- 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 linksmulti-employer scheme (multi-employer pension schemes)multi-employer scheme (multi-employer pension schemes)
Practical Law Dictionary. Glossary of UK, US and international legal terms. www.practicallaw.com. 2010.
Look at other dictionaries:
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 — 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… … Big dictionary of business and management
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