occupational pension scheme

occupational pension scheme
= superannuation
A pension scheme open to employees within a certain trade or profession or working for a particular firm. An occupational pension scheme can either be insured or self-administered. If it is insured, an insurance company pays the benefits under the scheme in return for having the premiums to invest. In a self-administered scheme, the pension-fund trustees are responsible for investing the contributions themselves. In order to run an occupational pension scheme, an organization must satisfy the Occupational Pension Board that the scheme complies with the conditions allowing employers to contract out of the State Second Pension (see State Earnings-Related Pension Scheme). See also defined-benefit pension scheme; defined-contribution pension scheme

Big dictionary of business and management. 2014.

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  • occupational pension scheme — Under the Pension Schemes Act 1993, an employer can contract out of the SERPs element of the state pension scheme (hence qualifying for contracted out rebate on National Insurance Contributions) by means of an occupational pension scheme. There… …   Law dictionary

  • occupational pension scheme — superannuation A pension scheme open to employees within a certain trade or profession or working for a particular firm. An occupational pension scheme can either be insured or self administered. If it is insured, an insurance company pays the… …   Accounting dictionary

  • occupational pension scheme — A scheme run by the employer for whom you work, to build up a retirement pension. The maximum pension under this kind of scheme is two thirds of final salary. Financial Services Glossary * * * occupational pension scheme UK US noun [C] (UK HR ► a …   Financial and business terms

  • occupational pension scheme — /ˌɒkjυpeɪʃ(ə)nəl penʃən ski:m/ noun a pension scheme where the worker gets a pension from a fund set up by the company he or she has worked for, which is related to the salary he or she was earning. Also called company pension scheme …   Dictionary of banking and finance

  • pension scheme — Under the Pension Schemes Act 1993, an employer can contract out of the SERPs element of the state pension scheme (hence qualifying for contracted out rebate on National Insurance Contributions) by means of an occupational pension scheme. There… …   Law dictionary

  • pension scheme — Any arrangement the main purpose of which is to provide a defined class of individuals (called members of the scheme) with pensions. A pension scheme may include benefits other than a pension and may provide a pension for dependants of deceased… …   Accounting dictionary

  • occupational pension — noun A pension paid by a person s employers, usu based on a personal pension scheme, as distinct from a state pension • • • Main Entry: ↑occupy * * * occupational pension UK US noun [countable] [singular occupational pension …   Useful english dictionary

  • registered pension scheme — With effect from 6 April 2006, both occupational pension schemes and personal pension schemes may apply to HM Revenue & Customs to be registered. A registered pension scheme must comply with the rules on the amounts of contributions and benefits… …   Law dictionary

  • supplementary pension scheme — An occupational pension scheme established in accordance with a member state s national legislation and practice and providing supplementary pension rights. A supplementary pension scheme includes, for example, a group insurance contract or a… …   Law dictionary

  • company pension scheme — /ˌkʌmp(ə)ni penʃən ski:m/ noun same as occupational pension scheme ● He decided to join the company’s pension scheme …   Dictionary of banking and finance

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