Independent Financial Adviser in Colchester, Essex - Woodruff Financial Planning
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Company Pension

What is a Company Pension?

This page is designed for employees. Click here if you are an employer.

A company pension is the loose term give to any pension scheme provided by an employer. There are a variety of company pension scheme available. We will deal with the most common on this page.

Occupational Pension scheme
Please see the specific page on this kind of company pension.

Basically these types of pension are provided by the company through a rigid regulatory system. There are two types of occupational scheme available:

  • Final Salary scheme
    This guarantees you a pension based on the final salary that you have with your employer. Please visit this page for more information.
  • Money Purchase scheme
    This provides a pension based on the amount of money that you or your employer saves into the scheme. This money is invested, and the pension that you get in retirement is based on the growth in your fund. Please visit this page for more information.

Group Personal Pension
This kind of company pension is essentially a personal pension provided on a group basis by an employer. The rules relating to these kind of arrangements are more straightforward than occupational pension schemes. The money that you or your employer saves into the scheme creates a fund for your retirement. You can use this money to buy an annuity for your income in retirement. Please see the specific page on the group personal pension for more information.

Stakeholder Pension
This kind of company pension is very similar to the group personal pension. Please see the stakeholder pension page for more information. Essentially a group stakeholder pension will be a group of individual stakeholder pension plans operated by one employer.

Company Pension Plans
Generally it will be in your interests to save with your company pension plan. The benefits to you could be any of the following:

  • Your employer will likely pay in to you plan - this represents free savings for you.
  • Your contributions will be deducted directly from your pay, meaning that you are less likely to notice them.
  • The benefits of pensions such as tax relief and tax free cash all apply to company pension plans.
  • You will probably be able to transfer older pensions into your company scheme if you feel this is in your interests.

In short, there are many different types of company pension. This can make the decision difficult for you to decide which is most appropriate for your needs. You should contact us to discuss your circumstances in more detail.

Click here to see a leaflet on why you should review your pension plans.

 

 


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--- Pensions --- What is a pension? --- Personal Pension --- Stakeholder Pensions --- What we will do --- Pension Quotes --- Tax free cash --- Tax relief --- Retirement annuity plan --- Company pension scheme --- Group personal pension --- Options at retirement --- Pension annuity --- Open Market Option --- Income Drawdown --- Phased Retirement --- Money Purchase scheme --- Final Salary Scheme --- EPP --- SIPP --- SSAS --- Pensions and divorce ---
--- Write: Suite 43, The Colchester Centre, Hawkins Road , Colchester, Essex, CO2 8JX --- Phone: 01206 266882 --- Email: click here ---
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Dan Woodruff, trading as Woodruff Financial Planning, is an Independent Financial Adviser with Julian Harris Financial Consultants who are Independent Financial Advisers authorised and regulated by the Financial Services Authority No. 153566.
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