSIONS YOU MIGHT ALREADY HAVE:

The first job is to check on the pensions you already have, including those that you no longer pay into. You could have one or more of the following:

• Occupational salary-related (defined benefit) pension from an employer.
• Occupational money purchase (defined contributions) pension from an employer.
• Group Personal Pension.
• Stakeholder pension - either privately or from an employer.
• Personal pension - either privately or from an employer.

There are several different types of company pension scheme although the most commonly used are the Final Salary and Money Purchase types of scheme.

Please note that Group Personal Pension and Stakeholder Pensions offered by your employer do not fall under occupational pension scheme rules and regulation. For information on transferring from a personal or stakeholder pension scheme please refer to the personal pension transfer section.

Main types of occupational pension

Occupational salary-related schemes
Some employers set up these schemes to provide pensions for their employees based on the employee's salary and pension able service. They are sometimes called 'defined benefit' or 'final salary' schemes. The employer contributes to the scheme and there are trustees to look after scheme members' interests. You can only get salary-related pensions through your employer.

These schemes promise the level of benefits at retirement, and are backed by the employer. However in certain circumstances it can make sense to consider transfering the plan: for example if you feel that the transfer value (the amount of money to be transferred to another pension), will grow sufficiently to obtain better benefits. We will analyse your circumstances and discuss the implications with you.

To find out more about final salary guarantees and scheme wind ups
Click Here

Please note that evaluating previous employer salary related schemes could be more problematic than schemes you have taken out yourself. They are also often more complicated. Much depends on the type of scheme you were in, and the type of benefits it provides.

Occupational money purchase schemes
Some employers offer these pension schemes - they are sometime called 'defined contributions schemes'. They do not provide a pension based on your salary or pension able service. Instead, they build up a personal pension fund that you convert into an income when you retire. The employer contributes to the scheme, and there are trustees to look after scheme assets and members' interests.

These work in a similar way to personal pensions, in that the level of benefits available partly depends upon the amount of the fund when you retire. There are however also Inland Revenue (now Her Majesty's Revenue and Customs) requirements about maximum contribution levels, which are linked to earnings.
Many of the same investment issues apply to this type of pension as to a personal pension, i.e. fund choice/performance and also possibly charges. There are other considerations, such as breaking the link with the employer and also death benefits.

Group Personal Pensions
These schemes are just a collective way of running personal pensions, and the same investment and charges considerations help to determine whether or not they should be transferred.

This site is for information only and does not constitute financial advice.