Occupational Pensions Regulatory Authority

 

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Occupational Pensions Regulatory Authority

The Authority set up under the Pensions Act 1995 to make occupational pensions more secure.



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Occupational pension scheme

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.




 
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