A Guide to different types of Pension
Types of Pension
Having a Pension is the most obvious way to plan for your retirement.
Your employer may offer you a Company Pension. Once again there are different Company Pension schemes and the Company Pension you are offered will depend on your employer
Your employer may offer:
A Final Salary Company Pension Scheme
With this type of Company Pension scheme the benefit amount that your Company Pension will pay out will be based upon your final salary and also the number of years that you have worked for your employer
A Defined Contribution Company Pension Scheme
With this type of Company Pension scheme the benefit your Company Pension will pay out will be dependent on contributions made to it throughout your employment
With both of these types of Company Pension your employer will make contributions and you may also be required to do so.
With a Company Pension it is usually possible for you to make voluntary contributions if you wish to do so.
Due to the complex nature of Company Pension schemes you may find it useful to talk to one of our Advisers for Pension advice.