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Occupational Pensions / Auto Enrolment

Occupational Pensions

How occupational pension schemes work

Every payday, a percentage of the employee’s pay is deducted automatically from their salary or wages and invested in the scheme. The employer also contributes to the scheme on the employee’s behalf as does the government in the form of tax relief.

Two types of scheme

In a ‘defined contribution scheme’, the employee’s retirement income is based on the contributions made, whereas in a defined benefit scheme, the employee’s pension income is based on his or her salary and length of service with the employer. Most occupational pension schemes are defined contribution schemes.

What happens if the employer goes out of business?

Most defined contribution schemes are managed by insurance companies not the employer, so employees’ pension pots should not be affected. If the scheme is a trust-based scheme, employees will still get their pensions, although not as much because the scheme’s running costs will be paid out of members’ pension pots rather than by the employer.

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  • I2 Retirement & Financial Planning

    Unit 5, Shepcote Office Village

    Shepcote Lane

    Sheffield

    S9 1TG

  • Phone : 0114 249 3444

  • Email : sheffield@i2ifa.co.uk

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    NG10 5AS

  • Phone : 0115 939 2626

  • Email : nottingham@i2ifa.co.uk

The guidance provided within this website is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK.

I2 Retirement & Financial Planning Limited is authorised and regulated by The Financial Conduct Authority. I2 Retirement & Financial Planning Limited is entered on the Financial Services Register (www.fca.org.uk/register) under reference 457952.

Registered in England under reference 05398309

Registered office address: Unit 5, Shepcote Office Village, Shepcote Lane, Sheffield, S Yorkshire, S9 1TG