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 Home Pensions
Money Purchase Schemes09 October 2008Money purchase schemes are often called defined contribution schemes. Money purchase is a method of building up money in a pension fund and then at retirement converting the fund to a regular pension or annuity. Money purchase pensions are so called because money in an individual's pension fund is used to purchase an annuity at retirement. There are no guarantees in a money purchase scheme as to the level of pension to be paid in retirement, unlike in a final salary scheme. Contact DetailsPensions section Ph: 0161 249 2440 Fax: 0161 249 2475 Email: pensions@usdaw.org.uk  Printer Friendly Page  Email to a Friend
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