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 Glossary   >   O   >   "Occupational pension scheme" Definition   

        Occupational pension scheme

A pension scheme generated by a company or organisation for the benefit of its employees. In "contributory" schemes both the employer and employee contribute to a fund which grows free of tax during the savings period. In "non-contributory" schemes, only the employer contributes.The amount paid out to the employee on retirement will depend on the type of scheme:with a defined contribution plan, the amount paid is calculated by reference to the contributions put inwith a defined benefit plan, the amount paid depends on the number of years service and the final salary of the employeeAt retirement the employee draws a pension income which is subject to tax.

Occupational pension scheme
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Occupational pension scheme - A pension scheme generated by a company or organisation for the benefit of its employees. In "contributory" schemes both the employer and employee contribute to a fund which grows free of tax during the savings period. In "non-contributory" schemes, only the employer contributes.The amount paid out to the employee on retirement will depend on the type of scheme:with a defined contribution plan, the amount paid is calculated by reference to the contributions put inwith a defined benefit plan, the amount paid depends on the number of years service and the final salary of the employeeAt retirement the employee draws a pension income which is subject to tax.


Occupational pension scheme : a pension scheme generated by a company or organisation for the benefit of its employees. in "contributory" schemes both the employer and employee contribute to a fund which grows free of tax during the savings period. in "non-contributory" schemes, only the employer contributes.the amount paid out to the employee on retirement will depend on the type of scheme:with a defined contribution plan, the amount paid is calculated by reference to the contributions put inwith a defined benefit plan, the amount paid depends on the number of years service and the final salary of the employeeat retirement the employee draws a pension income which is subject to tax.