rda - pensions - company pensions


			Company Pensions In addition to any state pension benefit, most people have their own pension provision. The majority of employees will be in a company or occupational scheme run by their employer. This could be a final salary scheme, where the eventual benefit is based on your salary at the end of your career. But the amount payable to you will be based on length of service. Your employer may offer a scheme based not on final salary but on contributions put in – a money purchase scheme. Here contributions paid in while you are working build up through investment to provide a ‘fund’ on retirement. In both types of schemes your employer will have made contributions on your behalf, and may also have required some contribution from you. It is possible to top up company pension benefits through Additional Voluntary Contributions (AVCs) or possibly Free Standing AVCs, independently of the company scheme. An employee can contribute up to 15% of total earnings, which can include benefits in kind.
			Importantly, with the introduction of Stakeholder Pensions, some employees can contribute to an individual Stakeholder plan as well as to their company scheme on a 'concurrent basis', provided they meet certain basic qualifying conditions. Contact us today

Company Pensions