occupational pension scheme


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 are strict rules relating to occupational pension schemes generally and to contracting out. Benefits under a contracted- out scheme must be at least as good as SERPs benefits and such schemes must attain the "guaranteed minimum pension". An occupational pension scheme need not be contracted-out.

Easyform Glossary of Law Terms. — UK law terms.


occupational pension scheme
A scheme set up by an employer to provide retirement and/or death benefits for its employees. They are regulated by the Pensions Regulator and generally fall into three categories:
• defined benefit schemes (most of these are final salary schemes or salary-related schemes).
• defined contribution schemes (also called money purchase schemes).
• hybrid schemes.
Related links
multi-employer scheme (multi-employer pension schemes)
multi-employer scheme (multi-employer pension schemes)

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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