Do you have a pension scheme with your current or previous employer?
Also known as an occupational pension plan, these schemes are set up by employers and can provide benefits including a tax-free lump sum (within certain limits), and pension income in retirement.
These benefits will generally be based on;
Apart from benefits on retirement, company pension schemes may also provide benefits to your spouse / dependents on death after retirement.
The benefits provided by these schemes can vary greatly depending on how they are set up. There may be also be various options available to you regarding how you can drawdown these benefits. It is important to gain a full understanding of your entitlements before making any financial decisions in relation to your retirement.
These benefits will generally be based on;
- your final earnings or your average earnings throughout your career (defined benefit schemes)
- the value of your pension fund at retirement (defined contribution schemes).
Apart from benefits on retirement, company pension schemes may also provide benefits to your spouse / dependents on death after retirement.
The benefits provided by these schemes can vary greatly depending on how they are set up. There may be also be various options available to you regarding how you can drawdown these benefits. It is important to gain a full understanding of your entitlements before making any financial decisions in relation to your retirement.
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