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 Home Pensions Company Pensions
Company PensionsTypes of company schemesThere are different types of pension schemes. The starting place for understanding your own company scheme is to find out what type it is. Contributions Members of company pension schemes make contributions, which are deducted from their pay. Retirement Age and Early Retirement Company pension scheme rules define the normal retirement age, which in most schemes is 65 for men and women. Incapacity or ill health If you are too ill to work then you may be able to receive an ill health pension from your company pension scheme. Death Benefits Benefits you can expect employers schemes to pay out are a lump sum, a refund of contributions and a survivor's pension. Leaving a pension scheme (up to 2 years service) If you leave a pension scheme within 3 months of joining you will usually receive a refund of your contributions. Service is measured precisely in days. Income Tax will be deducted from the refund of contributions at the rate of 20%. Someone in a contracted-out scheme will have a deduction made from the refund which is sent to the Department for Work and Pensions to 'buy you back' into the State Second Pension Scheme. Leaving a pension scheme (more than 2 years service) What happens to your pension largely depends upon what type of scheme you are in. How schemes are run Most company pension schemes are not run directly by the employer but instead by a board of trustees. Retirement Pension - money purchase scheme This page is for you if: you are approaching retirement, you have money purchase benefits in an occupational pension scheme set up by your employer including in-house additional voluntary contributions (AVCs) and you want to know what to do next Looking for a Lost Pension Let the Pension Tracing Service help you. |
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