Retirement:
Pensions provided by your employer
Options for employees
Depending on the rules of your employer’s scheme you may be required to pay regular contributions or not. If you do pay contributions they will be deducted from your salary via the payroll system and basic rate tax relief on the contributions is given automatically.If you are not required by your employer to contribute to the scheme you can usually choose to pay additional contributions if you want to, to increase your pension at retirement. Such payments can either be paid into your employer’s pension scheme or into a separate pension scheme.
- Defined benefit schemes
- Defined contribution schemes
- Group personal pension scheme
- Stakeholder pension schemes offered by employers
Options for owner / directors of companies
If you are a director of a company you may simply join your employer’s pension scheme like any other employee (see the options above). There are, however, other options available for either yourself (as owner / director of your own company) or for other key employees.- A Small Self Administered Scheme or SSAS
- An Executive Pension Scheme or EPS
- Funded and Unfunded Unapproved Retirement Benefit Schemes (FURBS and UURBS)
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Where next?
Within Pensions provided by your employer…
- Defined benefit schemes
- Defined contribution schemes
- Group personal pension scheme
- Small Self Administered Scheme (SSAS)
- Executive Pension Scheme (EPS)
- Funded and Unfunded Unapproved Retirement Benefit Schemes (FURBS)
- Overview of pensions
- The state pension
- Pensions you arrange yourself
- Your pension questions answered
- Glossary of commonly used terms
- The new rules effective from April 2006
General…
