Company Pensions

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 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.

There are 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.

Click on the links to find out more about the different types of scheme and the options open to you if you are a part of a pension scheme with your current employer or if you have been in the past with previous employers.

Or if you would like to talk a financial adviser about your pension planning, please complete the Quick Enquiry Form on the right and we will arrange for you to be contacted.